All posts by ConsultCAOnline

What is Nostro and Vostro Account

Nostro and Vostro accounts are two types of bank accounts used in international banking transactions. These terms originate from Latin, with Nostro meaning “our” and Vostro meaning “your”. In this article, we will discuss the meaning and differences between these two types of bank accounts. What is a Nostro account? A Nostro account is a […]


Form 61A is a record of the statement of Specified Financial Transactions which must be furnished under the Income Tax Act, 1961 by certain institutions. Statement of Specified Financial Translations or SFT refers to information related to certain high-value transactions which specified persons are required to report to the income tax department. The SFT was […]


WHAT IS ANGEL TAX? Angel tax essentially derives its genesis from section 56(2) (vii) (b) of the Income Tax Act, 1961. Angel Tax is the tax levied by the government on the start-ups who receive funding from Angel Investors. Angel investors get benefits in the form of taxation as the entire investment made by investors […]


APPLICABILITY: CARO 2020 is applicable to all the companies which were covered under CARO 2016. There has been absolutely no change on the applicability of CARO with respect to CARO 2016. It is applicable to all the statutory audits commencing on or after 1st April, 2021 corresponding to the financial year 2020-21. Previously, there were […]

Audit Scope of Chartered Accountant in Banks

Source- BCA The Banking system normally using the services of CA profession to examine the banking operations from a “Safety and Soundness” perspective.  Regulator Reserve Bank of India (RBI) has been depending upon the CA profession to ensure that the Banking system remains under control. Statutory Audit -Every Bank under the respective Act to get […]