The document provides information on the annual compliance requirements for different business entities in India such as proprietorship, partnership firm, limited liability partnership, private limited company, and tax audit. It discusses the key documents required, due dates for filing returns, benefits and responsibilities for each entity. It also summarizes the purpose, process and applicability of internal and statutory audits that certain businesses are required to undertake under Indian laws.
VAT Evasion or Fraud: Penalties & Precautions (The UAE Perspective)Ahmad Tariq Bhatti
Tax evasion or fraud refers to a case where a taxable person intentionally defrauds to pay less tax or no tax to the FTA that is lawfully due to him. With tax evasion, the taxpayer intentionally and deliberately misrepresents the tax liability to avoid paying higher taxes to the government. The government loses money as a result of this act. Therefore, the law imposes severe penalties to such taxable persons. The tax fraud necessarily includes an intention to not pay the tax. The FTA has to prove through fraud examination tests or techniques that the person held for tax evasion or fraud has been intentionally involved in this act.fraud
A special audit is conducted by the government in certain circumstances to examine a company's financial information. It can be performed by the company's auditor or another chartered accountant appointed by the government. The special auditor has the same powers as a statutory auditor and must report findings to the government. The scope includes examining matters in a normal audit report and any other issues referred by the government. The company must pay expenses of the special audit.
Reconciliation Statement and Certification under GST - Form GSTR 9CDVSResearchFoundatio
OBJECTIVE
Goods and Services Tax (GST) is an Indirect Tax levied in India introduced in July 2017 which was one of the most important reforms in the Indian Economy. There are various periodic compliance requirements and filings under GST. Under the Act, certain registered persons are required to carry out GST Audit and in such cases a reconciliation statement in Form GSTR 9C has to be filed. In this webinar, we shall analyse and understand the said form under the Act.
This document discusses tax audits in India. It explains that tax audits are required for businesses and professions with annual turnover over Rs. 1 crore or Rs. 25 lakhs respectively under Section 44AB. Tax audits must be completed by September 30th of the assessment year and are conducted to verify the true and fair view of financial statements. The document outlines the pre-audit, during audit, and post-audit processes and provides details on Sections 44AD and 44AE related to presumed income levels. Key aspects reviewed in a tax audit include the nature of business, TDS, cash transactions, related party payments, and financial ratios.
Accounting provides a standardized language to identify, measure, and communicate a business's economic information. The basic accounting concepts include the chart of accounts (COA), which categorizes transactions into accounts like assets, liabilities, equity, income and expenses. Financial statements like the profit and loss statement, balance sheet, and cash flow statement give an overall picture of the business's performance and financial position using the framework in the COA. Proper accounting helps track cash flows, profits and losses, assets and liabilities to understand a business's whole financial situation.
This presentation discusses the financial reporting requirements for private companies in South Africa according to the Companies Act 71 of 2008. It notes that private companies must prepare annual financial statements within 6 months of their financial year end and may need to have these statements audited or independently reviewed depending on their public interest score. The presentation also emphasizes that financial management on a monthly basis is important for business success beyond just annual financial reporting, and outlines various financial and consulting services that can help ensure companies are operating effectively and in compliance with relevant legislation.
The document discusses various issues related to the impact of Ind AS on computation of MAT (Minimum Alternate Tax). It provides an overview of the international view on the impact of IFRS on tax computation in various countries. It then discusses the format of profit and loss statement under Ind AS and key differences compared to the previous accounting standards.
The document also discusses the interplay between Ind AS and income tax provisions in India. It outlines specific adjustments that need to be made as per section 115JB of the Income Tax Act for MAT computation of companies adopting Ind AS. Finally, it discusses several practical corporate tax issues that may arise under Ind AS such as accounting for loan to subsidiaries, fair valuation of investments, revenue recognition,
VAT Evasion or Fraud: Penalties & Precautions (The UAE Perspective)Ahmad Tariq Bhatti
Tax evasion or fraud refers to a case where a taxable person intentionally defrauds to pay less tax or no tax to the FTA that is lawfully due to him. With tax evasion, the taxpayer intentionally and deliberately misrepresents the tax liability to avoid paying higher taxes to the government. The government loses money as a result of this act. Therefore, the law imposes severe penalties to such taxable persons. The tax fraud necessarily includes an intention to not pay the tax. The FTA has to prove through fraud examination tests or techniques that the person held for tax evasion or fraud has been intentionally involved in this act.fraud
A special audit is conducted by the government in certain circumstances to examine a company's financial information. It can be performed by the company's auditor or another chartered accountant appointed by the government. The special auditor has the same powers as a statutory auditor and must report findings to the government. The scope includes examining matters in a normal audit report and any other issues referred by the government. The company must pay expenses of the special audit.
Reconciliation Statement and Certification under GST - Form GSTR 9CDVSResearchFoundatio
OBJECTIVE
Goods and Services Tax (GST) is an Indirect Tax levied in India introduced in July 2017 which was one of the most important reforms in the Indian Economy. There are various periodic compliance requirements and filings under GST. Under the Act, certain registered persons are required to carry out GST Audit and in such cases a reconciliation statement in Form GSTR 9C has to be filed. In this webinar, we shall analyse and understand the said form under the Act.
