DENA Bank Applications for selection of CA Firms as Concurrent Auditors Year 2016-2017

DENA Bank has invited the tender from Chartered Accountant (CA) Firms for  Concurrent Auditors for Period Starting from July 2016-June 2017. Link for online registration will be available at Dena Bank Website from 26/04/2016 to 10/05/2016 for applying for Concurrent Audit for Dena Bank Branches. For Any kind of query, Please contact at:- email : [email protected]   or Call PH NO: 022-22665616 / 18 . CA’s working as Proprietorship concern are not eligible for Concurrent Audit of Bank

Disqualifications for Chartered Accountant Firm Applying for DENA Bank Concurrent Audit

Any form of canvassing/lobbying/influencing/query regarding short listing, status etc will be treated as disqualification.

Following CA firms are not eligible for on line registration.

  1. Proprietorship CA firms.
  2. CA firm having less than 5 years existence.
  3. CA firms presently engaged by the Bank as concurrent auditor.
  4. CA firms not having CISA / DISA qualified partners / employees.
  5. CA firms engaged by the Bank as Statutory Auditors
  6. CA firms debarred by ICAI / RBI or blacklisted by the Bank for refusal to conduct any assignment allotted by the Bank during last 3 (Three) years.

Time Frame for apply for Concurrent Audit of Dena Bank 

  • Due Dates Commencement of RFR 26/04/2016
  • Last date for submission of RFR 10/05/2016

