When it comes to meeting tax obligations, homebuyers along with property taxes, also have to pay the applicable GST on their property purchase. Over the last few years, several changes have been made to the GST regime directed towards the real estate sector. Potential investors and homebuyers must scrutinise the implications of GST on real estate to…
What is inventory management and its advantages?
Inventory management is the method with which the company can keep track of a company’s stocked goods and monitoring their weight, dimensions, amounts, and location. The primary objective of inventory management is to give the business owners a pointer to minimize the cost of holding inventory and also to let them know when it’s time…
Presenting Yourself Before Audit Committee
No one would like to be on a sticky wicket or get caught off guard when delivering a presentation — and the stakes are high when you have to conduct the presentation in front of the Audit Committee. Audit Committee members are no one to mess around with; they are sharp, accomplished, and busy professionals…
Impact of Covid 19 on Audit of Financial Statements and Audit Report
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…
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…