This document discusses tax audits in India. It explains that tax audits are required for businesses and professions with annual turnover over Rs. 1 crore or Rs. 25 lakhs respectively under Section 44AB. Tax audits must be completed by September 30th of the assessment year and are conducted to verify the true and fair view of financial statements. The document outlines the pre-audit, during audit, and post-audit processes and provides details on Sections 44AD and 44AE related to presumed income levels. Key aspects reviewed in a tax audit include the nature of business, TDS, cash transactions, related party payments, and financial ratios.
Accounting provides a standardized language to identify, measure, and communicate a business's economic information. The basic accounting concepts include the chart of accounts (COA), which categorizes transactions into accounts like assets, liabilities, equity, income and expenses. Financial statements like the profit and loss statement, balance sheet, and cash flow statement give an overall picture of the business's performance and financial position using the framework in the COA. Proper accounting helps track cash flows, profits and losses, assets and liabilities to understand a business's whole financial situation.
This presentation discusses the financial reporting requirements for private companies in South Africa according to the Companies Act 71 of 2008. It notes that private companies must prepare annual financial statements within 6 months of their financial year end and may need to have these statements audited or independently reviewed depending on their public interest score. The presentation also emphasizes that financial management on a monthly basis is important for business success beyond just annual financial reporting, and outlines various financial and consulting services that can help ensure companies are operating effectively and in compliance with relevant legislation.
The document discusses various issues related to the impact of Ind AS on computation of MAT (Minimum Alternate Tax). It provides an overview of the international view on the impact of IFRS on tax computation in various countries. It then discusses the format of profit and loss statement under Ind AS and key differences compared to the previous accounting standards.
The document also discusses the interplay between Ind AS and income tax provisions in India. It outlines specific adjustments that need to be made as per section 115JB of the Income Tax Act for MAT computation of companies adopting Ind AS. Finally, it discusses several practical corporate tax issues that may arise under Ind AS such as accounting for loan to subsidiaries, fair valuation of investments, revenue recognition,
Ind AS [ Indian Accounting Standards] - ApplicablitySai Youdhister
Applicability of Ind AS is only optional for F.Y. 2015-16 but, later criteria exist to make a financial statment under its applicabilty. The abov slide only expalins the Ind AS applicabitly.
Important Amendments of Companies Act,2013Surbhi Bansal
The document provides updates to the Companies Act 2013 from September 2018 to February 2019, including:
- Securities of unlisted public companies must now be issued and held in dematerialized form. Additional requirements for companies making issues or buybacks.
- Limits on managerial remuneration have been amended, allowing public companies to pay over 11% of net profits without government approval via shareholder resolution.
- New e-forms have been introduced for replying to calls for information from the Registrar of Companies and for reporting loan information. Changes have also been made to filing periods for satisfaction of charges and commencement of business declarations.
AS vs IND AS (Old vs New Indian Accounting Standards)sandesh mundra
This presentation takes one through the differences between Indian GAAP (old) vs IND AS (based on IFRS). All major differences have been covered in addition to IFRS carve outs.
This document provides guidance on running a limited company. It covers legal requirements including accounting, payroll taxes, VAT, and corporation tax. It discusses key topics such as IR35 rules for contractors, VAT registration thresholds, allowable expenses, and filing annual statutory accounts. The document is intended to help business owners understand the main structural, financial, and tax considerations for operating as a limited company.
The document summarizes recent updates from the Financial Accounting Standards Board (FASB) including:
1) The FASB codification project which restructures accounting standards into a single online research system without changing GAAP.
2) Extensions of implementation dates for FIN 48 and other standards for non-public entities.
3) New standards on derivative instruments, convertible debt, intangible assets, collaborative arrangements, and other topics, many with enhanced disclosure requirements. Effective dates for these new standards generally begin after December 2008.
Ind AS as you all know is a new member in the Indian GAAP community.
With this presentation I try to make my piece of contribution in making everyone aware about this new member.
Forming a Limited Liability Company in India means that the personal financial liability of an investor in a business is limited to the extent of a fixed amount that one has agreed to invest in a company or a limited liability partnership.
The document discusses the need, emergence and applicability of Indian Accounting Standards (Ind AS). Key points include:
- Ind AS were introduced to converge Indian accounting standards with IFRS issued by IASB.
- Applicability of Ind AS depends on the company's net worth, turnover and whether it is listed or not. Listed companies and large unlisted companies must apply Ind AS from 2016-17 onwards.
- Once a company starts applying Ind AS voluntarily or mandatorily, it must continue to do so for all subsequent financial statements. It must apply Ind AS for both standalone and consolidated financial statements.
This document summarizes significant changes introduced in the Companies Act 2017 in Pakistan. Key changes include making incorporation of companies easier, simplifying procedures for altering company documents, reducing compliance requirements for small private companies, increasing the time limit for registering charges on companies, introducing concepts of inactive companies and nominee shareholders, promoting use of technology, introducing new types of companies, strengthening corporate governance rules around board composition and related party transactions, and requiring larger companies to undertake corporate social responsibility initiatives.
This document provides instructions for completing Indonesia's income tax return form for individual taxpayers. It outlines general instructions, including that taxpayers must file a truthful and complete return signed within 3 months of the tax year's end. It also describes requirements for taxpayers who maintain bookkeeping records or apply deemed net income calculations, and includes attachments with forms for calculating domestic net income from business/self-employment and other income sources.
