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Decoding 2015 statutory audits of the banks
A chartered accountant is mandated to conduct statutory and other audit of banking industries. This is in compliance of various statutes applicable to
Offences for which punishment for fraud prescribed u/s 447
Section 447 Punishment for Fraud: Any person who is found to be guilty of fraud Imprisonment for a term which shall not be less than 6 months but which may extend to 10
TDS U/S 195- Reimbursement of salary of seconded employees
Secondment of employees by foreign parent company to Indian subsidiary is a regular feature considering the requirements to meet their global standards of quality and to ensure proper functioning and assistance to Indian Subsidary Companies. However,
Services which can be rendered by the auditors
As per Provisions of Section- 144 of Companies Act, 2013, A Statutory Auditor of company cant provide the following below mentioned services to followings: Services which a Statutory Auditor cant provide directly or indirectly to above
Ind AS 2 - Inventories
1. Objective: a) Deals with the determination of cost ,b) Subsequent recognition as an expense , including any write-down to NRV ,c) Guidance on the cost formulas that are used to assign costs to inventories.2. Scope: This Standard applies to all inv
Union Budget - My story and history
February is a month of love and proposals. This statement holds true even for Chartered Accountants. Although, the proposal which invokes excitement in Chartered Accountants are the Tax proposals presented by the Finance Minister in the Union Budget
Budget wishlist: What govt must do to ease pain of common man?
As February 28 draws closer, a lot of expectation has built up on the tax front as this will be the first full-year Budget to be presented by the Modi government. The government has previously conveyed its intention to simplify the taxation system an
Three distinct aspects of financial applications
Three distinct aspects of Financial Applications that help in Systems Requirement Study (SRS). What is SRS? By SRS I am referring to the exercise undertaken to understand and to specify the requirements of a Business Application for development. Ther
SSI units - Exemption under central excise
SSI units & Notification no.8/2003 CE SSI stands for Small Scale Industries. Notification no.8/2003 provides relaxation to SSI units from central excise duty subject to certain conditions. T
Much ado about nothing in section 188 (Related Party)
The section 188 of the Companies Act, 2013 imposes restrictions/conditions relating to related parties transactions and for the purpose of imposing restrictions and conditions the said section 188 authorizes Central Government to make rule. The Cent
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