Independent Auditors’ Report TO, THE MEMBERS OF ……………….PRIVATE LIMITED Report on the Financial Statements We have audited the accompanying financial statements of …………….PVT LIMITED, which comprise the Balance Sheet as at 31 March 2015, the Statement of Profit and Loss, the Cash Flow Statement for the year then ended, and a summary of significant accounting … Continue reading Independent Auditors’ Report for F.Y. 2014-2015
Author: Shushant mallik
Key Summary of Union Budget F.Y. 2015-16 : Indirect Tax
KEY HIGHLIGHTS OF THE BUDGET Rate of Basic Excise Duty shall be increased to 12.5%. Rate of Service Tax shall be increased to 14%. Education cess and Secondary and Higher secondary cess now omitted. Education cess and secondary and higher secondary education cess is exempt from CVD on Imported goods. It means CVD shall … Continue reading Key Summary of Union Budget F.Y. 2015-16 : Indirect Tax
Key Summary of Union Budget F.Y. 2015-16 : Direct Tax
Introduction: Budget for the F.Y. 2015-16 has been announed by Hon’able Finance Minister Arun Jaitley, dated on 28th Feb, 2015. This is a full-fledged budget, presented by BJP Government after their interim budget last year. Everyone were predicting for a reform in taxation system and moreover relief from Indirect Tax System as GST Bill has … Continue reading Key Summary of Union Budget F.Y. 2015-16 : Direct Tax
Schedule II of Companies Act, 2013
Introduction As per Companies Act 2013, Depreciation on Fixed Asset as per Schedule-II of the said act, will operate from 01/04/2014 vide MCA notification no S.O.902(E) dated 26/03/2014. As now there is more humour about the change in Accounting Standards i.e. to operate International Accounting Standard into Indian Accounting Standards, a company needs to change in various of … Continue reading Schedule II of Companies Act, 2013
How to keep books of account as per new companies act
As per New Companies Act, 2013, many new amendments have overcome and hence a company needs to comply with these amendments as those are mandatory w.e.f. 1-4-2014. Some of the amendments with respect to the books of accounts and keeping the books of accounts have been presented here: Books of Accounts [Section 2(13)] of the … Continue reading How to keep books of account as per new companies act
HRA Deduction- What if landlord doesn’t give PAN Details
Applicability: Central Board of Direct Taxes (CBDT) has vide CIRCULAR NO. 8/2013, Dated: Dated: October 10, 2013 said if annual rent paid by the employee exceeds Rs 1,00,000 per annum, it is mandatory for the employee to report PAN of the landlord and other details of their landlord on a plain A-4 size paper before submitting it to their employer. … Continue reading HRA Deduction- What if landlord doesn’t give PAN Details
Understanding of Service Tax Laws
Purview: Service tax is levied on any act or activity performed by the assessee. And as far as my experience is concerned it is one of the most crucial and day to day activity which everyone performs. But everyone ignores this tax laws, simply because it is too much critical to understand and too much … Continue reading Understanding of Service Tax Laws
Goods & Service Tax (GST ACT)
Analysis on GST Bill No 192 of 2014 Index Special Provision in Respect to GST (Article 246A) Levy and collection of GST of Inter State Trade and Commerce Goods and Service Tax Council Amendment of Definition under Article 366 Arrangement for assignment of additional tax on supply of goods to state Restriction as to imposition … Continue reading Goods & Service Tax (GST ACT)
How to draft an internal audit report
Purview Report writing is a not a big deal, but when the issue comes to the audit report its not an easy task to do at. There are so many elements that needs to be kept in mind while drafting an internal audit report. While going through my experience days i am going to enroll … Continue reading How to draft an internal audit report
Vodafone Case and Effect of Amendments by Finance Act, 2012
It was really a great matter of fact & concern that the Indian Government have to amend the sections with a retrospective effect, for the purpose to made tax payable to Vodafone International Holdings in India who have to deduct TDS amount while purchasing the CGP Holding in Mauritius from Hutchison Group. Here, I present the … Continue reading Vodafone Case and Effect of Amendments by Finance Act, 2012