What are the mandatory ROC annual compliances for a company or an LLP? Which forms are filed by a company or an LLP to the ROC annually? What are the consequences of non-filing of ROC forms?
The document provides information on tax audit requirements in India. It discusses that tax audits are mandated for businesses and professionals with annual sales/receipts over certain thresholds. The purpose is to ensure accurate income reporting and compliance with tax laws. Tax auditors must be chartered accountants and are responsible for examining accounts, reporting discrepancies, and certifying tax audit reports using amended Forms 3CA, 3CB, and 3CD. The amended forms require additional details on various transactions to facilitate tax assessments.
The document summarizes the key aspects of India's transition to Indian Accounting Standards (Ind AS) converged with International Financial Reporting Standards (IFRS). It discusses that India committed to convergence with IFRS at the G20 summit in 2009. The Ministry of Corporate Affairs then issued a roadmap for adoption of Ind AS beginning 2011, though implementation was suspended due to unresolved issues. In 2014, the Finance Minister announced adoption of Ind AS. The MCA subsequently notified the transition dates and standards to be applied in phases beginning 2016.
The document provides a summary of key aspects of various Indian Accounting Standards (Ind AS). It discusses the objectives, requirements and differences compared to previous Indian GAAP/ IFRS of various Ind AS like Ind AS 1 on presentation of financial statements, Ind AS 2 on inventories, Ind AS 7 on statement of cash flows, Ind AS 8 on accounting policies etc. For each Ind AS, it highlights important principles, disclosure requirements, and carve outs or differences between Ind AS and corresponding IFRS.
Summary of Key Changes in ITR Form for FY 2017-18 (AY 2018 19)Kunal Gandhi
The document summarizes key changes to Indian income tax return (ITR) forms for the 2018-19 assessment year. Some of the major changes include:
- ITR-1 can now only be filed by individuals with income up to Rs. 50 lakh instead of Rs. 5 lakh. Non-resident Indians must now use ITR-2.
- Additional details must be provided for deductions, allowances, perquisites, capital gains, foreign income and assets, GST payments, and donations.
- Companies must provide more details on accounting, CSR spending, foreign transactions, and beneficial owners.
- Political parties must disclose any cash donations over Rs. 2,000. Charitable trusts face
Taxmann's CRACKER | Advanced Auditing & Professional EthicsTaxmann
Taxmann’s CRACKER for Advanced Auditing & Professional Ethics is prepared exclusively for the requirement of the Final Level of Chartered Accountancy Examination. It covers the entire revised, new syllabus as per ICAI.
The Present Publication is the 8th Edition & Updated till 30th April 2021 for CA-Final | New Syllabus, with the following noteworthy features:
• Strictly as per the New Syllabus of ICAI
• [1,000+ Questions and Case Studies] with complete answers
• [ICAI Examiner Comments] along with Past Exam Questions are included
• Coverage of this book includes:
◦ All Past Exam Questions
▪ CA Final November 2020 (New Syllabus) – Suggested Answers
▪ CA Final January 2021 (New Syllabus) – Suggested Answers
◦ Questions from RTPs and MTPs of ICAI
• [Point wise] answers for easy learning
• [Chapter-wise] marks distribution for Past Exams
• [Most Updated & Amended] This book is updated & amended as per the following:
◦ Companies (Audit and Auditor’s) Amendment Rules, 2021
◦ Companies (Amendment) Act 2020
◦ Companies (Auditor’s Report) Order 2020
◦ SEBI (LODR) Regulation 2015
◦ Form 3CD and Form GSTR 9C (Revised)
◦ Finance Act 2021
◦ Revised Code of Ethics
◦ Revised Statement of Peer Review 2020
Also Available:
• [8th Edition] of Taxmann’s Textbook for Advanced Auditing & Professional Ethics (New Syllabus)
• [6th Edition] of Taxmann’s MCQs & Integrate Case Studies on Advanced Auditing & Professional Ethics (Old/New Syllabus)
• [1st Edition] Taxmann’s Quick Revision Charts for Advanced Auditing & Professional Ethics
• Taxmann’s Combo for Textbook + Cracker + MCQs & Integrated Case Studies
The contents of the book are as follows:
• Quality Control and Engagement Standards
• Audit Planning, Strategy and Execution
• Risk Assessment and Internal Control
• Audit in an Automated Environment
• Professional Ethics
• Company Audit
• Audit Reports
• CARO 2020
• Audit of Consolidated Financial Statements
• Audit of Dividend
• Audit Committee and Corporate Governance
• Liabilities of Auditors
• Internal Audit
• Management and Operational Audit
• Audit under Fiscal Laws
• Due Diligence, Investigation & Forensic Audit
• Peer Review & Quality Review
• Audit of Banks
• Audit of Non-Banking Finance Companies
• Audit of Insurance Companies
• Audit of Public Sector Undertakings
• Questions on Ind-AS
• Questions on Schedule III
This document provides a summary of key changes to India's Income Tax laws in the Budget 2015-16. Some key points include:
- Deductions for medical insurance premiums have been increased for individuals and senior citizens. A new deduction of up to Rs. 30,000 has been introduced for medical expenditure on very senior citizens (over 80 years).
- The benefit of a deduction for additional wages has been extended to all companies rather than just corporates. The threshold has also been lowered to 50 employees.
