Whether Internal Auditing is equally beneficial for Small and Medium Enterprise’s like Large Enterprises? Recently one of my clients having turnover of approx..100 Cr asked a question whether Internal Auditing is equally beneficial for small and medium enterprises as it appears to be for large organisations? I could have replied to him immediately but...
Continue readingDIGITAL PERSONAL DATA PROTECTION ACT, 2023
DIGITAL PERSONAL DATA PROTECTION ACT, 2023 is an Act that provide for the processing of digital personal data in a manner that recognises both the right of individuals to protect their personal data and the need to process such personal data for lawful purposes and for matters connected therewith or incidental thereto.Personal data is...
Continue readingAUDIT TRAIL
Also called audit log. Audit trail is like leaving foot prints on the soil, so that anyone can trace, whose foot prints it was. Let us understand it further in simple words; Recording of all events & transactions that has been recorded in the accounting software that can be traced, is AUDIT TRAIL. It...
Continue readingNFRA SUMS UP MANDATORY AUDIT PROCEDURES FOR VERIFICATION OF REVENUE,WHILE PENALIZING & DEBARRING AUDITORS FOR LAPSES
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 readingMinimum Legislative Compliance Requirements for a New Company
For incorporating a new company in India one needs to adhere to the following minimum laws: Companies Act, 2013: The entity would be formed under the Companies Act, 2013, as a Private Company. Minimum two Directors would be required to form the Board of Directors. One of the Directors needs to be an Indian...
Continue readingApplicability of ITR Forms AY 2020-21
ITR 1/ITR 2/ITR 3/ITR 4/ITR 5/ITR 6/ITR 7...
Continue readingForm 26AS
Form 26 AS is issued under section 203AA of the income tax act. It contains the details of tax deducted at source. Form 26AS include various details which are as follows: Form 26 AS contains the details of taxes paid tax refunds that have been received. The purchaser of immovable property deducts tax at...
Continue readingHow to get Register on e-Way Bill Portal?
E-Way Bills, there are three kinds of taxpayers/ users are involved: Registered Suppliers Unregistered Suppliers Registered/ Unregistered Transporters In order to generate e-Way bills it is compulsory to get register on the e-Way portal. Following Requisites for the registration on e-Way Bill portal: GSTIN of the registered taxpayer/ transporter, if registered Registered Mobile number ...
Continue readingCUSTOMER CARE OF INCOME TAX DEPARTMENT
Watchdog to Settle Your Income Tax Grievances This time there is an independent Watchdog whom you can approach for seeking effective resolution of your income tax grievances and even obtain a token compensation of Rs.1000 for the loss suffered by you. The reason behind this step is the delay in getting your refund, rectification...
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