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IT dept to issue 7 lakh letters seeking information in respect of high value non PAN transaction

Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi 21st July 2016 Sub Income Tax Department to issue 7 lakh letters seeking Information in respect of High Value Transactions Under the Annual Information Returns AIR various types of high value transa

SIT on black money recommends ban of cash transaction above 3 lakh and cash holding more than 15 lakhs

Recommendations of SIT on Black Money as Contained in the Fifth SIT Report The Fifth SIT report has been submitted before the Honble Supreme Court by the SIT An extract of the report has been uploaded on Department of Revenue websitewww dor gov in The SIT has made the following recommendations in th

Govt considering having a new financial year

Government today constituted a Committee headed by Dr Shankar Acharya former Chief Economic Adviser to examine the desirability and feasibility of having a new financial year The Committee to submit its Report by 31st December 2016 The Government of India today constituted a Committee to examine the

MCA issues order regarding rotation of auditors

Ministry of Corporate Affairs has issued Companies Third Removal of Difficulty Order 2016 regarding applicability of the provisions of Rotation of Auditors as per Section 139 2 of the Companies Act 2013 PFA the enclosed attachment for more details

Government Notifies Rules regarding Fair market value

Government Notifies Rules regarding Fair market value and reporting requirement for Indian concern Indirect transfer provisions section 9 1 of the Income tax Act 1961 Under section 9 of the Income tax Act 1961 the Act any income arising from transfer of any share of or interest in a foreign company

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Experts Opinions

Calculation formate

Sir I am running a coaching institute at Imphal As advice bu the Central Excise Dept I got registration of service tax in the year 2012 But as my annual collection of fee is less than Rs 10 Lakh I only file return and not pay any tax till date But this year my annual collection may be about Rs 13 to

Documentarion while accepting a statutory audit

Can anybody help me regarding documents to be collected at the time of acceptance of statutory audit engagement

Adt-1 in case of change in constitution of auditor

Does ADT 1 is needed to file in case where Pvt Ltd Co appointed Auditor Firm proprietorship as Auditor for five years but now the same has been converted to partnership audit firm If yes then please explain the procedure Does EGM need to be called and ADT 1 need to be filed and does this reappointme

Bank audit

Hello Experts Can any one tell me that how to do the concurrent audit of banks please guide me

Tax audit for construction company

Experts I am running a pvt ltd construction company having turnover of Rs 46 Lac my net profit is 45 Do i need to get tax audit under income tax act


Emapanelment of bank audit

I would like to get the advice for renewal of MEF 2016 17 Bank Branch Statutory Auditors empenalment The last date was of online application was 25th July 2016 It ascaped by me Is there any way to complete the empenalment process If anyone can advise suggest the way out It will be highly appreciated

Vat audit report in wb

How much is the late fee to be paid on delayed filing of VAT Audit report Form 88 under West Bengal VAT Act

Auditor not appointed within time limit

If in case of Private Limited company an auditor is not appointed within extended time limit of 90 days by members in Extra ordinary General meeting EGM also then what are the consequences and procedure to appoint the auditor Please help thanking you for your anticapted cooperation

Wrong information by mistake in itr4 ay 2014-15

By first time I prepared my ITR4 myself for AY 2014 15 in Aug2015 ITO has sent a scrutiny notice u s 143 2 142 1 Now I recheck my ITR4 form I notice that I commited a mistake to pick Y for u s 94A But I have not at all any transctions in this regard Now please suggest how I face the scritiny

Ca final law and audit

I am unable to pass in law and audit How to prepare for them Which books to refer Please help Thank you

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Ind AS 10: Events occurring after the reporting period

Background Today we live in a dynamic business world where changes in business environment are eminent Some of these changes are important for users of financial statements such as shareholders because they play a key role in decision making In order to bring about uniformity in changes in business

Analysis of Audit (CA Final) Paper for May 16 Exams

Paper Analysis Suggested Answers Common Mistakes CA Final May 2016 Exams Generally audit paper from past 4 attempts was of 7 pages but this time it increase to 11 pages 57 increase Questions of around 50 marks were from PM rest of 70 marks questions were new from module SAs Level of Questions Marks

Service Tax Audits by Department - Legal Position

INTRODUCTION Service Tax law operates under the concept of self assessment wherein the assessee self assesses his tax position and pays the service tax dues at periodic intervals prescribed therein Details of the business transactions are disclosed to the revenue by filing of the service tax returns

Forensic Audit - A Modern Day Thrust and Thirst

Introduction In the recent past more so in the previous decade accounting and auditing community witnessed and in fact confronted and gone through scandals emanating from fraudulent and manipulative devious and dubious accounts These shames outraged not only the auditing community but the public at

Audit and Auditor as per Companies Act, 2013

Chapter X of the Companies Act 2013 deals with Audit and Auditors Section 139 Appointment of Auditors 1 Every Company shall at the First Annual General Meeting appoint an Individual or firm as an Auditor who shall hold office from the conclusion of this meeting until the conclusion of sixth Annual g

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Updated on : 8/2/2016 3:07:11 AM


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