Tax Audit Circular

CORPORATE ACCOUNTS & TAXATION DEPARTMENT,

BARODA CORPORATE CENTRE,

Bandra Kurla Complex,

Bandra (East), MUMBAI 400 051

Phone: (022) 6698 5288 Fax: (022) 2652 6891 of 5

BCC:BR:105/111 Dated:14-03-2013

CIRCULAR TO ALL BRANCHES / OFFICES, ADMINISTRATIVE

OFFICES IN INDIA RE: Tax Audit under the Income Tax Act, 1961 for the

accounting year ending 31st March, 2013 Tax Audit is required to be conducted every year under section 44 AB of

Income Tax Act, 1961. All the branches, who are maintaining books of accounts, are required to get tax audit done from their auditors. Tax Audit consists of the following:

1. Form No. 3CA i.e. Audit Report to be given by branch auditors. 2. Form No. 3CD with annexures to be furnished by branches to

auditors for certification. A specimen copy of Form No. 3CA and Statement of Particulars required

for prescribed Form No. 3CD along with annexures are enclosed for the purpose of tax audit for the year ending 31st March 2013. The branches under audit will submit both the forms with annexures duly certified by their statutory auditors’ along with other closing returns. The branches which are not under audit will submit unaudited Form 3CD with

Annexures duly signed by the Branch Manager / Joint Manager. Form No. 3CA is applicable to branches under audit only. The necessary instructions / guidelines for filling the relevant annexures should be carefully noted before submitting information / data. You may attach extra sheet to annexures wherever space is not sufficient.

Specific attention is required to the notes appended to annexures while filing the relevant data.

You are, therefore, requested to meticulously follow the guidelines issued by us from time to time and furnish the complete data as required.

It is in the Bank’s interest to incorporate, full details as are required to be submitted as per annexures. In case of NIL information, this should

be expressly stated. Each statement should be authenticated before submission to the concerned Regional Office. The Bank’s Management, Tax auditors and Income Tax authorities place implicit reliance on the accuracy of information submitted and the various disallowances are quantified on the basis of information

ISSUED BY CORPORATE ACCOUNTS & TAXATION DEPARTMENT, BARODA CORPORATE CENTRE, MUMBAI.

SUB. FILE – MISC. 8





Phone: (022) 6698 5288 Fax: (022) 2652 6891 of 5

furnished in the Tax Audit Reports. Care should be taken while

mentioning the items in Annex.1, 2A & 2B and 3 (1), (2), (3), (4). Branches should ideally have ‘NIL’ information in respect of Annexure 3(1), 3(2), 3(3) and 3(4). During the course of the audit, if any

instances are noticed before 31st March 2013 where TDS is deductible but not deducted or there is shortfall in tax deducted, it should be accounted in the books of accounts immediately.

If such instances are noticed post 31st March 2013 or during the audit then such cases should be rectified by passing the entry

through Memorandum of Changes (‘MOC’). The branches should deposit all TDS deducted as per books before the completion of the audit. Branches should ensure that reporting under Annexure 3(1), 3(2) and 3(4) is ‘NIL’ after due compliance. TIME SCHEDULE:

Branches which are not covered under audit will submit unaudited tax return (Form 3CD with annexures) by 4th April 2013 positively, while

branches/administrative offices under audit shall submit duly audited and certified returns (Form 3CA & 3CD with annexures) immediately on completion of branch audit to their Regional Office.

Regional Offices will consolidate these reports of all their branches and send the duly audited consolidated Tax Audit Report of the Region to their Zone. Zone will consolidate the reports of their Regions and will

send to Corporate Accounts & Taxation Department after getting it audited from their auditors with annual accounts. Soft copy of these formats and annexures are also required to be submitted by e-mail / in floppy / disc by branches to Region and by Regions to Zone and by Zones to Corporate Accounts & Taxation Department. The soft-copy of the format of these formats is being sent by email separately to all the

regions / zones. SUBMISSION OF EVIDENCES FOR PAYMENT OF GOVERNMENT

DUES:

After submission of Form 3CD, if any payments are made in respect of item details in annexure 2A, 2B and 3 (1), (2), (4) please submit photocopies of evidences in support of such payments to your Regional