- New rules have been introduced to facilitate taxation of Alternative Investment Funds and Real Estate Investment Trusts.
- The threshold for applicability of domestic transfer pricing has been raised to transactions exceeding Rs. 200
The document discusses IFRIC 23, which provides guidance on accounting for uncertainties related to income tax treatments under IAS 12. IFRIC 23 clarifies how to apply the recognition and measurement requirements in IAS 12 when there is uncertainty over income tax treatments. It provides guidance on assessing uncertain tax treatments separately or together, examination by tax authorities, and methods for reflecting uncertainty, including using the most likely amount or expected value. IFRIC 23 is effective for annual periods beginning on or after January 1, 2019, with early adoption permitted.
The document discusses various aspects of computing income from business or profession under the Indian Income Tax Act of 1961. It explains that income is computed after deducting expenses wholly incurred for business purposes and allowances provided in sections 30-43D of the Act. It also discusses the definitions of assessment year and financial year, due dates for filing tax returns, rules around maintaining books of accounts for businesses and professionals, audit requirements, and types of allowable business expenses.
This document provides information on various tax due dates in India, including for income tax, service tax, VAT, advance tax, and tax deducted at source (TDS). It also outlines the annual and event-based compliance requirements for limited liability partnerships (LLPs) registered in India.
Ind AS [ Indian Accounting Standards] - ApplicablitySai Youdhister
Applicability of Ind AS is only optional for F.Y. 2015-16 but, later criteria exist to make a financial statment under its applicabilty. The abov slide only expalins the Ind AS applicabitly.
Important Amendments of Companies Act,2013Surbhi Bansal
The document provides updates to the Companies Act 2013 from September 2018 to February 2019, including:
- Securities of unlisted public companies must now be issued and held in dematerialized form. Additional requirements for companies making issues or buybacks.
- Limits on managerial remuneration have been amended, allowing public companies to pay over 11% of net profits without government approval via shareholder resolution.
- New e-forms have been introduced for replying to calls for information from the Registrar of Companies and for reporting loan information. Changes have also been made to filing periods for satisfaction of charges and commencement of business declarations.
AS vs IND AS (Old vs New Indian Accounting Standards)sandesh mundra
This presentation takes one through the differences between Indian GAAP (old) vs IND AS (based on IFRS). All major differences have been covered in addition to IFRS carve outs.
This document provides guidance on running a limited company. It covers legal requirements including accounting, payroll taxes, VAT, and corporation tax. It discusses key topics such as IR35 rules for contractors, VAT registration thresholds, allowable expenses, and filing annual statutory accounts. The document is intended to help business owners understand the main structural, financial, and tax considerations for operating as a limited company.
The document summarizes recent updates from the Financial Accounting Standards Board (FASB) including:
1) The FASB codification project which restructures accounting standards into a single online research system without changing GAAP.
2) Extensions of implementation dates for FIN 48 and other standards for non-public entities.
3) New standards on derivative instruments, convertible debt, intangible assets, collaborative arrangements, and other topics, many with enhanced disclosure requirements. Effective dates for these new standards generally begin after December 2008.
Ind AS as you all know is a new member in the Indian GAAP community.
With this presentation I try to make my piece of contribution in making everyone aware about this new member.
Forming a Limited Liability Company in India means that the personal financial liability of an investor in a business is limited to the extent of a fixed amount that one has agreed to invest in a company or a limited liability partnership.
The document discusses the need, emergence and applicability of Indian Accounting Standards (Ind AS). Key points include:
- Ind AS were introduced to converge Indian accounting standards with IFRS issued by IASB.
- Applicability of Ind AS depends on the company's net worth, turnover and whether it is listed or not. Listed companies and large unlisted companies must apply Ind AS from 2016-17 onwards.
- Once a company starts applying Ind AS voluntarily or mandatorily, it must continue to do so for all subsequent financial statements. It must apply Ind AS for both standalone and consolidated financial statements.
This document summarizes significant changes introduced in the Companies Act 2017 in Pakistan. Key changes include making incorporation of companies easier, simplifying procedures for altering company documents, reducing compliance requirements for small private companies, increasing the time limit for registering charges on companies, introducing concepts of inactive companies and nominee shareholders, promoting use of technology, introducing new types of companies, strengthening corporate governance rules around board composition and related party transactions, and requiring larger companies to undertake corporate social responsibility initiatives.
This document provides instructions for completing Indonesia's income tax return form for individual taxpayers. It outlines general instructions, including that taxpayers must file a truthful and complete return signed within 3 months of the tax year's end. It also describes requirements for taxpayers who maintain bookkeeping records or apply deemed net income calculations, and includes attachments with forms for calculating domestic net income from business/self-employment and other income sources.
What are the mandatory ROC annual compliances for a company or an LLP? Which forms are filed by a company or an LLP to the ROC annually? What are the consequences of non-filing of ROC forms?
The document provides information on tax audit requirements in India. It discusses that tax audits are mandated for businesses and professionals with annual sales/receipts over certain thresholds. The purpose is to ensure accurate income reporting and compliance with tax laws. Tax auditors must be chartered accountants and are responsible for examining accounts, reporting discrepancies, and certifying tax audit reports using amended Forms 3CA, 3CB, and 3CD. The amended forms require additional details on various transactions to facilitate tax assessments.