LIST OF CENTER FOR CONCURRENT AUDIT

SN CENTER DISTRICT STATE
1 GUNTUR GUNTUR ANDHRA PRADESH
2 KAKINADA KAKINADA ANDHRA PRADESH
3 VIJAYWADA KRISHNA ANDHRA PRADESH
4 PATNA PATNA BIHAR
5 DHAMTARI DHAMTARI CHATISHGADH
6 BERLA DURG CHATISHGADH
7 BHILAI DURG CHATISHGADH
8 DURG DURG CHATISHGADH
9 MOHAN NAGAR DURG DURG CHATISHGADH
10 KAWARDHA KAWARDHA(KABIRDHAM) CHATISHGADH
11 SARAIPALLY MAHASAMUND CHATISHGADH
12 RAIPUR RAIPUR CHATISHGADH
13 TATIBANDH RAIPUR CHATISHGADH
14 RAJNANDGAON RAJNANDGAON CHATISHGADH
15 AMLI, SILVASSA SILVASSA DADRA & NAGAR HAVELI
16 SILVASSA SILVASSA DADRA & NAGAR HAVELI
17 DAMAN DAMAN DAMAN & DIU
18 DELHI DELHI DELHI
19 NCR DELHI NCR DELHI
20 GOA GOA GOA
21 AHMEDABAD AHMEDABAD GUJARAT
22 BAVLA AHMEDABAD GUJARAT
23 KASINDRA AHMEDABAD GUJARAT
24 SANAND AHMEDABAD GUJARAT
25 AMRELI AMRELI GUJARAT
26 SAVARKUNDLA AMRELI GUJARAT
27 ANAND ANAND GUJARAT
28 PETLAD ANAND GUJARAT
29 DHANSURA ARAVALI GUJARAT
30 MODASA ARAVALI GUJARAT
31 UBHARAN ARAVALI GUJARAT
32 DEESA BANASKANTHA GUJARAT
33 PALANPUR BANASKANTHA GUJARAT
34 THARAD BANASKANTHA GUJARAT
35 ANKLESHWAR BHARUCH GUJARAT
36 BHARUCH BHARUCH GUJARAT
37 DAHEJ BHARUCH GUJARAT
38 BHAVNAGAR BHAVNAGAR GUJARAT
39 DHASA BHAVNAGAR GUJARAT
40 ADIPUR BHUJ GUJARAT
41 ANJAR BHUJ GUJARAT
42 BALADIA BHUJ GUJARAT
43 BHACHAU BHUJ GUJARAT
44 BHARAPAR BHUJ GUJARAT
45 BHUJ BHUJ GUJARAT
46 GADHSISA BHUJ GUJARAT
47 GANDHIDAM BHUJ GUJARAT
48 KERA BHUJ GUJARAT
49 MANDVI BHUJ GUJARAT
50 NAKHATRANA BHUJ GUJARAT
51 RAHPAR BHUJ GUJARAT
52 RAMPAR VEKARA BHUJ GUJARAT
53 SAMATRA BHUJ GUJARAT
54 BOTAD BOTAD GUJARAT
55 BALWA GANDHINAGAR GUJARAT
56 CHHALA GANDHINAGAR GUJARAT
57 DEHGAM GANDHINAGAR GUJARAT
58 GANDHINAGAR GANDHINAGAR GUJARAT
59 KALOL GANDHINAGAR GUJARAT
60 MANEKPUR GANDHINAGAR GUJARAT
61 RUPAL GANDHINAGAR GUJARAT
62 GONDAL GONDAL GUJARAT
63 DWARKA JAMNAGAR GUJARAT
64 JAMNAGAR JAMNAGAR GUJARAT
65 KALAVAD,JAMNAGAR JAMNAGAR GUJARAT
66 JUNAGADH JUNAGADH GUJARAT
67 KESHOD, JUNAGADH JUNAGADH GUJARAT
68 MANAVADAR, JUNAGADH JUNAGADH GUJARAT
69 VISAVADAR, JUNAGADH JUNAGADH GUJARAT
70 LUNAWADA MAHISAGAR GUJARAT
71 KADI MEHSANA GUJARAT
72 MEHSANA MEHSANA GUJARAT
73 UNJHA MEHSANA GUJARAT
74 VIJAPUR MEHSANA GUJARAT
75 VISNAGAR MEHSANA GUJARAT
76 HALVAD MORBI GUJARAT
77 MORBI MORBI GUJARAT
78 TANKARA, MORBI MORBI GUJARAT
79 TRAJPAR, MORBI MORBI GUJARAT
80 NADIAD NADIAD GUJARAT
81 AAT, NAVSARI NAVSARI GUJARAT
82 NAVSARI NAVSARI GUJARAT
83 PATAN PATAN GUJARAT
84 RADHANPUR PATAN GUJARAT
85 SIDHPUR PATAN GUJARAT
86 KUTIYANA, PORBANDAR PORBANDAR GUJARAT
87 PORBANDAR PORBANDAR GUJARAT
88 RANAKANDORNA, PORBAN PORBANDAR GUJARAT
89 GODHRA RAJKOT GUJARAT
90 JASDAN, RAJKOT RAJKOT GUJARAT
91 RAJKOT RAJKOT GUJARAT
92 AMBLIARA SABARKANTHA GUJARAT
93 GANTHIOL SABARKANTHA GUJARAT
94 HIMMATNAGAR SABARKANTHA GUJARAT
95 IDAR SABARKANTHA GUJARAT
96 KHEDBRAHMA SABARKANTHA GUJARAT
97 KUKADIA SABARKANTHA GUJARAT
98 MUDETI SABARKANTHA GUJARAT
99 PRANTIJ SABARKANTHA GUJARAT
100 TALOD SABARKANTHA GUJARAT
101 BARDOLI SURAT GUJARAT
102 SURAT SURAT GUJARAT
103 DHRANGADHRA SURENDRANAGAR GUJARAT
104 SURENDRANAGAR SURENDRANAGAR GUJARAT
105 VADODARA VADODARA GUJARAT
106 VALSAD VALSAD GUJARAT
107 VAPI VALSAD GUJARAT
108 WAGHODIA WAGHODIA GUJARAT
109 CHANDIGARH CHANDIGARH HARYANA
110 HISSAR HISSAR HARYANA
111 JIND JIND HARYANA
112 KURUKSHETRA KURUKSHETRA HARYANA
113 PANIPAT PANIPAT HARYANA
114 RANCHI / BOKARO RANCHI JHARKHAND
115 BANGALORE BANGALORE KARNATAKA
116 PATRENAHALLY CHIKBALLAPUR KARNATAKA
117 ERNAKULAM ERNAKULAM KERALA
118 TRIVENDRUM TRIVENDRUM KERALA
119 BARWANI BARWANI MADHYA PRADESH
120 BHOPAL BHOPAL MADHYA PRADESH
121 HARDA HARDA MADHYA PRADESH
122 INDORE INDORE MADHYA PRADESH
123 JABALPUR JABALPUR MADHYA PRADESH
124 AMRAVATI AMRAVATI MAHARASTRA
125 AURANGABAD AURANGABAD MAHARASTRA
126 BARAMATI BARAMATI MAHARASTRA
127 AMALNER / DHULE DHULE MAHARASTRA
128 DHULE DHULE MAHARASTRA
129 SHIRPUR DHULE MAHARASTRA
130 CHALISGAON JALGAON MAHARASTRA
131 CHOPDA JALGAON MAHARASTRA
132 JALGAON JALGAON MAHARASTRA
133 KOLHAPUR KOLHAPUR MAHARASTRA
134 LATUR LATUR MAHARASTRA
135 MUMBAI MUMBAI MAHARASTRA
136 NAGPUR NAGPUR MAHARASTRA
137 MUDKHED, NANDED NANDED MAHARASTRA
138 NANDED NANDED MAHARASTRA
139 PETH UMRI NANDED MAHARASTRA
140 NANDURBAR NANDURBAR MAHARASTRA
141 SHAHADA NANDURBAR MAHARASTRA
142 DEOLA NASHIK MAHARASTRA
143 MALEGAON NASHIK MAHARASTRA
144 NASHIK NASHIK MAHARASTRA
145 SATANA NASHIK MAHARASTRA
146 VINCHUR NASHIK MAHARASTRA
147 BOISAR PALGHAR MAHARASTRA
148 PALGHAR PALGHAR MAHARASTRA
149 VIRAR PALGHAR MAHARASTRA
150 PANAJI PANAJI MAHARASTRA
151 SAILU PARBHANI MAHARASTRA
152 PUNE PUNE MAHARASTRA
153 PANVEL RAIGAD MAHARASTRA
154 SANGLI SANGLI MAHARASTRA
155 SOLAPUR SOLAPUR MAHARASTRA
156 THANE THANE MAHARASTRA
157 ULHASNAGAR THANE MAHARASTRA
158 VASHI THANE MAHARASTRA
159 CUTTACK CUTTACK ODISHA
160 BHUBANESHWAR KHURDHA ODISHA
161 AMRITSAR AMRITSAR PUNJAB
162 LUDHIANA LUDHIANA PUNJAB
163 MOHALI MOHALI PUNJAB
164 PATIALA PATIALA PUNJAB
165 KISHANGARH AJMER RAJASTHAN
166 BHILWARA BHILWARA RAJASTHAN
167 JAIPUR JAIPUR RAJASTHAN
168 JODHPUR JODHPUR RAJASTHAN
169 CHENNAI CHENNAI TAMILNADU
170 COIMBATORE COIMBATORE TAMILNADU
171 DINDIGUL DINDIGUL TAMILNADU
172 ERODE ERODE TAMILNADU
173 SALEM SALEM TAMILNADU
174 TANJAVORE TANJAVORE TAMILNADU
175 TRICHY TRICHY TAMILNADU
176 HYDERABAD HYDERABAD TELANGANA
177 DHARMARAM NIZAMABAD TELANGANA
178 BARABANKI BARABANKI UTTAR PRADESH
179 GORAKHPUR GORAKHPUR UTTAR PRADESH
180 KANPUR KANPUR UTTAR PRADESH
181 LUCKNOW LUCKNOW UTTAR PRADESH
182 DEHRADUN DEHRADUN UTTRAKHAND
183 RUDRAPUR UDDHAMSINGH NAGAR UTTRAKHAND
184 KOLKATA KOLKATA WEST BANGAL

Canara Bank Online Application for Empanelment of Concurrent Auditors

Canara Bank invites applications from the eligible/interested Chartered Accountant Proprietary Concerns / Firms / Companies for empanelment as Concurrent Auditors for conducting Concurrent Audit in the identified 650 branches / units for the period from 01.07.2015 to 30.06.2016. Eligible/interested Proprietary Concerns / Firms / Companies, who are agreeable to the above terms & conditions, may apply online only in the application, on or before 26.06.2015.