Office immediately, and a summary of such payments upto 31/07/2013 and thereafter. A detail of payments made upto 31/07/2013 should be sent by 03/08/2013 to the Zonal Office through respective Regional Office. The Zonal Office will send the consolidated details to Corporate Accounts & Taxation department latest by 05/08/2013 with proof of payment. These expenses are claimed in the Income Tax Return on

payment basis at the time of filing of return. If any amount remains still unpaid, proper records should be maintained at branches, regions and zones with reasons of non payment / compliance. Zones will inform





Phone: (022) 6698 5288 Fax: (022) 2652 6891 of 5

subsequent compliance with details by 10th of the end of every quarter

to Corporate Accounts & Taxation Department. If subsequent payments are made by the Branch but not reported

to the Corporate Accounts and Tax Department, BCC then such expenses cannot be claimed by us in the income tax return, which is a loss to the bank. Therefore please ensure that particulars of

all payments made after the Tax Audit Report are sent to our department well in time, so that it can be claimed in our Income Tax Return.

We enclose herewith (as annexure to this circular) the important points to be taken care of on the basis of the details of common observations/errors noticed by us/Statutory Central Auditor during tax audit for the FY 2011-12. Branches/Offices are advised to take care of these observations and ensure that the same are not repeated

in the Tax Audit Report of 2012-13. If there is any instance where the branches have a disagreement

with the observation made by the statutory auditor in the tax audit report, the branches/ regional office/zonal office may contact at Corporate Taxation Department, BCC at 022-6698 5288 /5208.

Alternatively, the branches may send an email at [email protected] .

Yours faithfully, (V. K. Gupta)

GENERAL MANAGER (CORPORATE A/Cs AND TAXATION & CFO)

Encl.: as above





Phone: (022) 6698 5288 Fax: (022) 2652 6891 of 5

Important Points to be noted while preparing the Tax Audit Report:

1. Branches / Offices should ensure that full TDS as applicable is deducted

and deposited well in time. For this purpose immediately refer our circular no. BCC:BR:104/242 dated 05.07.2012 on TDS – Other than Salary and circular no. BCC:BR:104/428 dated 04.12.2012

and verify whether any compliance is pending for the months from April 2012 to February 2013.

2. Non-deduction -Annexure 3(1) and short deduction Annexure 3(2)- During FY 2011-12 it was observed that TDS was not deducted on the service tax portion of the invoice in case of payment to contractor, payment of commission or professional fees. In few cases TDS was deducted at a lower rate instead of the rate prescribed by the income tax department. Foreg. Instead of deducting TDS @ 10%, the

branch had deducted TDS @2%. In certain cases, the Branch had not selected the correct TDS code in the Finacle System while opening of FD. As a result, in case of interest paid on Fixed Deposits, it was noted

that although customers did not submit his/her PAN the TDS was deducted @10% instead of 20%.

3. It has been observed that a number of branches report cases where TDS is deposited late i.e after the due date instead of cases of late deduction of tax in the Annexure 3(3) which is for Late deduction

of TDS.

4. Cases where TDS been deducted by the Branches but not deposited has to be reported in Annexure 3(4). Branches should deposit TDS promptly as non deposit of TDS attracts penalty and interest. In case of TDS which has been deducted on payment of expenses (other than

salary) during the month of March 2013, the due date for depositing TDS is 30th April 2013. Therefore branches need not report such cases in this annexure.

5. Expenses where TDS has not been deducted / short deducted / TDS has

been deducted but not deposited are disallowed in Bank’s Income Tax Computation on the basis of information provided by branches / offices in Tax Audit Report in Annexure 3(1), 3(2) and 3(4).

6. If these expenses are disallowed there is a loss of tax benefit

equivalent to 32.445% of such expenses, which affects Bank’s profits adversely.

7. In few cases the statutory auditors have noted that in the absence of

Form 15G/H although Finacle system deducted TDS correctly, the branch refunded the amount to the customer after obtaining the Form 15G /15H declaration from customers instead of remitting the amount

to the government a/c. It was also noted in some cases Form 15G/15H





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forms were accepted from customers who did not have PAN. In some

cases Form 15H was accepted from customers who were not senior citizens.

8. As per extant guidelines, customers have to submit the Form 15G/15H at the beginning of the year (for existing accounts) and at the time of opening the FD (for new accounts). Till the time 15G/H is submitted by

the customer TDS to be deducted as per guidelines & remitted to the Govt. A/c. Branch should update the Form 15G/15H details in the Finacle system promptly.