The document summarizes the key aspects of India's transition to Indian Accounting Standards (Ind AS) converged with International Financial Reporting Standards (IFRS). It discusses that India committed to convergence with IFRS at the G20 summit in 2009. The Ministry of Corporate Affairs then issued a roadmap for adoption of Ind AS beginning 2011, though implementation was suspended due to unresolved issues. In 2014, the Finance Minister announced adoption of Ind AS. The MCA subsequently notified the transition dates and standards to be applied in phases beginning 2016.
The document provides a summary of key aspects of various Indian Accounting Standards (Ind AS). It discusses the objectives, requirements and differences compared to previous Indian GAAP/ IFRS of various Ind AS like Ind AS 1 on presentation of financial statements, Ind AS 2 on inventories, Ind AS 7 on statement of cash flows, Ind AS 8 on accounting policies etc. For each Ind AS, it highlights important principles, disclosure requirements, and carve outs or differences between Ind AS and corresponding IFRS.
Summary of Key Changes in ITR Form for FY 2017-18 (AY 2018 19)Kunal Gandhi
The document summarizes key changes to Indian income tax return (ITR) forms for the 2018-19 assessment year. Some of the major changes include:
- ITR-1 can now only be filed by individuals with income up to Rs. 50 lakh instead of Rs. 5 lakh. Non-resident Indians must now use ITR-2.
- Additional details must be provided for deductions, allowances, perquisites, capital gains, foreign income and assets, GST payments, and donations.
- Companies must provide more details on accounting, CSR spending, foreign transactions, and beneficial owners.
- Political parties must disclose any cash donations over Rs. 2,000. Charitable trusts face
Taxmann's CRACKER | Advanced Auditing & Professional EthicsTaxmann
Taxmann’s CRACKER for Advanced Auditing & Professional Ethics is prepared exclusively for the requirement of the Final Level of Chartered Accountancy Examination. It covers the entire revised, new syllabus as per ICAI.
The Present Publication is the 8th Edition & Updated till 30th April 2021 for CA-Final | New Syllabus, with the following noteworthy features:
• Strictly as per the New Syllabus of ICAI
• [1,000+ Questions and Case Studies] with complete answers
• [ICAI Examiner Comments] along with Past Exam Questions are included
• Coverage of this book includes:
◦ All Past Exam Questions
▪ CA Final November 2020 (New Syllabus) – Suggested Answers
▪ CA Final January 2021 (New Syllabus) – Suggested Answers
◦ Questions from RTPs and MTPs of ICAI
• [Point wise] answers for easy learning
• [Chapter-wise] marks distribution for Past Exams
• [Most Updated & Amended] This book is updated & amended as per the following:
◦ Companies (Audit and Auditor’s) Amendment Rules, 2021
◦ Companies (Amendment) Act 2020
◦ Companies (Auditor’s Report) Order 2020
◦ SEBI (LODR) Regulation 2015
◦ Form 3CD and Form GSTR 9C (Revised)
◦ Finance Act 2021
◦ Revised Code of Ethics
◦ Revised Statement of Peer Review 2020
Also Available:
• [8th Edition] of Taxmann’s Textbook for Advanced Auditing & Professional Ethics (New Syllabus)
• [6th Edition] of Taxmann’s MCQs & Integrate Case Studies on Advanced Auditing & Professional Ethics (Old/New Syllabus)
• [1st Edition] Taxmann’s Quick Revision Charts for Advanced Auditing & Professional Ethics
• Taxmann’s Combo for Textbook + Cracker + MCQs & Integrated Case Studies
The contents of the book are as follows:
• Quality Control and Engagement Standards
• Audit Planning, Strategy and Execution
• Risk Assessment and Internal Control
• Audit in an Automated Environment
• Professional Ethics
• Company Audit
• Audit Reports
• CARO 2020
• Audit of Consolidated Financial Statements
• Audit of Dividend
• Audit Committee and Corporate Governance
• Liabilities of Auditors
• Internal Audit
• Management and Operational Audit
• Audit under Fiscal Laws
• Due Diligence, Investigation & Forensic Audit
• Peer Review & Quality Review
• Audit of Banks
• Audit of Non-Banking Finance Companies
• Audit of Insurance Companies
• Audit of Public Sector Undertakings
• Questions on Ind-AS
• Questions on Schedule III
This document provides a summary of key changes to India's Income Tax laws in the Budget 2015-16. Some key points include:
- Deductions for medical insurance premiums have been increased for individuals and senior citizens. A new deduction of up to Rs. 30,000 has been introduced for medical expenditure on very senior citizens (over 80 years).
- The benefit of a deduction for additional wages has been extended to all companies rather than just corporates. The threshold has also been lowered to 50 employees.
- New rules have been introduced to facilitate taxation of Alternative Investment Funds and Real Estate Investment Trusts.
- The threshold for applicability of domestic transfer pricing has been raised to transactions exceeding Rs. 200
The document discusses IFRIC 23, which provides guidance on accounting for uncertainties related to income tax treatments under IAS 12. IFRIC 23 clarifies how to apply the recognition and measurement requirements in IAS 12 when there is uncertainty over income tax treatments. It provides guidance on assessing uncertain tax treatments separately or together, examination by tax authorities, and methods for reflecting uncertainty, including using the most likely amount or expected value. IFRIC 23 is effective for annual periods beginning on or after January 1, 2019, with early adoption permitted.
