Engagement Responsibilities
Audit Engagements Purpose of Audit is to provide users of financial with an opinion on whether the financial statements are presented fairly, in all material respects in accordance with the applicable financial reporting framework Objective of Audit is to (1) Obtain reasonable assurance (2) Express an Opinion (3) Report findings as required by GAAS (4) Be Independent and comply with relevant ethical rules Auditor to (1) Exercise professional judgement (2) With Professional Skepticism (3) Recognize that circumstances may […]
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Covid 19 – Statutory & Regulatory Compliances
Following are several important relief measures taken by the Government of India in view of COVID-19 outbreak, especially on statutory and regulatory compliance matters related to several sectors:— A. INCOME TAX [1] Income Tax Extend last date for income tax returns for (FY 18-19) from 31st March, 2020 to 30th June, 2020. [2] Aadhaar-PAN linking […]
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Corporate Social Responsibility (CSR) – Activities, Reporting & Accounting
CSR CONCEPTS Corporate Responsibility is the continuing commitment by business to behave ethically and a positive continuity towards social and economic development at large. It is the contribution of the corporate sector for philanthropic causes like education, health, water, environment and community welfare. Corporate responsibility evokes from good governance. Good Governance covers moral values, powers, […]
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Basic Concepts of International Taxation
Going global is impressive, yet is much more complex than meets the eye. To successfully convert a domestic business to an international one, a host of factors needs to be considered. Further, on one side the advent of internet has been a key business enabler and a leveler for SMEs, on the other side it […]
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EVC for electronically verifying Income-tax return
Notification No. 2/2015 EVC to verify Income-tax return As per the above-referred notification, Electronic Verification Code (EVC) is a 10-digit alpha numeric code generated for the purpose of electronic verification of the person furnishing the return of income. The same is not applicable to assesse’s where a digital signature is mandatory i.e. a company assessee, […]
Continue readingRelevant TDS Amendments in Union Budget 2015
Sr. Sec Main Heading Amendment Action Points ‘ ‘ ‘ ‘ ‘ ‘ 1 192 Tax deduction from Salary Employer shall obtain from employee, the proofs of claims (incl. set-off of house property loss) made by him in the prescribed form and manner from 01/06/2015. Prescribed Form has not yet been notified. […]
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Union Budget 2014-15
17/07/2014 – Article on Union Budget 2014-15 Acche Din Aayenge !? The maiden budget from the NaMo led government placed before the parliament on 10 July 2014 was most sought after by the people of India to DISCOVER the CHANGE and EMBARK on RAYS OF ACHHE DIN. Hopes and expectations were attached f rom the […]
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Select Issues in Capital Gain
26/02/2014 – Article on Select Issues in Capital Gain Select Issues in Capital Gains As is generally understood, revenue receipts constitute income whereas a capital receipt is not an income. But, under the provisions of the Indian tax law, a capital receipt can be charged to tax, if the following three conditions are satisfied: […]
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Limited Liability Partnership
23/12/2013 – Article on Limited Liability Partnership Constituent of Limited Liability Partnership Limited Liability Partnership [LLP] as a business vehicle has been recognised worldwide. Internationally in countries like UK, France, USA, Singapore, Japan, China, Canada, Germany etc., LLP is preferred as a business medium especially for the service sector, realty sector, Joint Ventures […]
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