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Monday, 28 March 2016

Proposed Amendments in DVAT



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CA Yashu Goel
9899263490
yashu.goel@icai.org

Wednesday, 23 March 2016

Patna HC :

Service Tax : Indian Institute of Technology (IIT) is set up by an Act of Parliament hence, it is Governmental Authority under para 2(s)(i) of Notification No. 25/2012-ST, even if Government does not hold 90 per cent or more equity/control in it; therefore, construction services provided to IIT are exempt under Entry 12(c) of Notification No. 25/2012-ST. (Shapoorji Paloonji & Company (P.) Ltd. – March 3, 2016).
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CA Yashu Goel
9899263490
yashu.goel@icai.org

Tuesday, 22 March 2016

Important Master Circular for Statutory Bank Branch Audit



Dear Members,

soon we will start bank branch audit. Please update yourself with all ciruclars relating to Loans and advances, A gricultural Loans, Natural Calamities issues, Guidelines on Project under implementation, restructuring, SDR, IRAC norms other related guidelines of provisioning. A list of 42 circulars is given below.You can download these circulars from rbi.org.in

LIST OF IMPORTANT CIRCULARS FOR BRANCH STATUTORY AUDIT

Circulars for Loans and advances

Financial Inclusion and Development

(i) Master Circular - Credit facilities to Scheduled Castes (SCs) & Scheduled Tribes (STs)
RBI/2015-16/60 FIDD.CO.GSSD.BC.No 06/ 09.09.01/2015-16 July 01, 2015

(ii) Master Circular- Credit Facilities to Minority Communities
RBI/2015-16/64 FIDD. GSSD. BC.No.05 /09.10.01/2015 - 16 July 1, 2015

(iii) Master Circular- Guidelines for relief measures by banks in areas affected by Natural calamities
RBI/2015-16/68 FIDD. No. FSD. BC.01 /05.10.001/2015-16 July 01, 2015

(iv) Guidelines for relief measures by banks in areas affected by Natural calamities RBI/2015-16/156 FIDD No. FSD.BC.12/05.10.001/2015-16 August 21, 2015

(v) Master Circular-Lead Bank Scheme
RBI/2015-16/48 FIDD.CO.LBS.BC.No. 3 /02.01.001/2015-16 July 1, 2015

(vi) Master Circular - Lending to Micro, Small & Medium Enterprises (MSME) Sector
RBI/2015-16/74 FIDD.MSME & NFS.BC.No. 07/06.02.31/2015-16 July 1, 2015

(vii) Master Circular-Priority Sector Lending- Targets and Classification
RBI/2015-16/53 FIDD.CO.Plan.BC.04/04.09.01/2015-16 July 1, 2015

(viii) Master Circular on SHG-Bank Linkage Programme.
RBI/2015-16/29 FIDD.FID.BC.No.02/12.01.033/ 2015-16 July 01, 2015

Other Master circulars/Master Directions on loans and advances

(ix) Master Circular - Bank Finance to Non-Banking Financial Companies (NBFCs)
RBI/2015 -16/36 DBR.BP.BC.No.5/21.04.172/2015-16 July 1, 2015

(x) Master Circular on Credit Card, Debit Card and Rupee Denominated Co-branded Pre-paid Card Operations of Banks and Credit Card issuing NBFCs
RBI/2015-16/31- DBR.No.FSD.BC.18/24.01.009/2015-16 dated July 1, 2015

(xi) Exposure Norms
RBI /2015-16/70- DBR.No.Dir.BC.12 /13.03.00/2015-16 dated July 1, 2015

(xii) Master Circular - Exposure Norms for Financial Institutions
RBI/2015-16/102 DBR.FID.FIC.No.4/01.02.00/2015-16 July 1, 2015

(xiii) Master Circular-Guarantees and Co-acceptances
RBI / 2015-16/76- DBR. No. Dir. BC.11 /13.03.00/2015-16 dated July 1, 2015

(xiv) Master Circular Housing Finance
RBI/2015-16/46- DBR.No.DIR.BC.13/08.12.001/2015-16 dated July 1, 2015

(xv) Master Direction - Interest Rates on Advances
RBI/DBR/2015-2016/20 Master Directions DBR.Dir.No.85/ 13.03.002015-2016 dated March 03, 2016
(xvi) Master Circular Loans and Advances – Statutory and Other Restrictions
RBI/2015-16 /95- DBR.No.Dir.BC.10/13.03.00/2015-16 dated July 1, 2015
(xvii) Master Circular- Prudential norms on Income Recognition, Asset Classification and Provisioning pertaining to Advances
RBI/2015-16/101 DBR.No.BP.BC.2/21.04.048/2015-16 July 1, 2015

