Audit

Income Tax department has last amended the 3CD report by inserting a New Clause 17A after Clause 17 by NOTIFICATION NO. 36/2009, DATED 13-4-2009 , which require auditors to report Amount of interest inadmissible under section 23 of the Micro, Small and Medium Enterprises Development Act, 2006. In addition to that there were some changes in provisions of fringe benefit. I am attaching herewith a Revised Form 3CD for Tax Audit incorporating all the changes and amendments.. Full Article

In a bid to contain frauds in banks, the Reserve Bank today asked lenders to rotate staff and put in place check and balances before giving high value loans. Banks may put in place a system wherein the concurrent audit can be undertaken in order to contain the frauds, RBI said in a notification.Banks should verify genuineness documents of title submitted as security for loans, especially for large value loans, it said. Full Article

We had a useful meeting with the officials of the Co-operation Department at Pune on 5th January, 2011 with regards to the co-operative audit in Maharashtra. We have been requested to formulate a programme in respect of processes and other matters fo Full Article

Country’s regulator for chartered accountants (CAs), the Institute of Chartered Accountants of India or ICAI, which witnessed enormous mudslinging in the year 2009 has started 2010 also with infighting. The centre of the controversy again is Uttam Prakash Agarwal, the outgoing president. Full Article

A special audit of Anil Ambani group firm Reliance Communications will be delayed, as the auditor Parakh & Co has sought an extension for three months from mid-July.The government has, however, asked the auditor for progress report before deciding on giving the extension and in case more time was given, the auditors would have to [...] Full Article

L.A.BILL No.XIV of 2009 A BILL Further to amend certain tax laws in operation in the State of Maharashtra WHEREAS it is expedient further to amend certain tax laws in operation in the State of Maharashtra, for the purpose hereinafter appearing; it is hereby enacted in the Sixtieth year of the Republic of India as [...] Full Article

The Satyam scam had its auditors PWC red in the face. Raju had cooked the books for many years and did the auditors fail or were partners in the crime, is for the investigative agencies to find out.But life must go on for Satyam and that’s why the new management is making important changes on [...] Full Article

Profile/Resume sent through E-mail will not be considered for empanelment. Only properly filled in and duly signed Hard copy of the Profile/Resume as per the Format will be considered for empanelment subject to the Firm meeting the eligibility criteria. Such applications shall be submitted to the following address: The Deputy General Manager Inspection and Audit [...] Full Article