MANDATORY Conditions for appointment:

1. Applicant should be either a Partnership or Proprietorship firm or a Company, already in the panel of the R B I, which are circulated among the Banks for Statutory Audit of the Banks from time to time. Registration of firm with RBI and category is mandatory.

2. The auditors who are already doing the Concurrent Audit of our branches are eligible for re-empanelment. However, those Audit Firms which are conducting Concurrent Audit of our branches continuously for a period of THREE years or THREE terms are not eligible for re-empanelment. They are eligible for reempanelment after a cooling period of one year.

3. The empanelment and allocation of branches to the auditors will be purely the prerogative of the Bank. Such empanelment shall be initially for a period of one year and can be extended upto a maximum period of 3 years ( subject to clause 2 above) subject to satisfactory performance of the auditor.

4. The Concurrent Audit firm should furnish the name and qualification of the persons, who shall be conducting audit in the branch, to the Bank before commencing audit assignment and such persons will have to continue audit for all the months.

5. The Concurrent Audit firm will undertake that they will not sub contract the audit assignment.

6. The Concurrent Audit firm will not lobby directly or indirectly for considering any credit proposals of their friends/clients to the Bank.

7. The eligible auditor / firms should be qualified under provisions of Section 141 of Companies Act 2013 for appointment as auditors of the Bank. Auditors should not have been disqualified under Section 226 of the Companies Act, 1956 to accept this appointment.

8. The Concurrent Audit firm / or the partners or any of their clients should not have any credit facilities with the auditee branch for which they are applying for except credit facilities against their own deposits.

9. The firm/any partners/Directors of the firm/ Company should not have statutory audit, credit audit, valuation of fixed / current assets or any other similar assignments with any branch of Canara Bank.

10.The firm/any partners/ Directors of the firm/ Company should not have any disciplinary matters pending with ICAI/RBI and they should not have suffered any disqualification.

11.The firms should be having sufficient experience in conducting audits in Banks / our Bank. Other things being equal the Audit Firms with Proprietor/ partner with CISA /DISA qualification will be given preference.

12.The firm should have their office / infrastructure in the proposed Centre/ town / city opted for.

13.Only one branch will be allotted to a selected firm. However, the Bank has the discretion to change the allocation of the branches based on any administrative exigencies.

14.Whenever any of the Proprietor / Partner/ Director of the Audit firm/ Company is related to any of the employees/ Directors of the Bank, the relationship with such employees/ Directors should be specifically mentioned in the application.

15.The Bank has the discretion to consider or reject any of the applications based on any of the RBI / Government / Internal guidelines of the Bank.

16.Only the audit firm provisionally selected for empanelment will be communicated through e-mail. No individual intimation will be sent to the audit firm whose application is not considered for empanelment.

17.The audit firm should give their consent in writing / undertaking letter in the prescribed format agreeing to comply with and bound by the terms and conditions prescribed by the Bank.

18.The Audit Firm selected is eligible for reappointment subject to Annual Review by the Bank upto a maximum period of 3 Terms / 3 Years. The re-appointment may be to the same branch or to any other branch at the discretion of the Bank.

19.The Audit firm shall submit the reports in the prescribed format covering all the Audit areas advised from time to time which includes quarterly Risk Rating of branches. The Auditors shall certify all the reports under branch Statutory Audit system covering NPA provisioning, Insurance Coverage, P & L A/c, CRAR, Certification regarding Tax Audit and other areas to be advised from time to time.

20.The Audit Firm shall sign on the Do’s & Don’ts statement in order to have proper arms length relationship with the Branch / Department for which they will be conducting Audit.

 

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Punjab & Sind Bank Online Application Empanelment of Chartered Accountant for Concurrent Audit

Punjab & Sind Bank Online Application Empanelment of Chartered Accountant for Concurrent Audit. Last Date for Empanelment Application is by 31st May 2015. 

Eligibility Criteria For Chartered Accountant for Concurrent Audit 

  • Partnership firm with at least one FCA Partner.
  • Firm should be 3 year old
  • The firms Should be Registered with the RBI panel (UCN Number with Category)
  • Atleat one Partner or Employee should be qualified Information System Auditor (CISA/DISA) with adequate exposure of more than 1 year in systems audit.
  • Tenure of the concurrent audit would be initially for one year and can be extended for a further period of one year (overall two years)

The following criteria shall be adopted while selecting a firm for concurrent audit assignment:

i. The Chartered Accountants firm should preferably be a partnership firm with at least one FCA partner. The auditor has to attend branch/office for at least 14 days in a calendar month. The FCA would visit the branch personally at least 4 times in a month or as decided by the bank.

ii. The Sole Proprietorship Chartered Accountant firms will be discouraged, however, in case proprietor is a FCA and has employed an ex-banker of scale-II & above for conducting concurrent audit, the Bank, on merit of each such case, would consider the application. The auditor has to attend branch/office for at least 14 days in a calendar month. Further, in such cases the FCA would visit the branch personally at least 4 times in a month or as decided by the bank.

