Process of Appointment of Auditor The Regional Office of Insurance company appoints the auditor. Some time, by Divisional Offices. Qualification The auditor need not be the Chartered Accountant. Objective To refund the unutilized premium to the insured or to pass the claim, in case of loss. Tenure Generally done within 90 days of the expiry … Continue reading INSURANCE AUDITRead more 817 Views
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 ReturnRead more 1694 Views
As per New Companies Act-2013, there are several changes in every aspects of Accounts. So my experience, while working with the books of accounts was too typical and erroneous. So to work in an effective and systematic manner i prepared a check-list for the same. The checklist will be in parts and pieces. … Continue reading Check List on Accounts of CompaniesRead more 788 Views
Attachments: Checklist regis. of charges Reg. of Charge Summary As per Companies Act, 2013; provisions relating to registration and satisfaction of charge is contained in Section 77 to 87 of this Act, I have made a summary and checklist of these provisions which will surely help us in doing audit. Attached files are for your … Continue reading Checklist & Summary of Registration & Satisfaction of Charge, Co. Act. 2013Read more 869 Views
While going through different experiences in my daily routine works , i really got en-devour to experience with the word “PAN Card” . Every time when i came in contact with the “PAN Card” issues i really gets confused about the logic behind making those stupid alphabets and digits, but when i came to know about … Continue reading PAN Card – Its structure, Logic and relevanceRead more 3576 Views
Whether the purchase or sale of stocks and shares undertaken by the assessee are in the course of business or as investment?
For this attention is invited to the following judgments where this issue has been considered. CIT v P.K.N. and Co., Ltd (1966) 60 ITR 65 (SC) Saroj Kumar Mazumdar v CIT (1959) 37 ITR 242 (SC) CIT v Sutlej Cotton Mills supply Agency (1975) 100 ITR 706 (SC) G Venkataswamy Naidu(1959) 35 ITR 591 (SC) … Continue reading Whether the purchase or sale of stocks and shares undertaken by the assessee are in the course of business or as investment?Read more 1892 Views
At the earliest moment when i heard about the reconciliation of brokerage amount i thought it might be similar to any Bank Reconciliation or any of the cost reconciliation or payment reconciliation statements, but i was too amazed when i came to know about its reconciliation method. It is not totally different from above, but … Continue reading Brokerage ReconciliationRead more 1839 Views