Daily Archives: June 2, 2016

Concurrent Audit of Banks Checklist

By | June 2, 2016

Concurrent Audit of Banks – Checklist To carry the concurrent audit assignment successfully, it is necessary for auditor to familiarize himself with following: Compliance of RBI Guidelines relating to Concurrent Audit System in Commercial Banks Submission of Long Form Audit Report (LFAR) by Concurrent Auditors Concurrent Auditors to submit  NPA review reports (Specimen of the Review Report) Scope… Read More »

Indian Railways Achievements in 2 years

By | June 2, 2016

Two Years Achievements of Ministry of Railways (May 2014 to May 2016) I.PASSENGER AMENITIES AND DIGITAL INDIA INITIAVES Indian Railways launched three social media platforms on Facebook, Twitter and You Tube with the handle @railminindia.  Ministry of Railways employed first of its kind, a real time 24×7 public grievance system through Twitter and provided medical,… Read More »

No service tax on volume discounts by media owners to advertising agencies

By | June 2, 2016

Authority for Advance Rulings (Central Excise, Customs And Service Tax) New Delhi, in the case of AKQA Media India (P.) Ltd., In re* {(2016)  (AAR – New Delhi)} have recently held that to be leviable to service tax, the Activity must be carried out for a consideration. In other words, to be ‘service’, there must be… Read More »

No Interest on warehoused goods prior to allowing extensions of warehousing period

By | June 2, 2016

Manner of payment of interest on warehoused goods Circular No. 23/2016 -Customs F. No. 473/20/2013-LC Government of India Ministry of Finance Department of Revenue Central Board of Excise & Customs ****** New Delhi, the 1st June 2016 To, All Principal Chief Commissioners Customs, All Principal Chief Commissioners of Customs & Central Excise, All Chief Commissioners… Read More »

Insolvency and Bankruptcy Code 2016 Analysis

By | June 2, 2016

Insolvency and Bankruptcy Code 2016 Key feature of Insolvency and Bankruptcy Code 2016 Scope of  Insolvency and Bankruptcy Code 2016 It extends to the whole of India: Provided that Part III of Code shall not extend to the State of Jammu and Kashmir. It shall come into force on such date as the Central Government may, by notification… Read More »

Form for Declaration under Income Declaration Scheme 2016

By | June 2, 2016

Form for Declaration under Income Declaration Scheme 2016 Form 1 for  Declaration under Income Declaration Scheme 2016 Note : Form 1 is available for e-Filing. To download Form 1, go to www.incometaxindiaefiling.gov.in Downloads -> Forms (Other than ITR) -> Form1. As per Income Declaration Scheme, 2016, the declaration of undisclosed income is to be filled in… Read More »

Fees for PAN Card

By | June 2, 2016

Application Fees for PAN Card As per NSDL, Application Fees for PAN Card 107/- (For dispatch of PAN card in India) 994/- (For dispatch of PAN card outside India) Both the above charges are inclusive of service tax   W. e. f. June 1, 2015, PAN application fees have been revised as under: For dispatch… Read More »