iii. The license of the proprietor / Key Person of the partnership concern has been issued for Full Time practice by The Institute of Chartered Accountants and the proprietor/ Key Person of the partnership firm is not in another Full Time Service.

iv. The firms will be selected from the RBI panel as per gradation suggested for Branch Statutory Auditor appointment.

v. The firms should prefferable have qualified Information System Auditor (CISA/DISA) with adequate exposure of more than 1 year in systems audit. IS audit would be conducted in accordance with IS Audit policy of the Bank & as per format provided by the bank, which should form an integral part of concurrent audit.

vi. The firms should have been established for at least 3 years prior to the date of application. The audit firm or any sister / associate concern / network firm should not have been debarred/de-paneled/ is not conducting the statutory audit of the Bank or any of its branches. Preference will be given to the firms where the partners themselves were ex-bankers or the firm has got tie-up with ex-bankers, of scale-II & above, with requisite experience and exposure. In case, CA firm is doing auditing work/providing any professional Services to any of the customers of the Bank, this must be disclosed by way of an undertaking/declaration given below: “ We have been allotted Concurrent Audit work of your Branch Office……………… for the period………..to ………….. . In this regard, it is declared that our firm is / has been providing Professional Services/ is an Auditor of the following customers of the Branch. This declaration must be enclosed with every monthly/quarterly report sent by you.”

vii. The firm is not in any case disqualified under provision of Sec.226 of Companies Act, 1956. The firm or any of its associate firm(s) have never been de-paneled due to poor performance.

viii. Preference should be given to those firms who have adequate exposure in conducting concurrent audit of the Bank branches of public sector / major private sector banks.

ix. The firms should have necessary office set up within same city or periphery of the allotted branch/office and adequate personnel to ensure proper deployment and timely completion of the assignments.

x. The firm has to undertake Risk Based Concurrent Audit as per checklist & audit formats of the Bank. On the implementation of Risk Based Concurrent Audit system in the bank the concurrent auditors would give rating or grade, as per policy of the bank, for the audit entity. This rating should be based on his observations about branch functioning.

xi. The firm would mandatorily sign the Do’s & Don’t statement & abide by Do’s & Don’ts issued by the Bank.

xii. The tenure of the concurrent audit would be initially for one year and can be extended for a further period of one year (overall two years), based on the performance of the auditor in the first year, provided the firm applies afresh online for the year and the firms may be considered for audit assignment in other audit units/ locations or areas. However, after having conducted concurrent audit for two years continuously, the concerned CCA will be given one year break (Cooling period), before reappointing them or their associate concern(s).

xiii. At any point of time, not more than one audit assignment would be awarded to any single firm. An audit assignment that needs to be carried out across the branches/ units at different locations would be considered as a single assignment for this purpose.

xiv. Cooling period of two years would be observed for a firm to become eligible for appointment in the same audit unit purely at the discretion of the Bank and no rights whatsoever accrue to the firm for such appointment.

xv. The audit coverage should be strictly as per the scope of audit as may be decided by the Bank from time to time.

xvi. The concurrent auditor should not undertake any other activity/ assignment on behalf of the branch or unit without obtaining the prior concurrence of the audit department in writing.

xvii. The present fee structure is as under:

Sr. No. Criteria for Remuneration (Deposits + Advances) at branch  Amount of Remunerationpayable per month (lump sum)  in Rupees
1 Up to 100 Crore

10000/-

2 Over Rs.100 Crore & up to Rs.300 Crore

12000/-

3 Over Rs.300 Crore & up to Rs.500 Crore

14000/-

4 Over Rs.500 Crore & up to Rs.1000 Crore

16000/-

5 Over Rs.1000 Crore

18000/-

6 Service Branches

7500/-

7 Treasury & Dealing Rooms (HO Foreign Exchange Dept)

12000/-

8 Investment Portfolio (HO Investment Dept.)

12000/-

9 H.O.I.T Department

12000/-

The above fee is exclusive of Service Tax.

xviii. No out of pocket expenses or traveling allowance / halting allowance would be paid to the concurrent audit firms for carrying out the assignment. However, the service tax, education cess etc. would be paid as applicable from time to time in addition to the basic fee. The concurrent auditors may be reimbursed actual out of pocket expenses incurred in connection with travel involved for conducting stock audits. The payment to the concurrent auditors would be subject to deduction of tax at source at appropriate rates.

xix. All the necessary certificates that need to be given as a part of the concurrent audit assignment (Bills of Entry verification, A1/A2 Forms etc.) would be given by the audit firm under its letterhead without any additional certification fee.

xx. On the implementation of Risk Based Concurrent Audit system in the bank the concurrent auditors would give rating or grade, as per policy of the bank, for the audit entity. This rating should be based on his observations about branch functioning.

xxi. The Concurrent auditor shall use the checklist and other operating guidelines provided by the Bank. Need based training / consultation would be provided to them for enhancing the quality of the audit.

xxii.The Concurrent auditor i.e. Chartered Accountant Firm will also undertake stock audit function for which they will be suitably remunerated, as per policy of the Bank.

xxiii.All matters of grave nature, as defined & communicated by the Bank from time to time, which are likely to cause loss to the bank, in respect of which immediate action is called for on the part of the Branch/Zonal/Head Office have to be informed immediately by way of Confidential/Flash Reports. Before drawing up the report, the Concurrent Auditor should have a thorough discussion with the in-charge of audit unit to ascertain all relevant points/facts on the subject to be covered in the confidential/flash report. The copies of reports need not be given to the Branch. Such reports should be sent to General Manager (Inspection) with a copy to respective Zonal Manager. The Concurrent Auditor should invariably furnish therein his views/opinion/conclusions based on his findings.

