N K GOEL AND BROS.

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The CBDT vide Notification No. 42/2016 dt 2 June 2016 has notified the Cost Inflation Index (CII) at 1125 for Financial Year 2016-17 CII for Financial Year 2015-16 was 1081.

-- CA Yashu Goel 9899263490 yashu.goel@icai.org

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). -- CA Yashu Goel 9899263490 yashu.goel@icai.org

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...

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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. -- N.K. Goel & Bros. Chartered Accountants CA Yashu Goel 9899263490 www.TaxingNarad.COM