The document discusses various aspects of computing income from business or profession under the Indian Income Tax Act of 1961. It explains that income is computed after deducting expenses wholly incurred for business purposes and allowances provided in sections 30-43D of the Act. It also discusses the definitions of assessment year and financial year, due dates for filing tax returns, rules around maintaining books of accounts for businesses and professionals, audit requirements, and types of allowable business expenses.
This document provides information on various tax due dates in India, including for income tax, service tax, VAT, advance tax, and tax deducted at source (TDS). It also outlines the annual and event-based compliance requirements for limited liability partnerships (LLPs) registered in India.
All Limited Liability Partnerships (LLPs) registered under the LLP Act 2008 are required to file annual returns by certain deadlines each year, whether or not they conducted business. They must file an Annual Return (Form 11) with the Registrar of LLPs by May 30th summarizing partner details. They must also file income tax returns and statements of accounts, including profit/loss and balance sheets (Form 8), by various deadlines depending on if an audit is required. Filing returns is mandatory for LLPs registered before March 31, 2015.
The document provides information on various types of companies under the Companies Act 2013 such as one person company, small company, dormant company, and their key characteristics. It also summarizes the roles of an associate, registered valuer, financial year, corporate social responsibility, secretarial audit, and the National Financial Reporting Authority. Some of the key points covered include that a one person company can be owned by one individual, small companies have certain relaxations, dormant companies are inactive companies registered for future projects, associates have significant influence through shareholding or agreements, and registered valuers are required for certain valuation work.
Step by step guide for each business report you'll need to make after incorporating in Singapore. AGMs, post-registration report, forms and tax returns.
1. The document provides a quick guide to Singapore corporate and individual tax laws for 2016. It summarizes Singapore's tax residency rules, tax rates, tax returns and assessments processes for both companies and individuals. For companies, the corporate tax rate is 17% and qualifying newly incorporated companies may receive tax exemptions on a portion of their chargeable income for their first three years. For individuals, tax rates are progressive up to 22% for residents and generally 22% for non-residents.
Sheridan Audio Visual Ltd's application for an audit has been approved. The letter outlines legal requirements for private limited companies in the audit process, including appointing an auditor, filing annual returns and financial statements, holding annual general meetings, and preparing director's reports. It also details statutory duties of auditors and directors for financial reporting, and advantages of undergoing an audit such as meeting regulatory requirements, improving accounting systems, and enhancing credibility.
The document discusses various aspects related to accounts, audit, and auditors under the Companies Act 2013. Some key points include:
- Every company must prepare annual financial statements including a balance sheet, profit and loss statement, cash flow statement and notes. The accounts must give a true and fair view of the company's affairs.
- The board of directors is responsible for the preparation of financial statements and a Directors' Responsibility Statement.
- An auditor must be appointed to audit the accounts annually and certify if they give a true and fair view. Their duties and qualifications are also outlined.
- The board report attached to financial statements must include details like number of board meetings, related party transactions, CSR
The document discusses the provisions related to accounts and auditors under the Companies Act 2013. It provides an overview of key sections regarding books of accounts, financial statements, board reports, appointment and rotation of auditors. It explains the requirements for listed and other prescribed class of companies. It also summarizes the eligibility, qualifications, disqualifications and duties of auditors. The document provides a high-level view of the accounting and auditing norms that companies need to comply with under the Companies Act.
- Private and public limited companies in India must undergo annual audits of their financial statements by a chartered accountant. This process ensures compliance with legal requirements and proper accounting practices.
- The statutory duties of an auditor include giving an independent opinion on the accuracy of the company's financial statements and assessing if they were prepared according to accounting standards. The auditor must also check for compliance with relevant laws.
- Company directors are responsible for preparing accurate financial statements according to International Financial Reporting Standards and for making sure proper accounting records are maintained. They must also safeguard company assets and take steps to prevent fraud.
- Regular audits provide several advantages like ensuring compliance, improving business systems, enhancing credibility with stakeholders, detecting
Statutory compliances for companies in Indiakborah
The document discusses different types of business entities including sole proprietorships, partnerships, and companies. It explains the key characteristics of each structure such as liability, ease of setup, funding options, and legal compliance requirements. The document also covers common post-incorporation requirements for companies such as obtaining tax registrations, creating budgets and managing payroll.
India Enacts Further Sections of the Companies Act, 2013Nair and Co.
With reference to the effectiveness of India?s new Companies Act, 2013, the Ministry of Corporate Affairs (MCA) has further notified 183 sections and schedules. The newly notified sections have come into effect 1 April 2014.
Whether you have a GST Audit requirement or a GST return, we offer a wide range of exclusive services. We will help you organize, analyze, and manage your financial documents with quality.
GST – Goods and Services Tax is one tax system to subsume all other taxes. To bring one nation, one Tax into work, the government of India Launched GST. To ensure GST is paid and the refund is claimed by the right person, GST laws came into the picture. GST Audit is a subject under GST that requires individual taxpayers and businesses to Audit their financial documents.
The audit is a procedure to analyze financial records, documents, and other financial data to file taxes and returns. The main aim of performing a GST Audit is to ensure the accuracy of taxes charged, turnover reported, and input tax credit used. To ensure accuracy of rebate received, and to determine the requirements of GST law. Professionals like Chartered accountants, cost accountants, and lawyers can help you comply with GST laws.
