"26 September 2007" Archive

Circular No. 856/14/2007-Central Excise, Dated: 26.09.2007

Circular No. 856/14/2007-Central Excise (26/09/2007)

I am directed to refer to the Board's circular Nos. 829/06/2006-CX dated 01.05.2006, 830/07/2006-CX dated 03.07.2006 and 850/08/2007-CX dated 27.04.2007, wherein the list of places as mentioned in paragraph 2(2) of the circular No. 581/18/2001-CX dated 29.06.2001 was amended from time to time....

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Overseas Investments by Mutual Funds

SEBI/IMD/CIR No.7/104753/07 (26/09/2007)

These guidelines are issued in exercise of powers conferred under Section 11(1) of the Securities and Exchange Board of India Act, 1992 read with the provisions of Regulation 77 of SEBI (Mutual Funds) Regulations, 1996 to protect the interests of investors in securities and to promote the development of, and to regulate the securities mar...

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Intersting one- Avoiding double taxation overseas

Mr. S. Mohan Vs Director of Income Tax - International Taxation (Authority of Advance Rulings New Delhi)

Assessee tried to take the benefit of the AAR of British Gas (I) Pvt Ltd….but seem to have failed..!!!! ! Income Tax - Assessee posted abroad for more than 182 days on deputation - DTAA - Income not taxed by the contracting state - Return filed and tax paid in India - Later contended that since he was non-resident during the FY, his inc...

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Law on borrowed words

"It is true that the Division Bench of the High Court has borrowed extensively from the orders of the Tribunal and the Commissioner and passed them off as if they were themselves the author's," noted the apex court. "We feel that quoting from an order of some authority particularly a specialised one cannot per se be faulted as this proced...

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Posted Under: Excise Duty |

Tribunal's power to grant stay of demand – A Study

Section 254 of the Income-Tax Act, 1961 relates to appeals before the Income Tax Appellate Tribunal (ITAT) by assessees and the tax department. It also deals with the law relating to grant of stay of demand on assessees' petitions. This section was amended w.e.f. June 1, 2001, to provide that where in an appeal filed by the assessee, the ...

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Posted Under: Excise Duty |

Furnish Correct PAN with your TDS / TCS Deductors

All tax deductors / collectors are required to file the TDS / TCS returns in Form No.24Q (for tax deducted from salaries), Form No.26Q (for tax deducted from payments other than salaries) or Form No.27EQ (for tax collected at source). These forms require details of all tax deductions with name and permanent account number (PAN) of parties...

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Posted Under: Excise Duty |

Role of Internal Auditor in Enterprise-wide Risk Management (ERM)

This programme of enterprise-wide risk management was highly successful and resulted in substantial savings and structured decision-making with learnings for the company. The Board appreciated the consulting role of the Internal Audit Department which had fulfilled its role aptly described as ‘Best Practice Transfer and Risk Management...

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Posted Under: Excise Duty |

Using Audit Tools- Purchase and Accounts Payable- Case Study

Using several features of the audit tools, the auditor was able to increase the depth of his audit and also do it faster. In this way, he was able to focus on streamlining processes and spend more time interacting with officials on business issues which were useful sources for analytical information. This was appreciated by the management...

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Posted Under: Excise Duty |

Frauds — A compilation

During the audit of a bank branch (which is a semi-urban branch and has been put under concurrent audit for the first time), the concurrent auditors found that the total working is in a mess. Loan applications for loans already disbursed are not on record, disbursement conditions are not complied with, hypothecation agreements are incompl...

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Posted Under: Excise Duty |

Using Audit Tools — Inventory Case Study

Using the analysis done offline in India, the auditors were able to focus their energies during a short visit on the core-concern areas and arrive at conclusions that were startling. Considering the focus on accountability in the US with the Sarbanes-Oxley legislation, the CEO and the CFO were taken aback at the status of internal control...

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Posted Under: Excise Duty |

Internal Audit of Maintenance — Electrical motors Case study

The top management of a chemical company, with 400 crores turnover, is extremely happy with its internal audit department specially with the cost saving measures recommended by the department. The company has two plants in Thane (Mumbai) and Vapi (Gujarat), with its corporate headquarters. The company is presently facing problems with hig...

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Posted Under: Excise Duty |

Internal Audit of Container Freight Station (CFS)

Timely preparation of manual for all major processes at CFS helped the company to run the operations effectively and efficiently. The manual preparation exercise created a bond between the internal audit team and the operational staff which resulted in a healthy interaction during continuous monthly internal audit. The internal audit issu...

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Posted Under: Excise Duty |

Internal Audit of Information Technology (IT) Organisation

The departmental heads who were earlier sceptical of the role of internal audit were appreciative of the internal audit reviews carried out and also started making number of requests for internal auditing of all new processes including new computer applications. They also requested internal auditors for continuous assurance work including...

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Posted Under: Excise Duty |

Implementing Risk Management — A case study

In a large engineering company operating in Western India having global operation, a new Chief Audit Executive (CAE) was appointed. The CAE had joined this organisation based on the public positioning of the group but felt disappointed within a few months of joining. The organisation had grown organically and was largely family-owned with...

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Posted Under: Excise Duty |

Internal Audit of Sales

A leading consumer goods industry in India, with a turnover of more than Rs.250 crores with activities spread across the country covering both the urban and rural markets, has been facing a downward trend in its sales along with rising marketing costs. Top management has been grappling with a changing consumer preference trend guided by t...

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Posted Under: Excise Duty |

Internal Audit of Payroll

Background :In the IT Industry, the key asset is the human resource. Payroll for an information technology company therefore forms the single largest component of expense. The success of an IT based organisation depends on the size and quality of its human resource. The activity is performed by these resources at the client’s site which...

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Posted Under: Excise Duty |

Internal Audit of Stores

An engineering company, with a turnover of Rs.350 crores, is into manufacturing and giving services for cooling appliances like air-conditioners — window, split, cascade, etc., refrigerators, water coolers. Its main Stores is at its three factories located at Mumbai, Vapi and Hyderabad. Mumbai factory is the largest factory located at ...

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Posted Under: Excise Duty |

Internal Audit of Procurement activity – A case Study

The management wants the internal auditors to now assess the procurement activity in terms of process improvements with optimal controls, compliance with laid down systems and procedures and cost rationalisation. The engineering company, whose turnover is 350 crores, is into manufacturing and giving services for cooling appliances like ai...

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Posted Under: Excise Duty |

Internal Audit of Personnel (Staff)

Audit Committee Chairperson has indicated to the partner-in-charge of the outsourced firm carrying out internal audit that the coverage of personnel audit would be desirable every six months. Chief Executive Officer and Chief Financial Officer agree with the importance given by Audit Committee Chairperson to Personnel area. They have indi...

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Posted Under: Excise Duty |

Liberalised Remittance Scheme for Resident Individuals- Enhancement of limit from USD 100,000 to USD 200,000

RBI/2007-08/146 A. P. (DIR Series) Circular No.9 (26/09/2007)

It has been decided to enhance the existing limit of USD 100,000 per financial year to USD 200,000 per financial year (April - March) with immediate effect. Accordingly, AD Category – I banks may now allow remittance up to USD 200,000, per financial year, under the Scheme, for any permitted current or capital account transaction or a co...

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