Internal Audit in India is one of the major areas which aid the organization in enhancing business performance by identifying the growth areas with greater scope for improvement. The process of Internal audit helps in reviewing the existing systems and their effectiveness by benchmark the audit processes and procedures against the best industry practices toContinue reading “Complete Guide on Internal Audit in India”
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TCS Under Income Tax - Provisions Applicable from 01.10.2020
Tax Collected at Source Under Income Tax — New Provisions Applicable from 01 October 2020 IntroductionFinance Act, 2020 introduced 3 new provision under Tax Collected at Source (“TCS”): TCS on foreign remittance through LRS; TCS on selling overseas tour packages; and TCS on sales of any goods TCS unlike TDS is required to be collected additionally alongContinue reading “TCS Under Income Tax - Provisions Applicable from 01.10.2020”
Income Tax Audit in India
What is a Income Tax Audit in India?Under Section 44 AB of the Income Tax Act, 1961, provision of Income Tax Audit is covered. Income Tax Audit is a way to examine an individual’s organization tax returns by any outside agency. Income Tax Audit done to verify all income, get the deduction information or aboutContinue reading “Income Tax Audit in India”
The Process of Due Diligence Services in India
If you happen to be an entrepreneur or a sale one that has his/her sights on the acquisition of a business, it’s your right to examine the financial records, and research that’s company activity related. Due diligence services in India enters the image at now and ensures that related information is compiled. It also seesContinue reading “The Process of Due Diligence Services in India”
General Financial Rules (GFR Rules)
The General Financial Rules (GFRs) are the general rules of Government of India (GOI) which are applicable to all Government Ministries/Departments. Exceptions are provided in the Rules. These rules are applicable in matters relating to Public Finance, that is, Matters relating to Revenue and Expenditure of Government. These rules were first introduced in 1947 andContinue reading “General Financial Rules (GFR Rules)”
New Valuation Regime under Companies Act, 2013
Till now, only an ad-hoc framework for valuation professionals was in place, which is basically governed by the Companies Act, and the government has designated the Insolvency and Bankruptcy Board of India (IBBI) as the authority to implement the new regime of registered valuers. The move came at a time when stressed companies worth thousandsContinue reading “New Valuation Regime under Companies Act, 2013”
The Process of Due Diligence Services in India
If you happen to be an entrepreneur or a sale one that has his/her sights on the acquisition of a business, it’s your right to examine the financial records, and research that’s company activity related. Due diligence services in India enters the image at now and ensures that related information is compiled. It also seesContinue reading “The Process of Due Diligence Services in India”
Audit under CFR regulations – Code of Federal Regulations
This Article talks about the overview for conducting audit as per Code of Federal Regulations CFR, standards for obtaining consistency and uniformity for the audit of Indian Government and Non-Government social bodies which are granted Aids by Government and Non-Government US agencies. In context to audits for projects executed by Healthcare and Hospital ‘s relatedContinue reading “Audit under CFR regulations – Code of Federal Regulations”
E-FRRO compliance for foreign nationals in India
Under Indian law, the legal rights and the restrictions imposed on foreign nationals depend on whether they are categorized as residents or non-residents. Entry into India generally requires a valid visa granted by an Indian Mission (that is, consulate of the Indian embassy) abroad. Furthermore, foreign nationals who enter India must register themselves with theContinue reading “E-FRRO compliance for foreign nationals in India”
Inventory audit
Inventories are tangible property held for sale in the ordinary course of business, or in the process of production for such sale, or for consumption in the production of goods or services for sale, including maintenance supplies, consumable stores and spare parts meant for replacement in the normal course. Inventories normally comprise raw materials includingContinue reading “Inventory audit”
Auditing Services in India 