9. Branches should ensure that they comply with the guidelines related to

Form 15G/H as given in our circular no. BCC:BR:104/242 dated 05.07.2012.

10. The subscription and expenditure incurred at clubs like Lions Club,

Rotary Club, Giants Club, Jaycees Club, Bankers Club where no entertainment is done but only the activities for the common public are conducted, is allowed as deductions in income tax and therefore the

branches should not report any payment made to above mentioned clubs in Annexure 1.

11. Branch should not report tax outstanding towards service tax, TDS ,VATetc. in this annexure. Provisions for taxes / duties which are under litigation and accounted in the branch books prior to 1 April 2012 and

carried forward in the books should not be disclosed in this annexure. Only incremental provision made for taxes/duties payable to municipal corporation / central / state government pertaining to FY 12-13 should be reported in Annexure 2A

12. Please read the instructions provided in the annexure carefully

before filling them.

BANK OF BARODA

Branch ___________________ Region _________________ Zone

_____________

FORM No. 3CA [See rule 6G (1) (a)]

Audit report under section 44 AB of the Income Tax Act, 1961

* I / We have to report that the statutory audit of Bank of Baroda __________________ Branch was conducted by me / us in pursuance of the provisions of the third schedule of the Banking Regulation Act, 1949. A copy of * my / our audit report dated _____________________ alongwith a copy each of the audited Balance Sheet as at 31st March 2013 and audited Profit & Loss account for the year ended 31st March 2013 along with the documents declared by the relevant Act, to be part of, or annexed to the Profit & Loss account and Balance Sheet have been forwarded separately. The statement of particulars as required to be furnished under section 44 AB is annexed herewith in Form No. 3CD. In *my / our opinion and to the best of * my /our information and according to explanations given to * me / us the particulars given in Form No. 3CD and Annexures thereto are true and correct.

CHARTERED ACCOUNTANT PLACE: DATE: NOTES: * 1. Delete which is not applicable.

2. Where any of the matters stated in this report is answered in the negative or with qualifications, the report should state the reasons therefor.

Form No. 3CD

Page 1 of 7

BANK OF BARODA

Branch ____________________ Region ________________________ Zone __________________

FORM No. 3CD [See rule 6G (2)]

STATEMENT OF PARTICULAR IN THE CASE OF A PERSON CARRYING ON BUSINESS

Sr. No.

Corresponding Sr. No. of Prescribed Form No. 3CD

Particulars Remarks

1 9 (b) (a) Books of account maintained. (In case books of account are maintained in a computer system, mention the books of account generated by such computer system)

Cash Book, General Ledger for Balance Sheet & Profit & Loss Account items, subsidiary ledger for Deposits, Advances, other Assets etc. (In respect of fully computerised / partially computerised branches, some of the above books of accounts are maintained / generated in computer system)

9 (c) (b) List of books of accounts examined

As above

2 11(a) (a) Method of accounting employed in the previous year

Not applicable to branches as information under this column will be incorporated at corporate level

11(b) (b) Whether there has been any change in the method of accounting employed vis-à-vis the method employed in the immediately preceding previous year


11(c) (c) If the answer to (b) above is in the affirmative, give details of such change, and the effect thereof on the profit or loss


11(d) (d) Details of deviation, if any, in the method of accounting employed in the previous year from accounting standards prescribed under section 145 and the effect thereof on the profit or loss


3 12 (a) Method of valuation of closing stock employed in the previous year


12 (b) (b) Details of deviation, if any, from the method of valuation prescribed under section 145A, and the effect thereof on the profit or loss


Form No. 3CD

Page 2 of 7

Sr. No.


Particulars Remarks

12 A Give the following particulars of Capital Asset converted into stock-in-trade:-


(a) Description of capital asset - (b) Date of acquisition - (c) Cost of acquisition - (d) Amount at which the asset is

converted into stock-in-trade -

4 13 Amounts not credited to the profit and loss account, being:

NIL / Rs. _______(give details)

(a) The items falling within the scope of section 28:


(d) any other item of income: NIL / Rs. _______(give details) (e) Capital receipt, if any NIL / Rs. _______(give details)

5 14 Particulars of depreciation allowable as per the Income Tax Act, 1961 in respect of each asset or block of assets, as the case may be, in the following form:-

Not Applicable to the branches as information under this column will be incorporated at corporate level

(a) Description of asset / block of assets.

