How to generate Justification Report?
Generation of excel sheet from the Justification report downloaded from TRACES 1. To generate the justification report excel sheet, use the following: TRACES-Justification-Report-Generation-Utility-V2.0
Read more 2567 Views Leave a commentOutlook 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
Read more 6476 Views Leave a commentINSURANCE AUDIT
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 AUDIT
Read more 2718 Views Leave a commentA 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
Read more 8265 Views Leave a commentCheck List on Accounts of Companies
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 Companies
Read more 2807 Views Leave a commentChecklist & Summary of Registration & Satisfaction of Charge, Co. Act. 2013
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. 2013
Read more 3597 Views Leave a commentPAN Card – Its structure, Logic and relevance
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 relevance
Read more 13172 Views Leave a commentWhether 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 4348 Views Leave a commentBrokerage Reconciliation
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 Reconciliation