Effects on auditing financial statements Standard on Auditing are required to be complied in full even in the present time of pressure under changed timelines. Auditors should carefully assess the situation and prepare appropriate responses to the challenges that Coronavirus causes for companies and their reporting. Impact of coronavirus on risk assessment of a company…
Author: AKGVG & Associates
Tax Benefits Under Section 80C Of Income Tax Act, 1961
Section 80C of Income Tax Act, 1961 has been structured specifically to state all about the deductions of tax. This particular section of the IT act reduces the taxable income. Due to this reduction, under Section 80C, the tax liability comes down drastically. A major group of taxpayers enjoy the benefit of the section 80…
Information Technology Audit
IT audit deals with review and evaluation of information processing systems, related- non automated process and an interface between them. It involves gathering information and planning and secondly, understanding of existing internal controls. As in today’s era organizations are moving towards risk-based audit approach, an auditor has to assess risks through an audit plan and…
Points to consider before accepting the Audit
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 should be donein this regarding also its owners and business activities toensure the integrity of…
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 the section, any shares which are issued by acompany at a discounted price shall be…
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 statement all together has come out as GSTR 2B, data of which would be auto-populated…
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 be an effective audit tool for audit of books of accounts and detecting fraud. In…
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 criteria for recognition as startup is as follows- The startup should be incorporated as a…
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 tax paid at every stage would be available as set-off for payment of tax at…
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 statements, external accountants test sales transactions and the internal controls over those transactions to ensure…