The National Financial Reporting Authority (NFRA), an independent regulatory body in India, plays a significant role in overseeing the quality of financial reporting and auditing practices. It is tasked with ensuring compliance with accounting and auditing standards in India, including the Standards on Auditing (SAs). One of NFRA’s key responsibilities is to ensure that...
Continue readingNFRA AS A STANDARD SETTING AUTHORITY
The National Financial Reporting Authority (NFRA) was constituted on 01st October, 2018 by the Government of India under Sub Section (1) of section 132 of the Companies Act, 2013. Functions and Duties as per Sub Section (2) of Section 132 of the Companies Act, 2013, the duties of the NFRA are to: Is ICAI...
Continue readingAdvance Tax
Advance tax is the income tax payable if your tax liability is more than INR 10,000 in a financial year in respect of the total income of the assessee Advance tax is paid as you earn income, advance tax is also known as pay as you earn Scheme. Both Advance tax and Tax Deducted at...
Continue readingHouse Rent Allowance
House Rent allowance also provides for tax exemptions. The sections help the salaried person/individuals, and the self-employed people and also professionals, to make their rent expenditures cheaper, and more pleasing. Salaries of the employees of both private and public sector companies are composed of some minor components as well. HRA or the House Rent...
Continue readingITR Processing & e-Verification
Once you complete the process of filing an Income Tax Return (ITR), it has to be verified by the department. The processing of ITR only starts after you complete the process of verification either by sending a signed copy of ITR-V to CPC (Central Processing Center) or verify it by E-verification. The return filed...
Continue readingOnline Payment of Taxes
E-Tax Payment facilitates the payment of direct taxes online. If TAN/ PAN is valid, you will be allowed to fill other details of challan like accounting head under which payment is made, name and address of TAN, and also select the bank through which payment is to be made, etc. To pay your Income Tax dues online, first, you have to log...
Continue readingRelief & Changes in Due Dates
INCOME TAX The due date of filing Income Tax Return for Financial Year 2018-19 has been extended from 31/03/2020 to 30/6/2020 The due date of Vivid se Vishwas scheme which is introduced to resolve pending tax disputes has been extended from 31/03/2020 to 30/06/2020 without the payment of 10% additional amount The filing date...
Continue readingSurvey, Search and Seizure
SURVEY In general terms, “Survey” means : To look closely at or examine something or someone or A general view, examination or description of something or someone But here we are discussing survey in context to the inspection of books of accounts, cash, stock, other valuables, etc. at the business premises by the Income...
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