Before accepting a new client, a chartered accountant firm in practice shall determine whether the acceptance would create any threats to compliance with the fundamental principles. This means that when accepting to take on a new client, the proper investigation…
Issue of shares at Discount & Recent Amendments
Provisions related to issue of shares at discount are contained in section 53 of Companies Act, 2013. As per the provisions of said section, a company is not allowed to issue shares at discount. As per the provisions contained in…
All About GSTR-2B
In pursuance to the 39th Council meeting held on 14th March 2020 to enhance the facilities at GST portal and giving ready-made ITC statement to the taxpayers to file GSTR-3B, GSTN has launched GSTR-2B at the GST Portal. A new…
External Confirmations
As per Standard of Auditing 505 issued by ICAI,“External Confirmations” are defined asthe audit evidence obtained as a direct written response to the auditor from a third party in paper form or by electronic or other medium. External Confirmation can…
Recognition as Startup
The Government of India started a new scheme which is Startup India Scheme. Under this scheme, the Government of India has authorised Department for Promotion of Industry and Internal Trade (DPIIT) for granting recognition to entities as startup. The eligibility…
ITC of Motor Vehicles used for Employee Transportation
Uninterrupted and seamless chain of input tax credit (hereinafter referred to as, “ITC”) is one of the key features of Goods and Services Tax (GST). One of the most important features of the GST system is that the credit of…
REVENUE PROCESS AUDIT
The sales and collections cycle in a business refers to the set of processes that begin when a customer purchases goods or services and ends when business receives payment in full. As part of the year-end audit of your financial…
Ease of Doing Business
The Government of India has been actively engaged in the process of easing provisions related to doing in business in India. Various departments of Government of India have come out with various initiatives for creating ease of doing business in…
Inventory Process Audit
Receipt of Material & Quality Checks Review of the gate entry for the incoming material in the inward gate register. Ensure that the weighment / Counting of the incoming material is made properly and correctly at the receiving section. Verify…
GST on food in Bakery / in Restro / in Hotel
The sight that first comes to the mind while thinking of restaurant service is that of mouth-watering meals, leisure & comfort. But understanding the taxability of the same has been a tedious & topsy-turvy task to accomplish. Restaurant Arestaurant is…