-

(b) Rate of depreciation - (c) Actual cost or written down value,

as the case may be -

(d) Additions / deductions during the year with dates; in the case of any addition of an asset, date put to use; including adjustments on account of -

-

(i) Modified Value Added Tax credit claimed and allowed under the Central Excise Rules, 1944, in respect of assets acquired on or after 1st March, 1994,

-

(ii) Change in rate of exchange of currency, and

-

(iii) Subsidy or grant or reimbursement, by whatever name called

-

(e) Depreciation allowable - (f) Written down value at the end of

the year -

6 15 Amounts admissible under section 33AB, 33ABA, 33AC, 35, 35ABB, 35 AC, 35CCA, 35CCB, 35D, 35DD, 35 DDA, 35E:-

NOT APPLICABLE

(a) debited to the profit and loss account (showing the amount

NOT APPLICABLE

Form No. 3CD

Page 3 of 7

Sr. No.


Particulars Remarks

debited and deduction allowable under each section separately);

(b) Not debited to the profit and loss account.

NOT APPLICABLE

7 16 (a) Any sum paid to an employee as bonus or commission for services rendered, where such sum was otherwise payable to him as profits or dividend [Section 36(1)(ii)]

NOT APPLICABLE

(b) Any sum received from employees towards contributions to any provident fund or superannuation fund or any other fund mentioned in section 2 (24)(x); and due date for payment and the actual date of payment to the concerned authorities under section 36(1)(va).

Not Applicable to the branches as information under this column will be incorporated at corporate level.

8 17 Amounts debited to the profit and loss account being:-

(a) expenditure of capital nature; NIL / Rs. _______(give details) (b) expenditure of personal nature: NIL / Rs. _______(give details) (c) expenditure on advertisement in

any souvenir, brochure, tract, pamphlet or the like published by a political party


(d) expenditure incurred at clubs, - (i) as entrance fees and

subscriptions Rs. ________ / Give details as per Annexure 1

(ii) As cost for club services and facilities used

Rs. ___________

(e) (i) Expenditure by way of penalty or fine for violation of any law for the time being in force; specifically mention any interest / penalty paid to Income Tax Department for violation of provision of Income Tax Act, 1961, particularly TDS


(ii) Any other penalty or fine NIL / Rs. _______(give details) (iii) Expenditure incurred for any

purpose which is an offence or which is prohibited by law


(f) amounts inadmissible under section 40 (a)

Disallowance u/s 40 is as disclosed in Annexure 2 A and 2 B for clause 27 (a) & (b) at Sr. No. 17

Form No. 3CD

Page 4 of 7

Sr. No.


Particulars Remarks

(g) Interest, salary, bonus, commission or remuneration inadmissible under section 40 (b) / 40 (ba) and computation thereof;

NOT APPLICABLE

(h) (A) Whether a certificate has been obtained from the assessee regarding payments relating to any expenditure covered under section 40A(3) that the payments were made by account payee cheques drawn on a bank or account payee bank draft, as the case may be;

NOT APPLICABLE Certificate will be issued at Corporate Level.

(B) amount inadmissible under section 40A(3) read with rule 6DD (with break up of inadmissible amounts)

As per the System followed by the Bank, no payment exceeding Rs. 20,000/- (Rs. 35,000/- for Transport Operators) is generally made in cash. However, if any deviations, it may be reported here.

(i) provision for payment of gratuity not allowable under section 40A(7);

NOT APPLICABLE

(j) any sum paid by the assessee as an employer not allowable under section 40A (9);

NOT APPLICABLE

(k) Particulars of any liability of contingent nature.

NIL

(l) amount of deduction inadmissible in terms of section 14A in respect of the expenditure incurred in relation to income which does not form part of the total income;


(m) amount inadmissible under the proviso to 36(1)(iii)

NOT APPLICABLE

9 18 Particulars of payments made to persons specified under section 40A(2)(b)

NOT APPLICABLE

10 19

Amounts deemed to be profits and gains under section 33AB or 33ABA or 33AC

NOT APPLICABLE

11 20 Any amount of profit chargeable to tax under section 41 and computation thereof

NOT APPLICABLE

12 21 (i) In respect of any sum referred to in clauses (a), (b), (c), (d) or (e) or (f) of section 43B, the liability for which:-

Form No. 3CD

Page 5 of 7

Sr. No.


