CA, CS, CMA : The article explains how unusually flawless records may signal a managed presentation rather than genuine business performance, re...
CA, CS, CMA : Focusing only on receivables can miss significant risks embedded in related-party payables. A bilateral review reveals internal gr...
CA, CS, CMA : This comprehensive checklist covers every stage of a stock and receivables audit, from engagement acceptance to final reporting. I...
CA, CS, CMA : A perfect stock valuation can still conceal serious lending risks if critical operating licences have expired. Auditors should ver...
CA, CS, CMA : The article highlights practical dilemmas faced during stock audits by borrowers, auditors, and bankers. It explains how professio...
Income Tax : Join us for an insightful session with CA Bikash Bogi, a seasoned tax expert with over 15 years of practical experience, as he bre...
Company Law : Multinational companies cannot conduct surrogate audit work in India under Chartered Accountants Act, 1949 and Companies Act, 2013...
CA, CS, CMA : Get expert support on auditing aspects for statutory audits. ICAIs Auditing and Assurance Standards Board (AASB) forms an expert p...
CA, CS, CMA : Discover the catalytic role of audit in enhancing efficiency and effectiveness, as emphasized by the Comptroller and Auditor Gener...
CA, CS, CMA : Explore the essential aspects of audit documentation, its nature, purposes, and compliance requirements. Learn best practices for ...
Service Tax : The High Court in this regard stayed CAG audit of a private limited company providing warehouse and logistical support services in...
Service Tax : Gujarat High Court granted stay on conducting audit of records of taxpayers under 5A of Service Tax Rules, 1994, by Officers of C&...
Finance : The Delhi High Court has delivered a judgement in the case of Association of Unified Telecom Service Providers of India Versus Uni...
Income Tax : and contributed by the assessee to a firm towards capital contribution should be treated as stock in trade even during the course ...
Income Tax : The Delhi High Court (HC) [2010-TIOL42-HC-DEL-IT] in the case of CIT v. Industrial Finance Corporation of India (Taxpayer) which...
Company Law : The ROC Ahmedabad penalized the company and its director for failing to appoint independent directors and constitute an audit comm...
Goods and Services Tax : Learn about the latest directive from the Ministry of Finance regarding joint audits by CGST and SGST officers. Understand the fra...
Company Law : NFRA issued a circular highlighting statutory auditors' obligations to report fraud in accordance with Companies Act, 2013. Circu...
CA, CS, CMA : (1) These Regulations may be called Regulations on Audit and Accounts (Amendments) 2020 (2) They shall come into force on the date...
CA, CS, CMA : Labour Department, Government of Haryana vide its Notification No. 11/38/2016-4Lab dated 10th August, 2016 formulated Third Party ...
For someone who aspires for a hole-in-one as an amateur golfer, Adit Mathur has made a Tiger Woodsian debut on the job circuit. The 20-year-old undergrad of Shri RamCollege of Commerce (SRCC) is now the toast of Delhi University (DU) as he has teed in an offer from Deutsche Bank for an annual compensation package of Rs 32 lakh ($69,000). Mathur, a resident of Civil Lines in Delhi, will be trained in London next year for a plum posting abroad.
Speaking on the occasion, Dinesh Kanabar, PwC tax leader, India said, It is a tremendous achievement and we are delighted to receive this award. The award is in recognition of our commitment towards partnering with our clients in one of the most difficult years of our time. He added, Our global experience of working with a diverse client base spread across economies has helped us gain new perspectives and develop inventive solutions.
This article summarizes a recent ruling of the Mumbai Income Tax Appellate Tribunal (ITAT) [2009-TIOL-707-ITAT-MUM] in the case of Cipla Investments Ltd. (Taxpayer) on taxability of waiver of loan. The ITAT held that since the loan received was on capital account, its subsequent waiver too was on capital account. Hence, the loan waived was not liable to be taxed as profits and gains from its business (business income) under the provisions of the Indian Tax Law (ITL). The ITAT also held that waiver would not be taxable as business income if a taxpayer was not allowed deduction of the loan amount earlier.
With lessons from the devastating fire that gutted the IOC depot here at the Sitapura industrial area, the company has decided to begin a safety audit of all its operating depots, terminals and plants in the country. According to N Srikumar, executive director, corporate communication, IOC, the safety and security audit would cover all the 300-plus locations nationwide of the IOC.
Internal Audit is a service to management. Its functions include examining and evaluating internal control and providing assurance to the management. It is a part of the organisation’s system of internal control and its scope includes ALL aspects of internal control, not just financial control.. The scope of internal audit is much wider than statutory/external audit. It should ideally cover all the organisation’s activities. They include:
The Commissioner is empowered to call for such further documents or information or calls such enquiries in order to satisfy himself about the genuineness of the activities of the institution. If the Commissioner is satisfied that the condition laid down in clauses (i) to (v) of sub-section (5) of section 80G are fulfilled, he shall record such satisfaction and grant approval.
When a part of the surrender can be accepted on proper explanation the rest can also be allowed to be explained. The assessee’s claim that balance was from cash withdrawals from cash book has to be tested on the facts appearing in the case. For that test it would be necessary that cash book be examined. Both members agree to that effect – the Accountant Member stating that if cash is found withdrawn it should be excepted whereas the Judicial Member directs to verify as to how the cash was generated in the cash book. In my opinion the later course appear to be more reasonable as the cash availability is to be examined with reference to entries made therein.
The Delhi-based franchise of audit firm PricewaterhouseCoopers today approached the Delhi High Court seeking quashing of proceedings initiated against it by the government in the aftermath of Satyam scam. It pleaded before the court that the government proceedings were illegal as they have no connection with the Bangalore-based franchise which had audited Satyam accounts.
The extra freedom given to the 26 public sector banks from this year to choose their statutory auditors has auditing companies — both those chosen and those left out — restive. They have approached the Union finance ministry and the Prime Minister’s Office to say that the decision will affect the quality of audits.
No doubt that the possession of three currency notes with the assessee has raised a presumption that the amount stated on those currency notes was paid by the assessee to the said Shri Shankar Lai. However, the same was a rebuttable presumption. The assessee has explained that these payments were made by the assessee subsequent to the date of survey
