Chartered Accountant firms in India with at least one full time FCA (Partner/Sole Proprietor) can apply for empanelment with this office for allotment of audit of Public Sector Undertakings. The criteria for empanelment and selection of statutory auditors have been arrived at after due consultation with the Institute of Chartered Accountants of India. Selection of CA … Read more
The provisions relating to the sale bill are contained in Section 86 of MVAT Act, read with Rule 77. The dealer who is sold the goods of amount of Rs.50 and above is required to issue the tax invoice to the customer. The registered dealer may issue to the purchaser a ‘Tax Invoice’ to its customer containing following details:- 1. … Read more
MVAT audit is applicable for following dealers for financial year 2013-2014: Sales and value of goods transferred outside the state other than by way of sales should exceed one crore (up to financial year 2012-13 limit was Rs.60 lakhs) Or Whose turnover of purchases has exceeded rupees one crore (up to financial year 2012-13 limit was … Read more
The Reserve Bank of India has imposed a monetary penalty of Rs. 5.00 lakh (Rupees five lakh only) on Rajputana Mahila Urban Co-operative Bank Limited, Jaipur in exercise of powers vested in it under the provisions of Section 47(A) (1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (As Applicable to Co-operative Societies), for violation … Read more
This is a summarised and simplified version of the Reserve Bank of India’s Know Your Customer guidelines updated up to December 22, 2014. Q 1. What is KYC? Why is it required? Response: KYC means “Know Your Customer”. It is a process by which banks obtain information about the identity and address of the customers. This process … Read more
The Reserve Bank of India has cancelled the certificate of registration of the following non-banking financial companies (NBFCs) in exercise of the powers conferred on it under Section 45-IA (6) of the Reserve Bank of India Act, 1934. Sr.No. Company’s Name Address of Registered Office Certificate of RegistrationNo. & Date Date ofcancellation 1. Kabra Commercial … Read more
Soliciting cooperation from the public in withdrawing these notes from circulation, the Reserve Bank of India has urged them to deposit the old design notes in their bank accounts or exchange them at a bank branch convenient to them. The Reserve Bank of India has stated that the public can do so till June 30, … Read more
In Union Budget 2014-15, certain amendments were proposed in the negative list and Service Tax Rules. These amendments were to come into force on when the Finance Act was enacted. Let us look at these amendments. 1. Services provided by radio taxis : As per Section 66D(o)(vi) of Finance Act, 1994, “metered cabs, radio taxis … Read more
The executive summary of report of comptroller and auditor General of India on performance audit on appreciation of chartered accountant reporting in assessment proceeding is given blow. The Income Tax Act, 1961 (Act) contains several provisions which mandate the assessees to furnish audit reports and certificates issued by the ‘Accountant’ in the prescribed Form for meeting … Read more
RBI/2014-15/362DBR.No.CID.BC.54/20.16.064/2014-15 December 22, 2014 All Scheduled Commercial Banks(Excluding RRBs)All-India Term-Lending and Refinancing Institutions(Exim Bank, NABARD, NHB and SIDBI) Dear Sir / Madam Non-Cooperative Borrowers Please refer to our circular DBOD.BP.BC.No.97/21.04.132/2013-14 dated February 26, 2014 on ‘Framework for Revitalising Distressed Assets in the Economy – Guidelines on Joint Lenders’ Forum (JLF) and Corrective Action Plan (CAP)’ which inter-alia, … Read more