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http://law.incometaxindia.gov.in/DIT/Xtras/taxcalc.aspx

Revised Format of Bank and Bank Branch Audit Report Formats

Revised Format of Bank and Bank Branch Audit Report Formats

The Institute of Chartered Accountants of India has prescribed the illustrative formats of audit reports of banks as well as bank branches, which are in line with the requirements of the Revised Standard on Auditing (SA) 700, Forming An Opinion and Reporting on Financial Statements.  (The Revised SA 700 is mandatory for auditors of financial statements for periods beginning on or after 1st April 2012.)  

These illustrative formats are a part of the 2013 Guidance Note on Audit of Banks (available on ICAI’s website www.icai.org).  

Auditors are requested to issue the bank/ bank branch audit reports as per these revised formats only.

It may also be noted that the Institute of Chartered Accountants of India has already discussed the issue relating to the revised audit report formats for banks and bank branches with the Reserve Bank of India.

E-Filling of 30 New forms (other than ITR) enabled at Incometaxindiaefiling.gov.in

E-Filling of 30 New forms (other than ITR) enabled at Incometaxindiaefiling.gov.in

Income tax E filing site has started accepting 30 New e forms (other than ITR FORMS) .This forms are available in two modes .Few of them can be filed online after login to your account and other can be filled offline and then uploaded to as scan copy or XML file as the case may be , at income tax website .

Many of these forms are related to Filing of income tax return ,which is earlier required to be annexed with manual Income tax return Like Tax audit report etc .

Present rule (annexure less return): However as per present applicable rules noting is to be attached with income tax return form filed as paper return or as a e filing .But from availability of 30 forms for e filing at new Income tax India E filing site ,any body can easily guess that from Assessment year 2013-14 these will be required to be mandatory to upload these forms along with income tax return. 

Online/offline forms will be shown according to login details .Means only relevant forms will be shown,suppose  if you login as Individual ,Form related to company ,firm will not be shown to you.