Particulars Remarks

Pre-existed on the first day of the previous year but was not allowed in the assessment of any preceding previous year and was


(a) Paid during the previous year

Not applicable

(A)

(b) Not paid during the previous year

Not Applicable

was incurred in the previous year and was

Mention the amount of provision made for taxes, duties payable to municipal corporate, interest to financial institution etc as at 31/03/2013 in Annexure 2(A) and 2 (B)

(a) paid on or before the due date for furnishing the return of income of the previous year under section 139(1);

Amount paid after 31/03/2013 but before finalisation of Tax Audit Report as per Annexure 2A and 2B.

(B)

(b) Not paid on or before the aforesaid date

Amount outstanding as per Annexure 2A and 2B

13 22 (a) Amount of Modified Value Added Tax credits availed of or utilised during the previous year and its treatment in the profit & loss account and treatment of outstanding Modified Value Added Tax credits in the accounts.

Not Applicable

(b) Particulars of Income or Expenditure of prior period credited or debited to the Profit & Loss account

As per accounting policy followed by the Bank, revenues / expenditures are generally recognised on accrual basis

14 23 Details of any amount borrowed on hundi or any amount due thereon (including interest on the amount borrowed) repaid, otherwise than through an account payee cheque. [Section 69 D]

NIL

15 24 (b) Particulars of each repayment of loan or deposit in an amount exceeding the limit specified in section 269T made during the previous year

As per system being followed, bank either credits the account of the party or issues draft / banker’s cheque for payment of Rs. 20,000/- or above. However, any deviation, the same may be reported.

Form No. 3CD

Page 6 of 7

Sr. No.


Particulars Remarks

(i) Name, address and permanent account number (if available with the assessee) of the payee or depositors

-

(ii) amount of repayment -

(iii) Maximum amount outstanding in the account at any time during the previous year

-

(iv) whether the repayment was made otherwise than by an account payee cheque or an account payee bank draft

-

(c) Whether a certificate has been obtained from the assessee regarding taking or accepting loan or deposit, or repayment of the same through an account payee cheque or an account payee bank draft.

NOT APPLICABLE Certificate will be issued at Corporate Level.

The particulars (i) to (iv) at (b) and the certificate at (c) above need not be given in the case of a repayment of any loan or deposit taken or accepted from Government, Government company, banking company or a corporation established by a Central, State or Provincial Act.

16 26 Section wise details of deductions, if any admissible under chapter VIA

To be filled by HOCORP

Form No. 3CD

Page 7 of 7

Sr. No.


Particulars Remarks

17 27 (a) Whether the assessee has complied with the provisions of Chapter XVII-B regarding deduction of tax at source and regarding the payment thereof to the credit of Central Government

Yes / No

(b) If the provisions of Chapter XVII-B have not been complied with, please give the following details, namely:-

(i) Tax deductible and not deducted at all

Annexure 3 (1)

(ii) Shortfall on account of lesser deduction than required to be deducted

Annexure 3 (2)

(iii) Tax deducted late Annexure 3 (3) (iv) Tax deducted but not paid to

the credit of the Central Government

Annexure 3 (4)

Please give the details of cases covered in (i) to (iv) above. CHARTERED JOINT MANAGER BRANCH HEAD ACCOUNTANT PLACE: DATE: Note: 1. Some items which are not applicable to bank/branches though prescribed in Form No. 3CD have

not been included in above Format. 2. The information in prescribed form of Tax Audit. Annexure (Part A & B) is not being submitted

herein as it is not applicable to Branches. It will be compiled at corporate level. 3. Some items are to be filled at corporate level wherever mentioned.

SUGGESTIONS / PRE-REQUIREMENTS WHILE FILLING THE ANNEXURES

1 Please PICK Zone, Region / Office Name, Under Section, Nature of Expenses ONLY from the pop up list.

Please DO NOT cut/paste from other list.

2 Date format is restricted as DD/MM/YYYY. (/) is absolutely necessary.

Other signs (.) (-) may NOT be accepted by validation settings.

