Eligibility Norms for Chartered Accountants to Conduct Audit under Income Tax Act

As the due date for Audit u/s 44AB and Other Audit under Income tax is coming near, many of us are waiting for the schema and forms to file the Tax audit reports to the Income Tax Department. In most of the cases the Audit are already completed. We would like to bring this to the notice of our fellow Chartered Accountants that the Finance Act 2015 has changed the definition of  "Accountants" and has put some restrictions on Chartered Accountants to carry on Audit/attestation/certification for certain types of assessee. The Chartered Accountants will not be allowed to provide the services other than representation services to these assessee.

Allahabad Bank Stock Audit (AP or Telangana)

Source- pdicai.org

EMPANELMENT OF STOCK AUDITORS

Applications are invited from the Firms of Chartered Accountants for the purpose of Stock and Book Debts audit of accounts with various branches of Allahabad Bank in the states of Andhra Pradesh and Telangana. Those firms having branch (es) either in A.P. or in Telangana and are interested to empanel as Stock Auditors with Bank may submit application as per the format attached and the last date for receipt of the application at our office at the above address shall be 06.07.2015.

Efiling of Income Tax Return for AY 2015-2016 now Available

Income Tax Department has launched the Efiling Utility of ITR 1 and ITR 4S today on, 23rd of June, 2015. The schema for ITR 2 and 2A will be made available shortly.  The amended ITR forms are also available for downloading at the Income Tax Website.


To download the schema, visit the below mentioned link:

https://incometaxindiaefiling.gov.in/e-Filing/Services/DownloadSchemas.html

Below is the communication from Income Tax Department regarding new Income Tax Efiling Schema:

New Amended ITR Forms notified by Income Tax Departement for AY 2015-2016

CBDT via its Notification No. 49/2015/ F.No.142/1/2015-TPL has notified amended ITR Forms Sahaj ITR 1, ITR-2, ITR-2A and Sugam ITR-4S.

The forms can be downloaded from:

http://www.incometaxindia.gov.in/Pages/downloads/income-tax-return.aspx

Full Notification as Issued by Income Tax Department for new ITR Forms is given below for the reference:

SBI Concurrent Auditor Empanelment 2015-2016 (LHO Bhubneshwar)

State Bank of India Invites Chartered Accountant firm for Concurrent Audit of LHO Bhubneshwar region for the year 2015-2016. Last date for submission of application is 26th June, 2015. Eligibility condition and overview is given below:

STATE BANK OF INDIA

LOCAL HEAD OFFICE, BHUBANESWAR

SELECTION AND EMPANELMENT OF CHARTERED ACCOUNTANT FIRMS FOR

OUTSOURCING OF CONCURRENT AUDIT

1. State Bank of India: Overview

State Bank India (“SBI” or “Bank”) a body corporate constituted under the State Bank of India Act, 1955 having its Corporate Centre at State Bank Bhavan, Madame Cama Road, Mumbai is the largest commercial bank in India having a nationwide financial network of more than 15000 branches and offices and more than 40,000 ATMs/Internet Banking Kiosks. The Bank has five Associate Banks and many non-banking subsidiaries and Joint Ventures. The Bank also has 189 foreign offices spread over 35 countries covering all time zones of the world. It has its Local Head Office at Bhubaneswar which control 822 branches, 19 BPR Outfits with four Administrative Offices and 21 Regional Business Offices operating throughout the state of Odhisha (at present).

New Cost Audit Report and Appointment Format

With The Companies (Cost Records and Audit) (Amendment) Rules, 2015, MCA  has issued new Cost Audit Report e-forms CRA 2 and CRA 4. The form CRA 2 is available on MCA website for filing and CRA 4 will be shortly made available. Now companies can file their Cost Auditor Appointment and Cost Auditor can file the Audit report with the use of CRA-2 and CRA-4 respectively. Here in this post we are giving the usage and last dates to file these forms with the ROC.

10 Benefits of Efiling Income Tax Returns

Income Tax Efiling is a very common term during this part of the year i.e. June-July, after the months of Feb-March or September. Many of us always had a question as to what is Income Tax Efiling and why are we hearing the word Efiling Income Tax more and more these days. In a laymans terms Income Tax Efiling is nothing but Electronic filing of Income Tax returns which are filed every year. As most of us know that Income Tax returns are to be mandatory filed by all the persons having total income exceeding the income not chargeable to tax.(Sec 139 of Income Tax Act, 1961).