xxiv.The concurrent audit report is to be submitted to Branch, Zonal Office and respective Zonal Inspectorate, however, CCAR for quarter end is to be submitted to HO. Inspection Dept. also.

xxv.A formal wrap-up discussion with the in-charges of audit unit along with the concurrent auditors will be held once in quarter with the Zonal Manager, at Zonal Office. In case of audit of departments at Head Office, the wrap up discussion with HOD alongwith concurrent auditors would be held with General Manger (Inspection) once in a quarter at Head Office.

xxvi.The CCA should ensure that the deficiencies pointed out in the concurrent audit reports are rectified & closed within a reasonable period, as prescribed by the bank. The pending issues of the previous reports need to be mentioned as a persisting irregularity/deficiency in the subsequent reports and the audit reports i.e. monthly and quarter ended. The concurrent audit reports of quarter end are to be formally closed once in a quarter.

xxvii.The concurrent auditor is to submit the report (a softcopy through email followed by Hard copy) strictly as per the schedule prescribed. Any delay in submission should result in withholding the professional fee, which should be released after the approval from General Manager (Inspection). Repeated instance would lead to cancellation of assignment.

xxviii.The concurrent auditor to carry out assignment in a professional manner and in case of any misconduct & negligence the Bank will report the matter to ICAI / RBI. This will be in addition to the disengagement from the assignment.

xxix.In the event of colluding with customer/third part causing pecuniary loss/damage to the bank, the bank shall recommend the name of the concurrent auditor to IBA for inclusion in its caution list circulated among banks on the advice of RBI, besides termination of assignment.

xxx. In addition to above, the audit firms shall:

a) Execute undertaking of fidelity and secrecy on its letterhead in the format prescribed by the Bank.

b) Not sub-contract the audit work assigned to any outside firm or other persons even though such persons are qualified Chartered Accountants.

c) Furnish a declaration that credit facilities availed by the firm or partners or firms in which they are partners or directors including any facility availed by a third party for which the firm or its partners are guarantor/s have not turned or are existing as non- performing assets as per the prudential norms of RBI. In case the declaration is found incorrect, the assignment would get terminated besides the firm being liable for any action under ICAI / RBI guidelines.

d) Print of Online application, ICAI Constitution Certificate, ICAI Membership Certificate, DISA/CISA certificate should be submitted latest by 31st May 2015 to:

Deputy General Manager (I) Punjab & Sind Bank
H.O. Inspection Department,
06,Scindia House, Connaught Place,
New Delhi-110001
E-mail – [email protected]
Phone – 011- 23716646/23716647/23718685
Fax- 23714911

Any other terms and conditions of the assignment would be decided by the Bank on a case-to-case basis.

United Bank of Indian Application by Chartered Accountant for Empanelment of Concurrent & Revenue Audit

United Bank of India has invited the Application from Chartered Accountant Firms for Empanelment of Concurrent & Revenue Audit. Last Date for Online Application is 1st June 2015.

Notice for CA firms applying for empanelment as Concurrent/Revenue Auditor

1. United Bank of India invites application from practicing Firms of Chartered Accountants in India who fulfill the eligibility criteria as mentioned here under and are willing to have their firms empanelled as Concurrent Auditor and Revenue Auditor of the Bank for conducting Concurrent Audit and Revenue Audit of branches/offices.

2. The Application should be submitted on-line in the prescribed format given in Bank’s website www.unitedbankofindia.com

3. Incomplete application will not be entertained.

4. Mere submission of application does not, in any way, constitute guarantee for empanelment / allotment of the audit job of any nature from the bank. The empanelment and allocation of the branches to the auditors will be purely the prerogative of the Bank.

5. Only those CA Firms, who would be allotted the Audit assignments, would be required to submit their testimonials along with the hardcopy of the submitted online application form duly signed with seal. No other typed or handwritten application form shall be accepted.

6. The CA firms earlier empanelled with the bank for above purpose prior to this notification are also to submit their applications as our entire previous empanelment stands cancelled.

The eligibility criteria for such empanelment of CA firms with the Bank are as under:

1. The Firm should be in RBI empanelment.

2. The firm shall have experience of Concurrent Audit/ Statutory Audit of minimum three other Banks.

3. The firm having DISA (ICAI)/ CISA (IASCA) qualified chartered accountants and/or having completed certified course on Concurrent Audit from ICAI will be preferred.

4. For North Eastern States, chartered accountants may be empanelled having no experience of Bank Audit but should be doing practice for at least 5 years.

5. For Branches located in hardship/difficult areas other than in North Eastern States, firms having experience of Concurrent Audit / Statutory Audit of at least one Bank may be empanelled.

The CA firms fulfilling the above criteria as applicable to them and narrated under para-1 to para-5 only are requested to submit their application online through our Bank’s Website www.unitedbankofindia.com latest by 01.06.2015 up to 6.00 p.m. In case of any difficulty in filing of the online application, the CA firms are requested to mail the problem to the mail ids [email protected] or [email protected] along with the screenshot of the webpage where problem is encountered.

Vijaya Bank Online Applications for Empanelment for Concurrent Audit for the year 2015-16

Vijaya Bank has issued the tender for Emapanelment/appointment of Concurrent auditor for its branches across India of CA firms. Applications for selection of CA Firms as Concurrent Auditors for the period July 2015 to June 2016 in Vijaya Bank. Link for online registration is available at Vijaya Bank Bank Website

The eligibility criteria for selection of Concurrent Auditors for Vijaya Bank for FY 2015-16 Starting from 01.07.2015 to 30.06.2016, Subject to a maximum of three years on a continuous basis.

  1. The Chartered Accountant firms/Concurrent Auditors should be on RBI panel.
  2. The Chartered Accountant firms should be partnership concerns.
  3. At -least one of the partners of the audit firm should have a qualified Information System Auditor (CISA/DISA) with necessary exposure to system audit.
  4. The firm should have necessary office set up and adequate personnel to ensure proper deployment and timely completion of the assignment.

