PTI has reported on 09.06.2013 that Union Finance Ministry has raised the audit limit for Statutory Audit of nationalised bank branch from Rs 20 crore to 50 crore turnover for financial year 2013-14. Extract of News received from PTI is as follows :-
Union Finance Ministry has raised the audit limit of nationalised bank branch from Rs 20 crore to 50 crore turnover in the current financial year, he said, adding ICAI demanded this audit limit be reduced to its original limit of Rs 8 crore so that rural including panchayat level branches be audited every year for transparency of business.
Recently ICAI functionaries met Finance Secretary Rajiv Thakaru in Delhi making an appeal on reducing the audit limit from Rs 50 crore to Rs 8 crore turn over so that proper and timely audit be done in public banks, Agrawal said.
Also Read – ICAI clarification regarding news on Bank Branch Audit Limit
Action of Finance Minister Sri.P.Chidambaram is in the interest of Public Sector banks & highly appreciated. This appropriate decision has been taken keeping in mind the computerisation of bank branches, centralised accounting system in vogue & to avoid unnecessary heavy financial burden on banks.
TO MINISTRY OF FINANCE
When audit of NATIONALIZED BANK BRANCH limit, wherein public money involved has been increased to 50 Crores, why Finance Ministry is hanging at Rs 1 Crores for tax audit under Income-Tax Act for NON-CORPORATES, even knowing the fact that it is causing strict hurdle for voluntary compliance from Non-CA Tax Professionals. Because, every time, related Non-CA Tax Professionals have to search out for empty slots of CA Signature to give compliance in case of their clients during due dates.