3 Please do not amend the structure of sheets

4 Please CAREFULLY read the Highlighted Notes given at the bottom / column of the relevant annexures.

5 While taking Print-out, please select only required cells where data is entered.

6 Please do not take print out of entire sheet (which include BLANK fields).

IT Sections Particulars

192 Pertains to Payment of Salary (Staff)

193 Pertains to Payment of Interest on Securities

194 A Pertains to Payment of Interest other than Interest on Securities (FDR Interest)

194 C

Pertains to Payment to Contractors (Security Agency/ AMC / Repairs and Maintenance, Generator

/ Other Hire Charges)

194 H Pertains to Payment of Brokerage and Commission

194 I Pertains to Payment of Rent

194 J

Pertains to Payment to Professional and Technical Services (Auditor's Fees, Consultancy services

like Lawyer, Architect etc.)

195 Pertains to Remittances to Non-Residents

ANNEXURES PARTICULARS

ANNEXURE 1 DETAILS OF PAYMENTS MADE TO CLUBS FOR THE YEAR ENDED 31/03/2013

ANNEXURE 2 A

STATEMENT SHOWING OUTSTANDING LIABILITY PROVIDED ON 31/03/2013 TOWARDS TAXES,

DUTIES PAYABLE

TO MUNICIPAL CORPORATION / CENTRAL / STATE GOVERNMENT AND HELD IN G/L ADJUSTING

A/C ON CLOSING DATE

ANNEXURE 2 B

STATEMENT SHOWING PROVISION MADE AS ON 31/03/2013 TOWARDS INTEREST PAYABLE TO

FINANCIAL INSTITUTIONS

ANNEXURE 3 (1)

DETAILS OF CASES WHERE TAX IS DEDUCTIBLE AND NOT DEDUCTED AT ALL DURING THE YEAR

ENDED 31/03/2013

ANNEXURE 3 (2)

DETAILS OF SHORTFALL ON ACCOUNT OF LESSER DEDUCTION THAN REQUIRED DURING THE YEAR

ENDED 31/03/2013

ANNEXURE 3 (3) DETAILS OF TAX DEDUCTED LATE DURING THE YEAR ENDED 31/03/2013

ANNEXURE 3 (4) DETAILS OF TAX DEDUCTED BUT NOT DEPOSITED TO THE CREDIT OF

CENTRAL GOVERNMENT DURING THE YEAR ENDED 31/03/2013

ANNEXURE 3 CA AUDIT REPORT UNDER SEC 44AB OF THE INCOME TAX ACT, 1961

ANNEXURES 3 CD STATEMENT OF PARTICULAR IN THE CASE OF A PERSON CARRYING ON BUSINESS

BANK OF BARODA

Branch:_______________

DETAILS OF PAYMENTS MADE TO CLUBS FOR THE YEAR ENDED 31/03/2013Annexure - 1

RUPEES

Sr. № ZONE REGIONBRANCH ALPHA NAME OF THE CLUB

ENTRANCE FEES SUBSCRIPTION

COST OF CLUB SERVICES REMARKS

CHARTERED ACCOUNTANT JOINT MANAGER BRANCH HEAD

PLACE:

DATE:

NOTE:The clubs like Lions Club, Rotary Club, Giants Club, Jaycees Club, Bankers Club e where no entertainment is done but only the activities for the common public areconducted, the subscription to such clubs will be allowed as deductions in income tax and therefore payments to such clubs need not be reported in this statement.

Page 1 of 1

BANK OF BARODA

Branch:_______________

STATEMENT SHOWING OUTSTANDING LIABILITY PROVIDED ON 31/03/2013 TOWARDS TAXES, DUTIES PAYABLE

TO MUNICIPAL CORPORATION / CENTRAL / STATE GOVERNMENT AND HELD IN G/L ADJUSTING A/C ON CLOSING DATE Annexure - 2 (A)

(Rupees)

Sr. № ZONE REGION

BRANCH

ALPHA

NAME OF THE

STATUTORY BODY TO

WHOM THE AMOUNT

PROVIDED IS

PAYABLE

DESCRIPTION OF LIABILITY

PROVIDED

P/L

ACCOUNT

HEAD

DEBITED

AMOUNT

OUTSTANDING

AS ON

31/03/2013

DATE OF

PAYMENT ON OR

AFTER

01/04/2013

AMOUNT PAID

ON OR AFTER

01/04/2013

UNPAID AMOUNT (TILL TAX AUDIT)

RESONS AND REMARKS

Date format - DD-

MM-YYYY 0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0


PLACE:

DATE:

NOTE:

1. Branch should not report tax outstanding towards service tax, TDS etc. in this annexure.

2. Branches who have made provisions for taxes / duties which are under litigation and accounted in the branch books prior to 1 April 2012 and carried forward in the books should not be disclosed in this annexure.

