Purview This time, Assessment Year 2014-15 has really brought a excess grace period for the Tax Assessee who are liable to maintain their books of accounts as per Section 44AA of Income Tax Act, 1961 and who are required to audit their books under Section 44AB, 44AD and 44AE of the said Act. It really … Continue reading Changes in Tax Audit form 3CD for A.Y. 2014-15 and onwards
Author: Shushant mallik
How to Draft a Auditor Report
Purview A very crucial and important element of an audit is “Audit Report“. The report is the medium of communication of the auditor’s expert views on the financial statements and it has a significant bearing on the credibility of such statements. It is necessary to emphasise that an auditor’s report is directly linked with the task … Continue reading How to Draft a Auditor Report
Adjustment of Share Application Money
Notification: Well as per New Companies Act, 2013 new provision has been implemented regarding the Share Application Money, pending for allotment. As per Section 42(6) of the Companies Act, 2013, “any allotment of securities shall be made within 60 days from the receipt of application money and in case the company is not able to allot … Continue reading Adjustment of Share Application Money
New Format of Tax Audit Report for A.Y. 2014-15 and onwards
From the A.Y. 2014-15, Government has prescribed a New Format of Tax Audit i.e. Form 3CD. Hence, the additional details required for the New Format is duplicated below. New format of tax audit 2014 Additional details required as per New Tax Audit form: Whether the assessee is liable to pay indirect tax like excise … Continue reading New Format of Tax Audit Report for A.Y. 2014-15 and onwards
How to Audit of an Individual and Draft a balance sheet
Preface In a common parlance the audit procedure of a Company and an Individual is same. But there are lots of other factors that needs to be considered while doing the same. What basically is the difference is that a Company is govern though different Statutory and Legal obligations and powers. Whereas for an Individual/ … Continue reading How to Audit of an Individual and Draft a balance sheet
WCT- Work Contract Tax
Introduction WCT, a term which basically comes in both the parameter : i) Sales Tax and ii) Service Tax. But, what i am going to discuss is substantially belongs to Sales Tax. Here, I’m not going to focus on the concept of the Work Contract interm of Service Tax, rather I will elaborate how to … Continue reading WCT- Work Contract Tax
How to Draft / Prepare a Balance sheet
Introduction: Basically there are different methods or tricks for preparing a balance sheet. Please don’t get confused.. As I am talking about the finalizing the accounts of the company or balance sheets. I am only concerned about preparing such balance sheet in excel format only after finalizing of account balance i.e. Final Trail Balance. I … Continue reading How to Draft / Prepare a Balance sheet
A review on – Equal Remuneration Act, 1976
Introduction: Its not only the question to management, ethically also its hard to endeavor that appointment to a job is based on the discrimination on sex categories. Not even that nowdays the work portfolio is also prepared on the same basis. And the same case is with the remuneration selection and distribution. What actually I … Continue reading A review on – Equal Remuneration Act, 1976
Outlook of Related party as per Companies Act, 1956 & 2013
Related Party Transaction (notified) Related party with reference to a company, means: [Sec 2(76)] a director or his relative; a key managerial personnel or his relative; a firm, in which a director, manager or his relative is a partner; a private co. in which a director or manager is a member or director; a public … Continue reading Outlook of Related party as per Companies Act, 1956 & 2013
A Review on – Filing Income Tax Return
Purview Is earning the salary/Income is net of tax or we have to pay tax on it. The answer to this question is obviously “Yes”. So now the question arises about how to pay the tax or show the income to government so that to decide the amount of tax to pay. Let us see … Continue reading A Review on – Filing Income Tax Return