Vijaya Bank Concurrent Audit Fees for FY 2015-16: The monthly fees payable to concurrent auditors range from Rs.9, 000/- to Rs.20, 000/-, (except FTMD-HO) depending upon the level of the business of the branch/offices. Additionally, applicable service charges are also paid by the Bank.

The list of proposed branches for which the Concurrent Auditors are required, are furnished in the Annexure-III.

No of Branches CA can Apply for : The Concurrent Auditors / the Chartered Accountant firms may mention their choice of branches (maximum of 5 branches) in their application. However, the Concurrent Auditor will be given only one branch, preferably of his choice. In case of more than one concurrent auditor competing /opting for the same branch, the decision of the Bank shall be final and it cannot be questioned or contested in any forum, legal or otherwise.

Address for Sending Concurrent Audit Application for Vijaya Bank: The applicants should also send a hard copy of online application & the undertaking letter generated in the website with the acknowledgement number, duly signed by the authorised signatory of the firm, addressed to: The Deputy General Manager, Central Inspection Department Vijaya Bank Head Office, No.41/2,M.G.Road, Bangalore-560001

DOWNLOAD LIST OF BRANCHES AVAILABLE FOR CONCURRENT AUDIT 

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DOWNLOAD UNDERTAKING TO BE GIVEN BY CHARTERED ACCOUNTANT FIRM FOR CONCURRENT AUDIT

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DOWNLOAD Eligibility Criteria for Selection of Concurrent Auditors

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LINK FOR ONLINE APPLICATION FOR VIJAYA BANK CONCURRENT AUDIT FOR FY 2015-15

http://www.vijayabank.com:83/AuditorEmpanelment/Application/Application.aspx

Application for Empanelment of Concurrent Auditor for DENA BANK BRANCHES

Dena Bank has issued the tender for Emapanelment/appointment of Concurrent auditor for its branches across India of CA firms. Applications for selection of CA Firms as Concurrent Auditors for the period July 2015 to June 2016 in Dena Bank. Link for online registration will be available at Dena Bank Website from 25/04/2015 at 10.00 AM to 10/05/2015.

Following Chartered Accountants are not eligible : Any form of canvassing / lobbying / influencing / query regarding short listing, status etc will be treated as disqualification. Following CA firms are not eligible for on line registration.

  1. Proprietorship CA firms.
  2. CA firm having less than 5 years existence.
  3. CA firms presently engaged by the Bank as concurrent auditor.
  4. CA firms not having CISA / DISA qualified partners / employees.
  5. CA firms engaged by the Bank as Statutory Auditors
  6. CA firms debarred by ICAI / RBI or blacklisted by the Bank for refusal to conduct any assignment allotted by the Bank during last 3 (Three) years.

Download List of Branches for Dena Bank Concurrent Audit 

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Income Tax Treatment of Dividend by Mutual Fund & Redemption of Mutual Fund Unit

CBDT has issued the circular clarify the tax treatment on Income distributed by Mutual Funds as dividend and Payment made on Redemption/Repurchase of Mutual Fund units.

For Mutual Fund Companies: They had to pay dividend distribution tax on income distributed as dividend under section 115R.In case of redemption/repurchase any payment made by Mutual Fund Companies will be taxed in hands of receiver as capital gain.

For Mutual Fund Investors:  the income so distributed by the mutual fund or specified company in the hands of the recipient unit holder is specifically exempt from tax under section 10(35)of the Act. But in case of transfer of mutual fund units the recipient of such income is liable to pay capital gains tax.

CIRCULAR NO. 6/2014 [F. No. 225/182/2013-ITA.II] Dated: February 11, 2014

Circular clarifying the scope of additional income tax on distributed income u/s 115R

Subject: – Clarification regarding scope of additional income-tax on distributed income under section 115R of the Income-tax Act -regarding.

Section 115R of the Income-tax Act, 1961 (‘Act’) provides for levy of additional income-tax on distributed income to unit holders (hereinafter referred to as ‘additional income-tax’).

2. It has been reported that some field authorities are taking a view that mutual funds/specified companies are required to pay additional income tax under sub-section (2) to section 115R of the Act not only on income distributed by way of dividend but also on payments made at the time of redemption/repurchase of units as well as at the time of allotment of bonus units to existing investors.

3. The matter has been examined by the Board. Section 115R is placed under Chapter XII-E of the Act, which is titled as “SPECIFIC PROVISIONS RELATING TO TAX ON DISTRIBUTED INCOME” and prescribes special provisions for taxing ‘distributed income’, which is not taxed under any other provisions of the Act.

4. Sub-section (2) of section 115R of the Act provides that any amount of income distributed by (i) a specified company, or (ii) a mutual fund to its unit holders shall be chargeable to tax and such entities shall be liable to pay additional income tax on such distributed income at the rates prescribed therein. The income so distributed by such entities is the dividend paid to the unit holders and is liable to tax under this section. However, redemption of units or repurchase of units would not attract levy of tax under sub-section (2) to section 115R of the Act as such income is not of the nature of income ‘distributed to the unit holders and hence lies outside the purview of this section.

5. Further, the income so distributed by the mutual fund or specified company in the hands of the recipient unit holder is specifically exempt from tax under section 10(35)of the Act. Proviso to section 10(35) of the Act stipulates that exemption of income under this section is not applicable to those cases where transfer of units takes place. The recipient of such income is liable to pay capital gains tax, if applicable, on transfer of such units as per relevant provisions of the Act and shall not be subject to additional income tax under section 115R of the Act.

6. Similarly, bonus units at the time of issue would not be subjected to additional income tax under section 115R of the Act since issue of bonus units is not akin to distribution of income by way of dividend. This may be inferred from provisions of section 55 of the Act which prescribes that ‘cost of acquisition’ of bonus units shall be treated as nil for purposes of computation of capital gains tax.

