There are many types of audits conducted under various laws. Similarly, an audit conducted under the Income Tax Act, 1961 is called a ‘Tax Audit’. In the Income Tax Act, 1961, section 44AB mandates provisions for a tax audit, which are explained as follows. In the following circumstance, a tax audit will be mandatory.
Auditing standards play a significant role in the auditing profession. Among the important auditing standards, SA 700, SA 705, and SA 530 provide guidance for the auditor's opinion.
Impact Of Finance Act 2023 On Charitable Trust and Institution Referred to In Section 12AA Or 12AB Or Clause (23C) Of Section 10 of The Act, 1961
Section 70 of the CGST ACT 2017 empowers the Proper Officer(PO) to summon any person whose attendance he considers necessary either to give evidence or to produce a document or any other thing as required in an inquiry.
The Government of India has specified the due dates to pay Goods and Services Tax. The due date to pay GST is different for different types of taxpayers. If one fails to pay GST within the due date, one must pay the interest along with the GST dues for the delay period.
Partnership firms are a popular form of business in India, especially among small and medium-sized enterprises. However, as the business grows, partners may feel the need to convert the partnership firm into a private limited company.
Professional Tax is a type of tax levied by state governments in India on individuals and organizations engaged in professions, trades, and employment. The tax ...
Compliance Calendar for the m/o April 2023
TDS Applicable from April 1, 2023 and Double Penalty for Non-Compliance
Bank branch audits are a critical component of the banking industry, as they help to ensure that financial institutions are operating in compliance with laws and regulations, safeguarding customer assets, and maintaining the integrity of the financial system.
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