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