7. In view of above position, Central Board of Direct Taxes, in exercise of its powers under section 119 of the Act hereby clarifies that additional income-tax under sub-section (2) of section 115R of the Act is to be levied on income distributed by way of dividend to unitholders of mutual funds or specified companies and receipts from redemption/repurchase of units or allotment of additional units by way of bonus units would not be subjected to levy of additional income tax under that section.

8. This may be brought to the notice of all concerned.

Different Investment option with Post Office for Small Savings & Tax Benefit Like NSC, PPF, RD, Time Deposit

Indian Post is under the control of central government and comes under the Ministry of Communications and Information Technology. The Postal Service Board, the apex management body of the Department, comprises the Chairman and six Members. India has the largest Postal Network in the world with over 1, 55,015 Post Offices (as on 31.03.2009) of which 1, 39,144 (89.76%) are in the rural areas.  There are different investment products through which Indian Post raises the money for Indian Government and rate of interest are decided by Ministry of Finance, Department of Economic Affairs. Post Office Savings Account, 5-Year Post Office Recurring Deposit Account, Post Office Time Deposit Account, Post Office Monthly Income Account Scheme, Senior Citizen Savings Scheme, 15 year Public Provident Fund Account, Kisan Vikas Patra (Discontinued from 01.12.2011) , National Savings Certificates (NSC), 5 Years National Savings Certificate (VIII Issue), 10 Years National Savings Certificate (IX Issue).

Interest rate Comparison Chart for Different Investment Options by Post Office for Last 3 Years

Scheme Rate of interest
w.e.f.01.04.2012
Rate of interest
w.e.f.01.04.2013
Rate of Interest
w.e.f. 01.04.2014
 Savings Deposit 4% 4% 4%
1 Year Time Deposit 8.20% 8.20% 8.40%
2 Year Time Deposit 8.30% 8.20% 8.40%
3 Year Time Deposit 8.40% 8.30% 8.40%
5 Year Time Deposit 8.50% 8.40% 8.50%
5 Year Recurring Deposit 8.40% 8.30% 8.70%
5 Year SCSS 9.30% 9.20% 9.20%
5 Year MIS 8.50% 8.40% 8.40%
5 Year NSC 8.60% 8.50% 8.50%
10 Year NSC 8.90% 8.80% 8.80%
PPF 8.80% 8.70% 8.70%

 Post Office Savings Account

  • Interest rate:  4.0% per annum on individual/ joint accounts.
  • Account Opening: Minimum Rs.20/- for opening.
  • Other Features: Minimum balance Rs 50/-, Interest earned is Tax Free up to Rs.10,000/- per year,  Account can be opened in the name of minor and a minor of 10 years and above age can open and operate the account.

 5-Year Post Office Recurring Deposit Account

  • Interest rate:  8.4% per annum (quarterly compounded) with effect from 01.04.2014
  • Account Opening: Minimum INR 10/- for opening or any amount in multiples of Rs.5/-. No maximum limit
  • Other Features: Account can be transferred from one post office to another, Single account can be converted into Joint and Vice Versa.

Post Office Time Deposit Account 

  • Interest rate:  1yr.A/c – 8.40%, 2yr.A/c-8.40%, 3yr.A/c-8.40%, 5yr.A/c-8.50% with effect from 01.04.2014
  • Account Opening: Minimum INR 200/- for opening or any amount in multiples of Rs.5/-. No maximum limit
  • Income Tax Deduction 80C: The investment under 5 Years TD qualifies for the benefit of Section 80C of the Income Tax Act, 1961 from 1.4.2007.
  • Other Features: Account can be opened in the name of minor and a minor of 10 years and above age can open and operate the account, Single account can be converted into Joint and Vice Versa

Post Office Monthly Income Account Scheme 

  • Interest rate:  8.4% per annum (quarterly compounded) with effect from 01.04.2014
  • Account Opening: In multiples of INR 1500/-. Maximum investment limit is Rs. 4.5 lakhs in single account and INR 9 lakhs in joint account.
  • Other Features: Account can be transferred from one post office to another, Single account can be converted into Joint and Vice Versa. Can be prematurely encashed after one year but before 3 years at the discount of 2% of the deposit and after 3 years at the discount of 1% of the deposit. (Discount means deduction from the deposit.)

Senior Citizen Savings Scheme

  • Interest rate: 9.20% per annum, payable from the date of deposit of 31st March/30th Sept/31st December in the first instance & thereafter, interest shall be payable on 31st March, 30th June, 30th Sept and 31st Decembe with effect from 01.04.2014
  • Account Opening: There shall be only one deposit in the account in multiple of INR.1000/- maximum not exceeding INR 15 lakh.
  • Income Tax Deduction 80C: The investment qualifies for the benefit of Section 80C of the Income Tax Act, 1961 from 1.4.2007.
  • Other Features: An individual of the Age of 60 years or more may open the account. Maturity period is 5 years. Account can be opened by cash for the amount below INR 1 lakh and for INR 1 Lakh and above by cheque only.