(xviii) Master Circular on Wilful Defaulters
RBI/2015-16/100 DBR.No.CID.BC.22/20.16.003/2015-16 July 1, 2015
(xix) Master Circular -Rupee / Foreign Currency Export Credit and Customer Service To Exporters
RBI/ /2015-16/47- DBR No.DIR.BC.14/ 04.02.002/ 2015-16 dated July 1, 2015
Other circulars on loans and advances
(xx) Framework for Revitalising Distressed Assets in the Economy – Review of the Guidelines on Joint Lenders' Forum (JLF) and Corrective Action Plan (CAP)
RBI/2015-16/182 DBR.BP.BC.No.39/21.04.132/2015-16 September 24, 2015

(xxi) Prudential Norms on Change in Ownership of Borrowing Entities (Outside Strategic Debt Restructuring Scheme)
RBI/2015-16/187 DBR.BP.BC.No.41/21.04.048/2015-16 September 24, 2015

(xxii) Prudential Norms on Income Recognition, Asset Classification and Provisioning Pertaining to Advances - Projects under Implementation
RBI/2014-15/182 DBOD.No.BP.BC.33/21.04.048/2014-15 August 14, 2014

(xxiii) Discount Rate for Computing Present Value of Future Cash Flows
RBI/2015-16/111 DBR.No.BP.BC.27/21.04.048/2015-16 July 2, 2015

(xxiv) Prudential Norms on Income Recognition, Asset Classification and Provisioning pertaining to Advances – Credit Card Accounts
RBI/2015-16/126 DBR.No.BP.BC.30/21.04.048/2015-16 July 16, 2015

(xxv) Review of Prudential Guidelines- Revitalising Stressed Assets in the Economy
RBI/2015-2016/330 DBR.BP.BC.No.82/21.04.132/2015-2016 February 25, 2016

(xxvi) Revised Kisan Credit Card (KCC) Scheme
RBI/2011-12/553 RPCD.FSD.BC.No.77/05.05.09/2011-12 dated May 11, 2012,

(xxvii) Revised Kisan Credit Card (KCC) Scheme
RBI/2012-13/162 RPCD.FSD.BC.No. 23 /05.05.09/2012-13 dated August 7, 2012

(xxviii) Union Budget 2014-2015 Interest Subvention Scheme
RBI/2014-15/417 FIDD.No.FSD.BC.48/05.04.02/2014-15 dated January 21, 2015

(xxix) Union Budget – 2015-16 Interest Subvention Scheme
RBI/2014-15/557 FIDD.No.FSD.BC.53/05.04.02/2014-15 dated April 16, 2015

(xxx) Legal Audit of title documents in respect of large value loan accounts
DBS.FrMC.BC.No.7/23.04.001/2012-13 dated June 07, 2013

(xxxi) End use of funds- Monitoring
DBS.CO.PPD.BC.No. 5 /11.01.005/2010-11 dated January 14, 2011

(xxxii) Levy of foreclosure charges/pre-payment penalty on Floating Rate Term Loans
DBOD. Dir.BC.No. 110 /13.03.00/2013-14 dated May 7, 2014

(xxxiii) Interest Equalisation Scheme on Pre and Post Shipment Rupee Export Credit
DBR.Dir.BC.No.62/04.02.001/2015-16 December 4, 2015

(xxxiv) Interest Rates on Advances
DBR.No.Dir.BC.67/13.03.00/2015-16 December 17, 2015


Diligence reports for banks

(xxxv) Lending under Consortium Arrangement/Multiple Banking Arrangements
RBI/2008-2009/183 DBOD No. BP. BC.46/ 08.12.001/2008-09 September 19, 2008

(xxxvi) Lending under Consortium Arrangement/Multiple Banking Arrangements
RBI/2008-2009/313 DBOD.No.BP.BC.94 /08.12.001/2008-09 December 08, 2008

(xxxvii) Lending under Consortium Arrangement , Multiple Banking Arrangements
RBI/2008-2009/379 - DBOD.No. BP.BC.110/08.12.001/2008-09 dated February 10, 2009

(xxxviii) Second Quarter Review of Monetary Policy 2012-13 – Non-Performing Assets (NPAs) and Restructuring of Advances
RBI/2012-13/304 DBOD.BP.BC.No. 62 /21.04.103/2012-13 November 21, 2012

