S b a 2016

Page no : 11

CA ASHIT NATVERLAL DESAI (Chartered Accountants - Proprietor) (129 Points)
Replied 01 April 2016

Is there any one on the panel of Indian Overseas Bank?

I receivd the allotment with a audit guide, which is silent about Tax Audit.

So my confusion is that whether we have to do the Tax Audit or not?

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CA Puspendu Sarkar (Chartered Accountant) (47 Points)
Replied 15 April 2016

All friends are requested to share their experiance of branch audit for 2015-16

SSG (1936 Points)
Replied 17 April 2016

This time, Andhra Bank has asked SBA to do the tax audit also. The fees offered for that is based on the deposits of the branch.

SSG (1936 Points)
Replied 01 May 2016

Andhra Bank offered Tax Audit Fee on the basis of deposits. Is it allowable? What other banks are paying for the tax audit? Is it 15% of the Basic Audit Fee.

SSG (1936 Points)
Replied 01 May 2016

Please refer to RBI notification no. : RBI/2015-16/152 dated 13th Aug. 2015, regarding Interest Subvention Scheme.

i) Interest subvention @ 2% per annum will be made available to the Public Sector Banks (PSBs) and the Private Sector Scheduled Commercial Banks (in respect of loans given by their rural and semi-urban branches) on their own funds used for short-term crop loans up to Rs.3,00,000/- (Rs. three lakhs) per farmer provided the lending institutions make available short term credit at the ground level at 7% per annum to the farmers.

Here "Rural and Semi-Urban Branches" means rural and semi branches of both public and private sector banks or only of private sector banks.