This document provides guidance on annual compliance requirements for a Limited Liability Partnership (LLP) for the fiscal year 2016-2017.
[1] An LLP must file an annual return with the Registrar of Companies by May 30, 2017 with general information about the LLP. It must also file audited financial statements by October 30, 2017.
[2] An LLP must also file an income tax return by July 31, 2017 and may need to undergo a tax audit if its turnover exceeds 1 crore. It risks penalties for late or non-filing.
[3] The document advises checking incorporation dates to determine applicable requirements and offers assistance with compliance filings to avoid
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3. Proprietorship Proprietorship Annual Compliance mainly includes
filing of Income Tax Return within due date
ITR Filing Annually Comply with Other
Regulations
In addition to the basic compliance, proprietorship
also be required to comply with TDS regulations,
GST regulations
Like other entities which are registered under
the Ministry of Corporate Affairs, the sole
proprietorship are not required to file any annual
report or financial statements with the MCA.
Main Compliances
4. Invoices of Purchases and Sales during the year
Bank Statements from 1 April to 31 March for all
bank accounts in the name of business
Credit Card Statements if Expenses are incurred by
Proprietor on behalf of Business.
Copy of GST returns filed (If Any)
Copy of TDS Challans Deposited, TDS Returns filed (If Any)
Documents Required
Invoices of expenses incurred during the year
5. Due Dates
GST Returns – 20th of the following month
A Proprietor whose business is registered under
the GST Act required to file GST Return on
monthly basis
Income Tax Return – 31st July
If the Proprietor income cross the basic limit of
exempted income tax limit (Rs.2,50,000) then it
is mandatory for him to file the Income tax return
6. Under the Income Tax Act, the Partnership firm is treated as
an Entity is separate from the Partners of the firm.
Partnership Firm Annual Compliance for Partnership Firm is a legal requirement
of income tax to file annual income tax return irrespective of
profit or loss.
Why??
As we have to intimate the department about our income and
expenditure and to make our firm free from non-compliances.
If we fail to file Income Tax Return and GST Return as
per due date then penalty is imposed by the
department.
7. Purchases and Sales Invoice, Expenses Invoice
Bank Statement from 1st April to 31st March of the relevant
Financial Year for all bank accounts in the name of the Firm
Copy of TDS Challans Deposited, TDS Returns
Filed, Copy of GST Returns Filed (If Any)
Documents Required
Income Tax Return
ITR - 5
ITR - 4 if Firm is applicable to Presumptive Taxation
8. 20th of Next Month: GSTR – 3B, if they
Registered under GST Act.
30th September: If Tax Audit is applicable.
31st July: Normal Income Tax Return
9. Limited liability partnerships (LLPs) has less number
of compliances to fulfill in contrast to private limited
companies.
LLPs need only file information related to the statement
of accounts and Annual Returns on an Annual Basis
Every LLP intimate the department about their income and
expenditure and other details of the company annually to the
Income Tax department and Registrar of Companies.
Limited Liability Partnership
10. Documents Required
Invoices & Statement Returns GST Returns
Invoices of Purchases and
Sales, Expenses Invoice.
Books of Accounts and
Financial Statements.
Copy of TDS Challans Deposited
and TDS Returns filed.
GST Returns, if LLP Registered
under GST Act
11. Audit
LLP’s whose turnover is more than
INR 60 lakh or whose contribution
has exceeded INR 25 Lakh have to
get the books of account audited
Tax Audit by Practicing Chartered
Accountants.
Penalty
In Case of Failure, Penalty will be
imposed for LLP Rs.100 per day
per form and will applicable from
after the due date till the date
actual return will file. It may
exceed upto Rs.5 lakhs.
Filing
File Income Tax Return with
Income Tax Department
and also File Annual
Accounts with ROC
12. Income Tax
Department
Applicable for LLP’s not
required to get Tax Audit.
30th October
Form 8 (Annual Accounts)
Details about Profit made
and other Financial Data
30th September
Applicable for LLP’s
required to get Tax Audit
Registrar of
Companies
Form 11 (Annual Return)
Summary of Management
Affairs of LLP (Number of
Partners along with their
Names)
31st July 30th May
Form ITR - 5
Due Dates
13. Under a private limited company, there is a limited
liability protection and have various benefits such as
raise fund from Venture capitalist, continuous existence.
It is required for every private limited company to conduct
its Annual General Meeting each financial year and file
an annual return with the Ministry of Corporate Affair to
maintain compliance.
As every company have to intimate the department about
the income and expenditure and information regarding
shareholders, meetings etc., and to make company free
from non compliances.
Private Limited Company
14. Annual Compliances consist of the following:
Register of Member Details.
Current details and details of the
change in the shareholding structure
of the Company.
Detail about the changes in Directorship.
Debt details.
Information about the Management
of the Company.
Audited Balance Sheet of the Company.
Audited Profit & Loss Account.
Registered Office Details.
Shares and Debentures details.
Details of transfers of securities/ Share
in a financial year.
In case of a newly
incorporated company,
the Annual General
Meeting must be held
within 18 months from
the date of incorporation
or within 9 months from
the date of closing of the
first financial year,
whichever is earlier.
15. Profit & Loss A/c, Balance Sheet of
Company and other Financial Statements.