 Instructions on how to e-File

Offline Forms

1. Download the Form from Homepage/Downloads (Right side of the portal)/Other Forms.

2. Open the desired Form by going to the File menu/New Form

3. Read the instructions and enter the data

4. Validate and generate XML

5. Login to e-Filing portal. Go to e-File menu/Upload Form and upload the XML

Online Forms

1. Depending on the login credentials, online Forms will be available to e-File

2. User should login and go to e-File Menu/Submit Form online

3. Select the desired Form and read the instructions

4. Fill in the information and Submit the Forms

Details of the forms available

S. No.	Form Number	Form Description	Mode
1	FORM NO 3CA	Audit report under section 44AB of the Income-tax Act, 1961, in a case where the accounts of the  business or profession of a person have been audited under any other law - Certificate of Audit from CA obtained by the assessee whose Income from Business is more than 40 Lakhs or Income from Profession is more than 15 Lakhs for Companies	Offline
2	FORM NO 3CB	Audit report under section 44AB of the Income-tax Act, 1961, in the case of a person referred to in  clause (b) of sub-rule (1) of rule 6G - Certificate of Audit from CA obtained by the assesssee whose Income from Business is more than 40 Lakhs or Income from Profession is more than 15 Lakhs for other than companies	Offline
3	FORM NO 3CD	Statement of particulars required to be furnished under section 44AB of the Income- tax Act, 1961 - Annexure Form for audit report u/s 44AB	Offline
4	FORM NO 3CEB	Report from an accountant to be furnished under section 92E relating to international transaction(s) - Every person entering International Transaction	Offline
5	FORM NO 29B	Report under Section 115JB of the Income-tax Act, 1961 for computing the book profits of the company - MAT applicable for companies	Offline
6	FORM NO 6B	Audit report under section 142(2A) of the Income-tax Act, 1961. - Special Audit Report directed by AO	Offline
7	FORM NO 9	Application for grant of approval or continuance thereof to a fund under section 10(23AAA) of the Income-tax Act, 1961 - Application for notification of a fund established by any person for the welfare of employees or their dependent	Online
8	FORM NO 10	Notice to the Assessing officer /Prescribed Authority u/s 11(2) of Income Tax Act 1961 - Notice given by the Trustees for the amount un-utilised accumulated during the year.	Online
9	FORM NO 10A	Application for Registration of a Charitable or religious trust for the purpose of Income Tax Act, 1961 - Form to be filed by Principal Officer /Trustees of the newly formed trust for their registration under Income Tax Act	Online
10	FORM NO 10B	Audit report under section 12A(b) of the Income-tax Act, 1961, in the case of charitable or religious trusts or institutions - Form of Audit report to be obtained by Trust	Offline
11	FORM NO 10BA	Declaration to be filed by the assessee claiming deduction under section 80GG - In case of assessee claiming deduction in case of rent paid to whom HRA is not payable	Online
12	FORM NO 10BB	Audit report under section 10(23C) of the Income-tax Act, 1961, in the case of any fund or trust or institution or any university or other educational institution or any hospital or other medical institution referred to in sub-clause (iv) or sub-clause (v) or sub clause (vi) or (via) - Audit Report of University or Hospital or Medical Institution or any charitable institution for public purpose	Offline
13	FORM NO 10CCB	Audit report under sections 80-I(7)/80-IA(7)/80-IB - Any undertaking claiming deduction u/s 80-I(7)/80-IA(7)/80-IB	Online
14	FORM NO 10CCBBA	Audit report under section 80-IB(14) - Any undertaking claiming deduction u/s 80- IB(14)	Online
15	FORM NO 10CCBC	Audit report under section 80-IA(11B) - Any undertaking claiming deduction u/s 80- IA(11B)	Online
16	FORM NO 10CCBD	Audit report under section 80-IB(11C) - Any undertaking claiming deduction u/s 80- IA(11C)	Online
17	FORM NO 10CCC	Certificate under sub-rule (3) of rule 18BBE of the Income-tax Rules, 1962 - For entities doing highway project in which housing is integral part 80-IA(6)	Online
18	FORM NO 10CCD	Certificate under sub-section (3) of section 80QQB for Authors of certain books in receipt of Royalty income, etc. - Certificate from payer of Royalty to the Author	Online
19	FORM NO 10CCE	Certificate under sub-section (2) of section 80RRB for Patentees in receipt of royalty income, etc. - Certificate from payer of Royalty on Patents	Online
20	FORM NO 10CCF	Report under section 80LA(3) of the Income-tax Act, 1961 - For off shore banking units and international financial service center	Online
21	FORM NO 10DA	Report under section 80JJAA of the Income-tax Act, 1961 - Deduction claimed by company for New Workmen engaged	Online
22	FORM NO 10E	Form for furnishing particulars of income u/s 192(2A) for the year ending 31st March,20..... for claiming relief u/s 89(1) by a Government servant/an employee in a company, co-operative society, local authority, university, institution, association/body - For claiming Relief u/s 89(1)	Online
23	FORM NO 56	Application for Grant of Exemption or continuance thereof under section 10(23C)(iv) and (v) for the year … - Application for notification of any institution or any charitable association or any trust for the benefit of public	Online
24	FORM NO 56D	Application for approval under section 10(23C) of an enterprise wholly engaged in Eligible Business - Application for notification by any university or educational institute or hospital	Online
25	FORM NO 62	Certificate from the principal officer of the amalgamated company and duly verified by an accountant regarding achievement of the prescribed level of production and continuance of such level of production in subsequent years -	Online
26	FORM NO 63	Statement to be furnished to the Assessing Officer designated under rule 12B of the Income-tax Rules, 1962, in respect of income distributed by the Unit Trust of India - Income distributed by UTI to its Unit Holders u/s 115R	Online
27	FORM NO 63A	Statement to be furnished to the Assessing Officer designated under rule 12B of the Income-tax Rules, 1962, in respect of income distributed by a Mutual Fund - Income distributed by Mutual Fund u/s 115R	Online
28	FORM NO 64	Statement of income distributed by Venture Capital Company or a Venture Capital Fund to be furnished under section 115U of the Income-tax Act, 1961 - Income distributed by Venture Capital Company or Venture Capital Undertaking	Online
29	FORM NO 65	Application for exercising/renewing option for the tonnage tax scheme under sub- section (1) of section 115VP or sub-section (1) of section 115VR of the Income-tax Act, 1961 - For Renewal of tonnage tax scheme by Shipping Companies	Online
30	FORM NO 66	Audit Report under clause (ii) of section 115VW of the Income-tax Act, 1961 - Audit Report of Tonnage Tax company i.e., Shipping companies	Online

Note:
1) Where the assessee is a Company (4th character in PAN is C), the statutory forms should be filed with a Digital Signature Certificate (DSC).
2) Where the profile of an assessee in e-Filing application has a Digital Signature Certificate (DSC), then such assessee should also file the Forms using Digital Signature Certificate (DSC).

Reverse Charge - Entries- Renting of a motor vehicle

with reference to Notification No. 30/2012-Service Tax
Taxable Service :  Renting of a  motor vehicle designed to carry passengers

Set of possible accounting entries under Reverse Charge for above Service :

the service provider shall be either any individual, Hindu Undivided Family or partnership firm, whether registered or not, including association of persons, located in the taxable territory.
The service recipient shall be business entity registered as body corporate located in the taxable territory.
Rent a Cab
		Description of a Service			Percentage of Service tax payable by Service Provider			Percentage of Service tax payable by Service Recipient
Renting of passenger motor  Vehicle		With Abatement (40% taxable)			NIL			100%
		Without Abatement			60%			40%
example of car hire charges where Cenvat Credit not available and TDS deducted @1%
		Case-I		Case-II		Case-III
		when provider charge service tax at abated value @ 40% of 12.36% (i.e.4.944%)		when Service provider charge service tax at full rate @  12.36%		when Service provider  do not charge service tax on invoice
Car Hire Charges		10,000		10,000		10,000
Service Tax		494		1,236		0
Total		10,494		11,236		10,000
1.At the time of booking the Expense for the service received
		Case-I			Case-II		Case-III
		Car Hire Charges 10494			Car Hire Charges 11,236		Car Hire Charges Dr.            10,000
		To XYZ                9,896			To XYZ                10,630		Service Tax Paid Dr.             494  (claim as exp.)
		To TDS payable    104			To TDS payable    112		To XYZ                                 9,900
		To Service Tax Payable   494			To Service Tax Payable   494		To TDS payable                     100
							To Service Tax Payable          494
2.At the time of making payment to party
	Case-I		Case-II			Case-III
	XYZ    Dr.       9,896		XYZ    Dr.       10,630			XYZ    Dr.       9,900
	To Bank/Cash 9,896		To Bank/Cash 10,630			To Bank/Cash 9,900
3. Accounting Treatment at the time of making payment of Service tax to the Central  Govt.
		Case-I			Case-II			Case-III
		Service Tax Payable 494			Service Tax Payable 494			Service Tax Payable 494
		To Bank                  494			To Bank                  494			To Bank                  494