FREQUENTLY ASKED QUESTIONS ON TAX AUDIT UNDER INCOME TAX ACT Q-1. What provision is stated in section 44AB? Ans. This provision specifies that taxpayers must perform an audit of their company or profession in order to provide an audit report for taxes purposes. Q-2. Who does tax audits? Ans. A tax audit is performed by …
An Overview Income Tax Audit A tax audit may only be undertaken by a Chartered Accountant or a partnership of Chartered Accountants. If the latter is used, the name of the signatory who signed the report on behalf of the company must be included in the audit report. When registering at the e-filing site, the …
Complete Understanding on collapse of Yes Bank BRIEF INTRODUCTION YES Bank has joined the growing list of financial institutions like IL&FS, DHFL, PMC bank that have come under the cloud for serious non-governance/compliance issues. a continual decline within the asset quality of 1 of the foremost popular retail banks of recent times, prompted RBI to come up with a series of measures to keep up stability within the financial sector. PROPOSED REVIVAL PLAN …
REGISTRATION OF BANKING COMPLAINTS WITH RBI’S OMBUDSMAN BRIEF INTRODUCTION We all know that Reserve Bank of India, has been termed as the central banking institution of India, which is vested with the responsibility to controls the monetary policy of Indian rupee. To know the functioning of India’s apex banking institution, let’s first take a glance at a number of its main functions. …
Foreign Account Tax Compliance Act (FATCA) Overview of the FATCA The seeds of the financial crisis were sown many years ago, when interest rates were extremely low and lending standards were extremely lax, resulting in the construction of a home price bubble in the United States. The bubble burst, and the years 2007-2009 were defined …
ALL ABOUT LLP (AMENDMENT) BILL, 2021 With the passage of the Limited Liability Partnership Act of 2008, the concept and idea of a limited liability partnership was introduced for the first time. The Indian Parliament passed this law on December 12, 2008, to give legal approval to the concept of limited liability partnerships (LLPs) in …
GST and Income Tax Restrictions on Cash Transactions One must be cautious when engaging in any high-value cash transaction because the Income Tax Department has become extremely vigilant about cash transactions. First, we must define High Value + Cash Transaction. High-value transactions involve substantial sums of money. First, we must understand the provisions of Income …
Self-certification in GSTR-9C vs. CA certification What exactly is GSTR-9? GST annual return GSTR 9C simplification GSTR-9 is an annual return that must be filed by registered taxpayers with a preceding financial year turnover of more than Rs. 2 crores. Outward supplies, tax liabilities, input tax credit claimed, refund claimed, and tax paid within the …
GST Department Notice – How to Deal with GST ASMT-10 Introduction Many taxpayers are receiving GST discrepancy notices in the form of GST ASMT-10 these days. The Goods and Services Tax (GST) has been in effect for four years. As a result of the department’s increased scrutiny of GST returns filed in the last four …
MAIN ASPECTS OF PERSONAL FINANCE BRIEF INTRODUCTION One of the foremost reasons we fail to secure ourselves financially is because we are unaware of the things that ought to be done for it. We do what we feel is right thing to do but which may not always be sufficient. Therefore, it’s crucial to get the meaning and knowledge of the key components that one must concentrate on while creating a road map …