The propriety audit stands for the verification of transactions based on public interest, commonly accepted customs, and standards of conduct. Principles of propriety audit Expenditure is not prima facie more than the occasion demands and that every official exercise the same degree of vigilance in respect of expenditure as a person of ordinary prudence...
Continue readingPerformance Audit
A performance audit is an objective and systematic examination of the evidence to provide an independent assessment of the performance of a government organization, program, activity, or function to provide information to improve public accountability and facilitate decision-making by parties with responsibility to oversee or initiate corrective action. Elements of performance audit Performance audit...
Continue readingHUF (Hindu Undivided Family)
What is HUF? HUF signifies Hindu Undivided Family. Save taxes by creating a family unit and pooling in assets to form a HUF. HUF is the tax charged separately from its members. A family can come together and Create a HUF. any other may form a HUF like Buddhists, Jains, and Sikhs, etc. HUF...
Continue readingReturn under Loss, Belated and Revised
RETURN OF LOSS SECTION 139(3) This section requires the assessee to file a return of loss in the same manner as in the case of return of income within the time allowed under section 139(1). Section 80 requires mandatory filing of return of loss under section 139(3) on or before the due date specified...
Continue readingInterest and Late Fee for filing of Return
Interest for Default in Furnishing Return of Income Under Section 234A Interest under section 234A is attracted to failure to file a return of income on or before the due date under section 139(1) (i.e., interest is payable where an assessee furnishes the return of income after the due date or does not furnish...
Continue readingPROVISIONS FOR FILING RETURN OF INCOME
COMPULSORY FILING OF RETURN OF INCOME UNDER SECTION 139(1) As per this section, organizations and firms must file a return of income or loss for every previous year on or before the due date in the prescribed manner. A person other than a company or a firm, filing of return of income on or...
Continue readingCognizable and non-cognizable offense and power to arrest under GST
Meaning of cognizable offense. Generally, cognizable offense means a serious category of offenses in respect of which a police officer has the authority to make an arrest without a warrant and to start an investigation with or without the permission of a court. Meaning of non-cognizable offense. non-cognizable offense means relatively less serious offenses...
Continue readingCHANGE IN RATE OF TAX IN RESPECT OF SUPPLY OF GOODS OR SERVICES
When the rate of tax is changed, and a transaction of supply of goods or services is not yet completed in all its documentary and financial aspects, the law makes specific provisions for fixing the time of supply of the goods or services for the purpose of payment of tax. The three markers for...
Continue readingPreparation, Practices & Planning under GST audit
Audit means the examination of records, returns and other documents maintained or furnished by a registered person under Goods and Services Tax Act are the rules made thereunder any other law for the time being in force to verify the correctness of turnover declared, taxes paid, refund claim and input tax credit availed, and...
Continue readingThe approach of audit under GST
Audit means the examination of records, returns and other documents maintained or furnished by a registered person under Goods and Services Tax Act are the rules made thereunder any other law for the time being in force to verify the correctness of turnover declared, taxes paid, refund claim and input tax credit availed, and...
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