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Empanel as Concurrent Auditors

BANK OF MAHARASHTRA invites online applications from practicing firms of Chartered Accountants, in the prescribed format, who are willing to have their firms empanelled as Concurrent Auditors of the Bank for specified branches for FY 2018-19
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*CPE Credit Hours Requirements

CPE credit hours requirements for the members of the Institute for the rolling period of 3 years starting from the Calendar Year 2017 and ending on calendar year 2019 (1-1-2017 to 31.12.2019) [Applicable w.e.f 01.01.2017] A. All the members (aged less than 60 years) who are holding Certificate of Practice (except all those members who are residing abroad) are required to: (a) Complete at least 120 CPE credit hours in a rolling period of three-years. (b) Complete minimum 20 CPE credit hours of structured learning in each calendar year. (c) Balance 60 CPE credit hours (minimum 20 CPE credit hours in each calendar year) can be completed either through Structured or Unstructured learning (as per Member’s choice). B. All the members (aged less than 60 years) who are not holding Certificate of Practice; and all the members who are residing abroad (whether holding Certificate of Practice or not) are required to: (a) Complete at least 60 CPE credit hours either structured or unstructured lear…


*_IN TOTAL 27 RETURNS PRESCRIBED UNDER GST; FIND OUT HOW MANY YOU NEED TO FILE_*_With introduction of Goods and Services Tax in India, compliance for tax payers is set to go up. Service sector will get most effected since under current law, almost every service provider operated under centralised registration scheme wherein 2 returns in a year is all they file. Annual return has been recently added. Manufacturing sector is a compliance heavy industry which files monthly Excise and VAT returns (state specific)._Under GST, 27 different returns have been prescribed. Details of all the returns to be furnished by registered persons have been enlisted below:1. *Form GSTR-1* Details of outward supplies of taxable goods and/or services effected.2. *Form GSTR-1A* Details of outward supplies as added, corrected or deleted by the recipient.3. *Form GSTR-2* Details of inward supplies of taxable goods and/or services claiming input tax credit.4. *Form GSTR-2A* Details of inward supplies made avail…

Cash Deposit Verification Guidelines

Cash Deposit Verification Guidelines given by CBDT to Assessing Officers[Instruction No. 3/2017 dated 21-02-2017]:1. In case of an individual (other than minors) not having any business income, no further verification is required to be made if total cash deposit is up to Rs. 2.5 lakh.2.  In case of taxpayers above 70 years of age, the limit is Rs. 5.0 lakh per person.3. In non business cases,  where the person under verification has filed return of Income, a reasonable quantum can be considered as explained while quantifying the undisclosed amount, if any4. In case of persons engaged in business or requirement to maintain books of accounts, no additional information is required to be submitted by the person under verification if total cash out of earlier income or savings (sum of responses for all cash transactions) is not more than the closing cash balance as on 31st March 2016 in the return for AY 2016-175. However, if the AO has reason to believe that the closing cash balance as on…

CBDT guidelines for TDS on Salary A Y 2017-18

CBDT vide its Circular No : 01/2017 dated 02-01-2017 (F.No. 275/192/2016-IT(B)) issued complete guidelines for TDS on Salary A Y 2017-18 During the Financial Year 2016-17 Under Section 192 of The Income-Tax Act 1961.This present Circular contains the rates of deduction of income-tax from the payment of income chargeable under the head “Salaries” during the financial year 2016-17 and explains certain related provisions of the Act and Income-tax Rules, 1962.

CBDT has amended Sec. 44AD

New Delhi, 19th December, 2016.Press Release
Measures for Promoting Digital Payments & Creation of Less-Cash Economy
Under the existing provisions of section 44AD of the Income-tax Act, 1961 (the Act), in case of certain assesses (i.e. an individual, HUF or a partnership firm other than LLP) carrying on any business (other than transportation, agency, brokerage and commission) and having a turnover of Rupees Two Crore or less, the profit is deemed to be 8% of the total turnover.
In order to achieve the Government's mission of moving towards a less cash economy and to incentivise small traders / businesses to proactively accept payments by digital means, it has been decided to reduce the existing rate of deemed profit of 8% under section 44AD of the Act to 6% in respect of the amount of total turnover or gross receipts received through banking channel / digital means for the financial year 2016-17. However, the existing rate of deemed profit of 8% referred to in section 44AD of th…