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Statutory Audit under the Companies Act

A statutory audit is a mandatory audit of a company’s financial records as per legal requirements. Under the Companies Act, 2013, every company registered in India, whether public or private, must undergo a statutory audit to ensure the accuracy of financial statements and compliance with various laws and regulations.In this blog, we will delve into the statutory audit requirements, its purpose, who it applies to, and the process involved under the Companies Act.

  • 30th Sep 2024
  • Category: Auditing
  • views: 124

Trust Audit Under Section 11 &12 of the Income Tax Act

Mandatory requirement in the case of Charitable/Religious Trusts.Apply only for those trusts who are claiming exemptions u/s 11 and 12 of the Income Tax Act.

  • 24th Sep 2024
  • Category: Auditing
  • views: 109

Understanding Form 10, Form 10B, and Form 10BB under Income Tax

In India, charitable and religious organizations benefit from income tax exemptions under certain conditions. To ensure transparency and compliance, these entities must submit various forms under the Income Tax Act. Three important forms in this regard are Form 10, Form 10B, and Form 10BB. Each serves a specific purpose and plays a critical role in tax reporting for trusts, societies, and non-profit entities. This blog explains the relevance and usage of these forms, helping entities stay compliant and avoid penalties.

  • 21st Sep 2024
  • Category: Taxation
  • views: 109

Impacts of Reverse Charge Mechanism (RCM) on Commercial Rent under GST

The application of the Goods and Services Tax (GST) on commercial rent depends heavily on the registration status of both the tenant and the property owner. The Reverse Charge Mechanism (RCM) can apply in certain cases, shifting the GST liability from the supplier (owner) to the recipient (tenant). Below are detailed scenarios explaining when GST is applicable under Forward Charge Mechanism (FCM) or RCM.

  • 17th Sep 2024
  • Category: Taxation
  • views: 105

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