Understanding the changes in the company audit report for the financial year ending on March 31, 2022. Stay informed about the latest auditing standards and reporting requirements.
As financial year 2020-21 is going to end, there is confusion in every taxpayer’s mind, what option of tax calculation he / she have to choose? What has created this confusion? Answer is Finance Act 2020. Through Finance Act 2020, the Government has given an option to Individual and HUF taxpayers to pay tax using […]
There is general opinion that if an eligible assessee is opting for section 44AD and section 44ADA, he is not required to maintain books of accounts. The requirement to maintain books of accounts is governed by section 44AA of the Income Tax Act. As per section 44AD(1): Notwithstanding anything to the contrary contained in sections […]
It is general opinion regarding section 44AD that if turnover is less than 1 crore/ 50 lakhs, and claimed profit is less than 8%/6%, then one has to get its books of account audited. Before Finance Act, 2016 following conditions was mentioned u/s 44AD(5): “Notwithstanding anything contained in the foregoing provisions of this section, an […]