BASIC STATUTORY AUDIT PROGRAMME SAMPLE Introduction- Name of the Client Reporting Period Business of entity Objective- The purpose of this programme is to develop a Risk-Based Audit Programme that provides a basis for the orderly, efficient, and cost effective conduct of the audit as well as a criteria base for assessment. The main objective of …
Is Management representation letter is an effective tool of Deference for Statutory Auditor? What is management representation letter ? A client may provide a written management representation to the auditor as part of the audit evidences. To prevent misunderstandings about management’s responsibility for the financial accounts, it serves to document management’s representations made during the …
Income Tax Audit Form No. 3CD amended by The Central Board of Direct Taxes through Notification No. 33/2018, The new features of Form 3CD will be in effect from 20th August 2018 to incorporate further reporting requirements related to Goods and Service Tax (GST), Transfer pricing, Statement of Financial Transactions, Section 32AD, Income from other …
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 …
SAFEGUARD & CHALLENGES FACED BY LOCAL CA FIRMS IN INDIA BRIEF INTRODUCTION Our Govt. believes and at the same time wants that the Global Big-8 firms should be including the 4 Indian Accounting Firms. However, this is often not going to happen until our own Govt. decides to promote local firms and thereby provides some kind of support, …
Govt extends the deadline for tax compliance to file a return and other records by 30 June Extension of different deadlines under the Direct Tax & Benami laws: Notification No 35/2020 has been released by CBDT [S.O. 2033(E)] of 24 June 2020 on Taxation & Other Laws, extending further the time-limits for numerous compliance measures. …
* TAX UPDATES ON 20TH NOVEMBER 2015 INCOME TAX ACT SECTION 9 INCOME – DEEMED TO ACCRUE OR ARISE IN INDIA Interest : Where assessee issued FCCB to foreign investors and remitted interest to them, since said money was utilized for overseas business of assessee, no income could be said to have accrued or arisen in India in hands …
CORPORATE LAW UPDATE FOR THE MONTH : MCA MCA has notified the New Form AOC – 4 (XBRL) which shall be available for filing w.e.f today, 1st October, 2015. All Companies which are falling under the critiria as prescribed by the MCA are required to file the financials in the XBRL mode only. The recently …
CLARIFICATION REGARDING BINDING NATURE OF CIRCULAR AND INSTRUCTIONS Recently, CBEC issued Circular No. 1006/13/2015-CX dated 21st September,2015 vide F.No.96/90/2015-CX.1 to clarify issues related to binding nature of circular and instructions which are contrary to the judgment(s) delivered by Honble Supreme Court. Circular draws attention towards judgment of Hon’ble Supreme Court in case of M/s Ratan …
NEW RELIEF FOR DEVELOPERS IN HARYANA AS RULE 49A Earlier, on 12th August 2014 the Haryana State Government, issued a notification No. S.O. 89/H.A.6/2003/S.60/ 2014, for introducing composition scheme specifically for the builders engaged in the construction activities and inserted Rule 49A for the lump sum payment of VAT by the builders. Although, prior to …