Director’s Report and Auditor’s Report
List of Shareholders and Directors and
other required documents (if any)
Documents Required
16. Separate Legal Entity
A company is a separate legal
entity and a juristic person under
the Act. Therefore a company can
own property in its own name and
also incur debts.
Perpetual Succession
A company, being a separate
legal person, is unaffected by the
death of any member but
continues to be in existence
irrespective of the changes in
membership.
Share Transfer Ability
Shares of a company limited
by shares are easily
transferable by a shareholder
to any other person.
Benefits
17. Income Tax Department – 30th September
Within 60 days from the date of Annual
General Meeting to Registrar of Companies.
Within 30 days from the date of Annual
General Meeting to Registrar of Companies.
1
2
3
Due Dates
ITR Form - 6
Form AOC-4
Form MGT-7
18. Consequences/Penalty
In case company fails to file its annual return to ROC, it is
punishable with a fine which shall not be less than Rs.50,000
but which may extend to Rs.5 lakhs
Who is Required to Sign?
Annual filing E-forms are required to be signed
digitally by the Director of a company and
Chartered Accountant/Company Secretary.
Important Points
19. Tax audit is the verification of the books of accounts of
an assesse to validate the income tax computation
and compliance with the laws of Income Tax.
Tax Audit is an examination or review of accounts of
any business or profession carried out by taxpayers
from an Income Tax
Auditing of books of accounts must be carried out by a
Practicing Chartered Accountant.
1
2
3
Tax Audit
20. Objectives
Ensure proper maintenance
and correctness of books of
accounts and certification of
the same by a tax auditor
Reporting observations
/discrepancies noted by tax
auditor after a methodical
examination of the books of
account.
To report prescribed information
such as tax depreciation,
compliance of various provisions
of income tax law etc.
21. Business
In case of a business, tax audit would be required if the total
sales turnover or gross receipts in the business exceeds Rs.1
crore in any previous year. Even in case of Loss.
Profession
In case of a profession or professional, tax audit would be
required if gross receipts in the profession exceeds Rs.50 lakhs
in any of the previous year.
Required to get Tax Audit
22. Books of Accounts to
be maintained
Journal, Ledgers
Carbon copies of bills (serially numbered)
exceeding Rs.25 issued by the person
Original bills/receipts issued to him in respect
of expenditure (Payment Voucher)
A cash book (i.e., a record of all cash receipts and
payments) day-to-day transactions.
23. Form No. 3CB
Is furnished when a person carrying on business or
profession is not required to get his accounts
audited under any other law.
Form No. 3CA
Is furnished when a person carrying on business
or profession is already mandated to get his
accounts audited under any other law.
Tax Audit Report Constitutes
Note: In case of either of the aforementioned audit reports, tax auditor must furnish the prescribed
particulars in Form No. 3CD, which forms part of audit report.
24. Internal Audit
They ensure compliance with laws and
regulations and accurate and timely
financial reporting and data collection
Internal audits evaluate a company’s internal
controls including its corporate governance and
accounting processes.
25. Management Tool
An internal audit can help
provide an independent and
objective opinion about the
operations of a business.
Improves Accountability
Having a strong internal audit
mechanism with surprise check
will help improve accountability
of the employees.
Early Warning
Internal audits provide early
warning to the Management
on deficiencies or loopholes
in the business.
26. Know what and when to audit
Pre-planning the scheduled audit
Conducting the Audit
Report the findings
Record the findings
Objectives of Internal
Audit Create an audit schedule
27. Applicability of Internal Audit
Turnover of Rs.200 Crores or more during
the preceding financial year
Outstanding loans or borrowings from
banks or public financial institutions
Rs.100 Crores or more at any point of
time during the preceding financial year
Every private company having–
Turnover of Rs.200 Crores or more
during the preceding financial year
Every Listed Company
Every unlisted public company having -
Paid up share capital of Rs.50 Crores or
more during the preceding financial year
Outstanding loans or borrowings from banks
or public financial institutions Rs.100 Crores
or more at any point of time during the
preceding financial year
The time duration for
completing an internal
audit would depend on
the audit objectives and
scope.
Process
Outstanding deposits of Rs.25 Crores or
more at any point of time during the
preceding financial year
28. STATUTORY AUDIT
Statutory Audit is a type of audit which is
mandated by a Statute or Law to ensure true
and fair view of the book of accounts of a
Business is presented to the Regulators and
the Public.
Statutory audits must be completed by
Practicing Chartered Accountants who are
independent of the Business.
29. For LLP
It is applicable if turnover in any financial year
exceeds Rs.60 Lakhs or its contribution exceeds
Rs.25 Lakhs.
For Private Company/ Public Company
Mandatory irrespective of Turnover, Profits etc. If
the company is incurring loss even then
statutory audit is required.
Applicability
30. Profit & Loss A/c
Balance Sheet
Opening Balance Verification
Checklist
Vouching, Bank Reconciliation Statement
31. Prepare Audit Scope
Prior to starting the
statutory audit, the
auditor obtains an
understanding of the
business and scope.
Conduct Audit
Verify the information
presented on the financial
statements, obtain samples
and verify data used to
prepare the Books.
Record Findings
Record the findings
and co-ordinate with
top management.
Report Findings
Report the findings in
the Audit Report and
get approval from the
top management.