S b a 2016

Is there any one on the panel of Indian Overseas Bank?

I receivd the allotment with a audit guide, which is silent about Tax Audit.

So my confusion is that whether we have to do the Tax Audit or not?

All friends are requested to share their experiance of branch audit for 2015-16

This time, Andhra Bank has asked SBA to do the tax audit also. The fees offered for that is based on the deposits of the branch.

Andhra Bank offered Tax Audit Fee on the basis of deposits. Is it allowable? What other banks are paying for the tax audit? Is it 15% of the Basic Audit Fee.

Please refer to RBI notification no. : RBI/2015-16/152 dated 13th Aug. 2015, regarding Interest Subvention Scheme.

i) Interest subvention @ 2% per annum will be made available to the Public Sector Banks (PSBs) and the Private Sector Scheduled Commercial Banks (in respect of loans given by their rural and semi-urban branches) on their own funds used for short-term crop loans up to Rs.3,00,000/- (Rs. three lakhs) per farmer provided the lending institutions make available short term credit at the ground level at 7% per annum to the farmers.

Here "Rural and Semi-Urban Branches" means rural and semi branches of both public and private sector banks or only of private sector banks.

RBI has hosted the names of audit firms approved for allottment of statutory branch audit for 2015-16.

https://rbi.org.in/scriptts/bs_viewcontent.aspx?Id=3205

Further the details of branches allotted to the audit firms can be seen at:-

https://www.rbi.org.in/scriptts/bs_viewcontent.aspx?Id=3207