Illustrative Management Representation Letter (This is sample format of MRL to be recived by auditor before Reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014 ) The following illustrative letter includes written representations that are required by this Implementation Guide, SA 580, “Written Representations” and other Standards on Auditing as applicable. It… Read More »
Meaning of Books of Account as per Companies Act Meaning of “Books of Account” as per Section 2(13) of the Companies Act includes records maintained in respect of— (i) all sums of money received and expended by a company and matters in relation to which the receipts and expenditure take place; (ii) all sales and… Read More »
Implementation Guide on Reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014 Rule 11(g) is reproduced below: “Whether the company, in respect of financial years commencing on or after the 1st April, 2022, has used such accounting software for maintaining its books of account which has a feature of recording audit trail… Read More »
CPE HOURS REQUIREMENTS FOR EACH CALENDAR YEAR APPICABLE FROM 1- 1 -2023 ONWARDS 1. All the members (aged less than 60 years) who are holding Certificate of Practice (except all those members who are residing abroad) are required to: a. Complete at least 40 CPE credit hours in each Calendar Year. b. Complete minimum 20… Read More »
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Section 115BAC Income Tax Act : New Tax Regime in Income Tax Section 115BAC Income Tax Act is also known as New Tax Regime under Income Tax. Here is the Complete information about this section. This article is written by CA satbir Singh (Contact us Taxheal@gmail.com ) Commentary on Section 115BAC Income Tax Act Section 115BAC… Read More »
Merely because sale deed had been executed subsequently section 54F benefit ca not be denied : ITAT IN THE ITAT CHENNAI BENCH ‘B’ Mrs. D. Vijayalakshmi v. Income-tax Officer MAHAVIR SINGH, VICE PRESIDENT AND MANOJ KUMAR AGGARWAL, ACCOUNTANT MEMBER IT APPEAL NO. 3188 (CHNY.) OF 2019 [ASSESSMENT YEAR 2015-16] JANUARY 18, 2023 Anandd Babunath, (CA)-Ld AR for… Read More »
Mere issuance of assessment notice insufficient grounds to deny tax refund: The Delhi High Court held that a refund cannot be denied merely because taxpayer’s case is selected for scrutiny assessment or where an assessment notice has been issued. The Assessing Officer (AO) is required to give detailed and compelling reasons in writing as to… Read More »