Corporate Law : We have good number of laws and regulations to govern corporates but in reality whether these corporates are really comply with la...
CA, CS, CMA : When I checked with a business man about “How is your business” he replied, 'we are working for TNVAT, CST, Excise duty, Servi...
Income Tax : Getting notice from income-tax department becomes common today. Thanks to technological improvements and automated world of softwa...
CA, CS, CMA : Now, the world is in twenty first century, everywhere changes could be visualised but with respect to accounting, auditing etc, wh...
We have good number of laws and regulations to govern corporates but in reality whether these corporates are really comply with law and a regulation is the matter debate coupled with complexities and penal consequences.
When I checked with a business man about “How is your business” he replied, ‘we are working for TNVAT, CST, Excise duty, Service Tax, ESI, EPF, Professional Tax, TDS, Advance tax, Minimum Alternate Tax, Assessment, Tax Audits, Statutory Audits etc, in addition to when we find time we do business’.
Getting notice from income-tax department becomes common today. Thanks to technological improvements and automated world of software coding. Often these software coding require modifications (rectification) that triggers mismatches and issues in the CPC Processing of income-tax returns. We could see that tax payers are saying that they are not getting the refund as claimed, or their tax payment were not considered by CPC or not tagged in their accounts on account of the system being followed in the tax mechanism.
Now, the world is in twenty first century, everywhere changes could be visualised but with respect to accounting, auditing etc, where is the change? Modern organisations have become more sophisticated and thus resulted in decentralisation of their activities and consequently the top management is remotely concerned with the day to day activities of the Organisation. With this backdrop the internal auditing has acquired a great deal of significance. The following are my opinion about modern Internal Audits. Let us see what it is……..