Similarly, provisions made in the earlier year which have been reversed at the beginning of FY 12-13 and reprovided in March 2013 should not be reported in this annexure.

3. Increamental Provision made for taxes/duties payable by branches itself to municipal corporation / central / state government pertaining to FY 12-13 should be reported in this annexure.

Page 1 of 1

BANK OF BARODABranch:_______________

STATEMENT SHOWING PROVISION MADE AS ON 31/03/2013 TOWARDS INTEREST PAYABLE TO FINANCIAL INSTITUTIONS

Annexure - 2 (B)

(Rupees)

Sr. № ZONE REGION

BRANCH

ALPHA

NAME OF THE

FINANCIAL

INSTITUTION TO

WHOM THE INTEREST

IS PAYABLE

P/L ACCOUNT HEAD

DEBITED

AMOUNT

PROVIDED AS

OF

31/03/2013

IN G/L

ADJUSTING

A/C.

DATE OF

PAYMENT ON

OR AFTER

01/04/2013

AMOUNT

PAID AFTER

01/04/2013

UNPAID

AMOUNT (TILL

TAX AUDIT)

RESONS AND

REMARKS

Date format -

DD-MM-YYYY


PLACE:

DATE:

NOTE:

Interest payable to public financial institutions such as NABARD, SIDBI, IFCI, IDBI, LIC and UTI or a State Financial Corporation or State Industiral Investment Corporation provided and remaining

unpaid on 31.03.2013 should only be reported. The provisions are allowed as expenditure if the same is paid. Please send a copy of proof of payment made after 31.03.2013.

Page 1 of 1

BANK OF BARODA

Branch:_______________

DETAILS OF CASES WHERE TAX IS DEDUCTIBLE AND NOT DEDUCTED AT ALL DURING THE YEAR ENDED 31/03/2013

Annexure - 3 (1)

(Rupees)

Sr. № ZONE REGION

BRANCH

ALPHA

UNDER

SECTION NATURE OF EXPENSES

DATE OF PAYMENT

/ CREDIT

AMOUNT PAID

/ CREDITED

TDS

DEDUCTIBLE

AMOUNT DEDUCTED

/ REMITTED ON OR

AFTER 01/04/2013

REMITTANCE ON

OR AFTER

01/04/2013

AMOUNT

ELIGIBLE FOR

DEDUCTION

Date format should

be DD-MM- YYYY

Date format

should be DD-MM-

YYYY

THIS

COLUMN

IS

FOR

THE

USE

OF

CORPORATE

DATE:

PLACE: CHARTERED ACCOUNTANT JOINT MANAGER BRANCH HEAD

NOTE:

4. Branch should ensure that there are NIL cases of non deduction of TDS.

1. Branches / Offices should ensure that full tax as applicable is deducted and deposited well in time. If any case of non deduction of tax is noted for the period from April 2012 to February 2013 then Branch

should ensure that TDS is deducted and accounted for before 31.03.2013.

1.

3. Cases where the Branch has obtained Form 15G/15H for non-deduction should not be reported under this Annexure.

2. If any case of non deduction is noted for/after 31.03.2013 but before the audit report is signed then the same should be accounted by passing entry through Memorandum of Changes (MOC) in the books of

accounts for the year ended 31.03.2013 and reported in Annexure 3-3 as "late deduction of TDS".

DATE

PLACE CHARTERED ACCOUNTANT BRANCH HEAD

BANK OF BARODABranch:_______________

DETAILS OF SHORTFALL ON ACCOUNT OF LESSER DEDUCTION THAN REQUIRED Annexure 3 (2)

TO BE DEDUCTED DURING THE YEAR ENDED 31/03/2013

Rupees

Sr. № ZONE REGION

BRANC

H

ALPHA

UNDER

SECTION

NATURE

OF

EXPENSES

DATE OF

PAYMENT

AMOUNT

PAID /

CREDITED

TAX

DEDUCTIBL

E

TAX

DEDUCTED

SHORTFAL

L /

AMOUNT

DEPOSITE

D

DATE OF

REMITTANCE ON OR

AFTER 01/04/2013

(

AMOUNT

ELIGIBLE FOR

DEDUCTION

0

Date format should

be DD-MM- YYYY

0 THIS 0 COLUMN 0 IS 0 FOR 0 THE0 USE0 OF 0 CORPORATE0 TAXATION0 DEPARTMENT0

0

0

0

0

0

0

0

DATE:


NOTE:

4. Branch should ensure that there are NIL cases of short deduction of TDS.

2.If any case of non deduction is noted after 31.03.2013 but before the audit report is signed then the same should be accounted by passing entry through Memorandum of

Changes (MOC) in the books of accounts for the year ended 31.03.2013 .