(xxxix) Transfer of Borrowal Accounts from One Bank to Another
RBI/2011-12/551 DBOD.No.BP.BC- 104 /21.04.048/2011-12 dated May 10, 2012

Other circulars

Frauds – Classification and Reporting
RBI/2015-16/75 DBS.CO.CFMC.BC.No.1/ 23.04.001/2015-16 July 01, 2015

Master Direction - Reserve Bank of India (Interest Rate on Deposits) Directions, 2016 Dated March 3, 2016

Master Direction - Know Your Customer (KYC) Direction, 2016 Dated February
25, 2016

With regards
CA. Vinay Mittal
Ghaziabad
09310556351
09910691575
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CA Yashu Goel
9899263490
yashu.goel@icai.org

Saturday, 19 March 2016

Proposed Amendment in Provisions related to Loan to Directors

https://shar.es/1YfLhX

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Tuesday, 8 March 2016

GE II DATE EXTENDED TO 15.3.2016

Respected Members
Greetings for the Day,

This is for your information please:

1. Please find attached Notification Dtd. 07.03.2016
    Due date for filing GE II for first three quarters extended to 15.03.2016.
2. Field relating to description of goods purchased made non mandatory.
3. Further clarification provided that purchases data shall not include procurements through work contract activities for which Govt. entities have to furnish details in DVAT 48.

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N.K. Goel & Bros.
Chartered Accountants
CA Yashu Goel
9899263490

Fwd: Delhi VAT Tribunal - Division Bench - M/s JSW Steels Limited Vs. Commissioner of Trade Taxes, Delhi..

Respected Members,
Greetings for the day,

This is for your information please:

Please find attached herewith the Judgement of Delhi VAT Tribunal- Division Bench in case of  M/s JSW Steels Limited Vs. Commissioner of Trade Taxes, Delhi.

Date of Judgement -- 28-01-2016.

  

Truck was intercepted on Mathura Road, near Ashram by VATO , Ward 89 and on the basis of the Statement of the Driver of the Truck, Tax and Penalty was imposed U/s 86(19).

 

Tax & Penalty imposed by the Ld. VATO and upheld by the LD. OHA is hereby quashed and set aside and appeals are allowed.

 

The Tax and penalty which have deposited by the Appellant , are ordered to be adjusted as the advance tax against the future liability of the appellant.


25 VSTI 2016 C-83


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N.K. Goel & Bros.
Chartered Accountants
CA Yashu Goel
9899263490

Wednesday, 2 March 2016

DVAT UPDATE : IMPORTANT HIGH COURT JUDGEMENT DTD 02.03.2016

Respected Members,

Greetings for the day,

 

This is for your information please:

 

In the matters of CAPRI BATHAID PRIVATE LIMITED & Ors. ,

 

1.            Hon`ble Delhi High Court has today set aside the assessments made by the enforcement officers on the ground that they are not the jurisdictional officers in terms of the Order dated 12.11.2013 issued by the Commissioner u/s 68 of DVAT Act.

2.            Hon`ble High Court has also held the deployment orders issued by the Jt Commnr( Enf) for survey/search to be without the authority of law.

3.            Hon`ble High Court also warned that no amount be collected in cash or otherwise by the survey team at the time of survey of the dealer's premise which if done would attract disciplinary action.

 

For a copy of the Judgment please click here.

 

 

CA YASHU GOEL

9899263490

VICE PRESIDENT

SALES TAX BAR ASSOCIATION

 

Tuesday, 1 March 2016

DVAT UPDATE + INCOME TAX UPDATE

Respected Members,
Greetings for the day,
This is for your information please:
1. Due date for E-filing DP-1 Form extended to 31.3.16 Notn. No. 1559 dt. 1.3.16.
2. Due date for E-filing CST Form-9 extended to 31.3.16 Cir. No. 39 dt. 29.2.16. 
3. Due date for E-filing of CR-II for 1 to 3 Qtrs., 15-16 extended to 15.3.16 Notn. No. 1572 dt. 1.3.16. 
4. Now Digital Signatures shall be Mandatory for filing DVAT returns w.e.f. 4th Qtr.,15-16 for dealers having turnover above 50 lakhs Notn. No. 1585 dt. 1.3.16.

CA YASHU GOEL
9899263490
VICE PRESIDENT
SALES TAX BAR ASSOCIATION