15 year Public Provident Fund Account

  • Interest rate:  8.70% per annum (quarterly compounded) with effect from 01.04.2014
  • Account Opening: open account with INR 5/- but has to deposit minimum of INR 500/- in a financial yearMinimum INR. 500/- Maximum INR. 1,00,000/- in a financial year. Deposits can be made in lump-sum or in 12 installments.
  • Income Tax Deduction 80C: The investment qualifies for the benefit of Section 80C of the Income Tax Act, 1961 from 1.4.2007. Also Interest is completely tax-free.
  • Other Features: Maturity value can be retained without extension and without further deposits also.Premature closure is not allowed before 15 years. Loan facility available from 3rd financial year  and no attachment under court decree order

Kisan Vikas Patra (Discontinued from 01.12.2011)

National Savings Certificates (NSC)

5 Years National Savings Certificate (VIII Issue)

  • Interest rate:  8.5% compounded six monthly but payable at maturity. INR. 100/- grows to INR 151.62 after 5 years with effect from 01.04.2014
  • Account Opening: Minimum INR. 100/- No maximum limit available in denominations of INR. 100/-, 500/-, 1000/-, 5000/- & INR. 10,000/-
  • Income Tax Deduction 80C: The investment qualifies for the benefit of Section 80C of the Income Tax Act, 1961 from 1.4.2007. Also Interest is completely tax-free.
  • Other Features: The interest accruing annually but deemed to be reinvested under Section 80C of IT Act.

10 Years National Savings Certificate (IX Issue)

  • Interest rate:  8.80% compounded six monthly but payable at maturity. INR 100/- grows to INR 236.60 after 10 years with effect from 01.04.2014
  • Account Opening: Minimum INR. 100/- No maximum limit available in denominations of INR. 100/-, 500/-, 1000/-, 5000/- & INR. 10,000/-
  • Income Tax Deduction 80C: The investment qualifies for the benefit of Section 80C of the Income Tax Act, 1961 from 1.4.2007. Also Interest is completely tax-free.
  • Other Features: The interest accruing annually but deemed to be reinvested under Section 80C of IT Act.

Reverse Mortgage (Amendment) Scheme, 2013: Disbursement & Period of Loan

Central Government has amended the Reverse Mortgage Scheme, 2008 by Reverse Mortgage (Amendment) Scheme, 2013 by NOTIFICATION NO.79/2013 F.No.149/54/2013-TPLDated 07-10-2013. Through this amendment Government has made the changes in Disbursement of loan, Period of reverse mortgage loan and define terms like annuity sourcing institution

NOTIFICATION NO.79/2013 [F.No.149/54/2013-TPL] Dated 07-10-2013

In exercise of the powers conferred by clause (XVI) of section 47 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby makes the following Scheme to amend the Reverse Mortgage Scheme, 2008, namely:—

1. (1) This Scheme may be called the Reverse Mortgage (Amendment) Scheme, 2013.

    (2) It shall come into force on the date of its publication in the Official Gazette.

2. In the Reverse Mortgage Scheme, 2008, –

(1) in paragraph (2), after clause (a), the following clause shall be inserted, namely:-

“(ab) “annuity sourcing institution” means Life Insurance Corporation of India or any other insurer registered with the Insurance Regulatory and Development Authority established under sub-section

(1) of section 3 of the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999);” ;

(2) in paragraph (3), in sub-paragraph (2), for the word, brackets and number “sub-rule (1)”, the word, brackets and number “sub-paragraph (1)” shall be substituted;

(3) for paragraph (5), the following paragraph shall be substituted, namely:-

(4) “5. Disbursement of loan. – The approved lending institution may disburse the loan, –

(a) to the reverse mortgagor by any one or more of the following modes, namely:-

(i) periodic payments to be decided mutually between the approved lending institution and the reverse mortgagor;

(ii) lump-sum payment in one or more tranches, to the extent that the aggregate of the amount disbursed as lump sum payments does not exceed fifty per cent of the total loan amount sanctioned; or

(b) in part or in full, to the annuity sourcing institution for the purposes of periodic payments by way of annuity to the reverse mortgagor.”;

(4) for paragraph (6), the following paragraph shall be substituted, namely:-

“6. Period of reverse mortgage loan.- The loan under reverse mortgage shall not be granted for a period exceeding,-

(i) twenty years from the date of signing the agreement by the reverse mortgagor and the approved lending institution, where the loan is disbursed in accordance with clause (a) of Paragraph 5;

(ii) the residual life time of the borrower, where the loan is disbursed in accordance with clause (b) of Paragraph 5.”.

List of Authorised Banks for E-Payment of Income Tax: Banks for Online Tax Payment

List of Banks authorized by Income Tax Department for collecting E-Payment of Income Tax .i.e Online Collection of Advance Income tax, Tax Deducted Source (TDS) and Self Assessment Tax under Income Tax Act through NSDL. Total 30 Indian Banks have been empanelled for online Tax Collection  for Payment of TDS on Sale of Property (Form 26QB), Tax Deducted at Source / Tax Collected at Source (TDS/TCS) from corporates or non-corporates TDS/TCS (CHALLAN NO./ITNS 281), payment of Income tax & Corporation Tax (CHALLAN NO./ITNS 280), payment of Security Transaction Tax, Hotel Receipts Tax, Estate Duty, Interest Tax, Wealth Tax, Expenditure Tax /Other direct taxes & Gift tax (CHALLAN NO./ITNS 282).

Following is the List of Banks for Online Tax Collection (Income Tax, Service Tax, Custom and Excise)

  1. Allahabad Bank
  2. Andhra Bank
  3. Axis Bank
  4. Bank of Baroda
  5. Bank of India
  6. Bank of Maharashtra
  7. Canara Bank
  8. Central Bank of India
  9. Corporation Bank
  10. Dena bank
  11. HDFC Bank
  12. ICICI Bank
  13. IDBI Bank Limited
  14. Indian Bank
  15. Indian Overseas Bank
  16. Jammu and Kashmir Bank
  17. Oriental Bank of Commerce
  18. Punjab National Bank
  19. State Bank of Bikaner & Jaipur
  20. State Bank of Hyderabad
  21. State Bank of India
  22. State Bank of Indore
  23. State Bank of Mysore
  24. State Bank of Patiala
  25. State Bank of Travancore
  26. Syndicate Bank
  27. UCO BANK
  28. Union Bank of India
  29. United Bank of India
  30. Vijaya Bank