3. Branches should also ensure that TDS deducted and accounted as mentioned in point no.2 should be deposited before the completion of audit and reported in

Annexure 3-3 as "late deduction of TDS".

1. Branches / Offices should ensure that full tax as applicable is deducted and deposited well in time. Wherever there are cases of short deduction of tax for the period

from April 2012 to February 2013 the Branch should ensure that TDS is deducted and accounted before 31.03.2013.

DATE


BANK OF BARODA

Branch:_______________

DETAILS OF TAX DEDUCTED LATE DURING THE YEAR ENDED 31/03/2013 Annexure 3 (3)

RUPEES

Sr. № ZONE REGION

BRANCH

ALPHA SECTION

NATURE

OF

EXPENSES

AMOUNT

PAID /

CREDITED

TAX

DEDUCTED

DUE DATE OF

DEDUCTION

ACTUAL DATE OF

DEDUCTION

DELAY (IN

DAYS)

REASON FOR

DELAY

AMOUNT

ELIGIBLE FOR

DEDUCTION

Date Format -

DD/MM/YYYY

Date Format

DD/MM/YYYY

0 THIS

0 COLUMN

0 IS

0 FOR

0 THE

0 USE

0 OF

0 CORPORATE

0 TAXATION

0 DEPARTMENT

0

0

0

0

0

0

0

0

0

0

0

0

DATE:


NOTE:

1. As per Income Tax Act, TDS should be deducted at the time of accounting of the expense or payment whichever is earlier.

3 Reasons for delay should be clearly mentioned and should not be left blank

2. For eg: If the Branch has deducted payment of professional fees wrongly @2% in the Dec 2012 as against correct rate of 10% and the same is

rectified by deducting additional 8% in Jan 2013 bill then this a case of delay in deduction of TDS by 1 month and should be reported in this annexure

2. Branches should report all cases where TDS was not deducted / short deducted and pertain to the period April 2012 to February 2013 and which has been accounted by way of MOC

after 01.04.2013 and deposited before the completion of audit in this annexure as " Late deduction".

DATE


BANK OF BARODA

Branch:_______________

DETAILS OF TAX DEDUCTED BUT NOT DEPOSITED TO THE CREDIT OF Annexure - 3 (4)

CENTRAL GOVERNMENT DURING THE YEAR ENDED 31/03/2013

Rupees

SR. № ZONE REGION

BRANCH

ALPHA

UNDER

SECTION

NATURE OF

EXPENSES

AMOUNT

PAID/CREDITED

DATE OF

DEDUCTION

AMOUNT OF

TAX NOT

DEPOSITED

ACTUAL DATE OF

DEPOSIT

AMOUNT

DEPOSITED ON

OR AFTER

01/04/2013

REASONS

FOR NON

DEPOSIT

AMOUNT ELIGIBLE

FOR DEDUCTION

Date format

should DD-MM-

YYYY

Date format should

DD-MM-YYYY

THIS

COLUMN

IS

FOR

THE

USE

OF

CORPORATE

TAXATIONDEPARTMENT

DATE:


NOTE:

1.The expenses will be allowed under Income Tax Act only if the TDS deducted on such expenses is paid.

2. Branches / Offices should ensure that full tax as applicable which has been deducted is deposited well in time. Wherever there are cases of tax deducted but not deposited for the period from April

2012 to February 2013 the Branch should ensure that TDS is deducted and accounted for before 31.03.2013. If any case of non deduction is noted for/after 31.03.2013 but before the audit report is

signed then the same should be accounted by passing entry through Memorandum of Changes (MOC) in the books of accounts for the year ended 31.03.2013

4. Branch should ensure that there are NIL cases of non deposit of TDS.

3. In case of TDS deducted on payment of expenses (other than salary) in the month of March 2013, the due date for depositing TDS is 30.04.2013. Such cases should not be reported in this annexure.

DATE


Tax Audit Circular

Documents

Transcript of Tax Audit Circular