In the realm of business and finance, maintaining accurate records and ensuring transparency with customers is crucial. One practice that plays a significant role in this is the annual customer balance confirmation.
In this article, I will share some of the fundamental building blocks related to Auditing. These are universal concepts and apply to all organizations irrespective of legal form or size.
Verifying authenticity is necessary to avoid fraud as it safeguards you against inaccuracies and fraudulent activities.
Here's a comprehensive overview of how these frauds operate, why they are effective, and how you can protect yourself.
A detailed overview of various allowances as per the Income Tax Act and the 2024 Budget.
Share forfeiture can be defined as the process of a cancelling the shares allotted to the defaulting investors by the company.
Angel Tax, introduced in 2012 under Section 56(2)(viib) of the Income Tax Act 1961, was a tax levied on startups receiving investments from angel investors when the amount raised exceeded the fair market value of the shares issued.
This section is used, or I must say misused, in most of the Notices! The department is trying to levy a penalty under this section in most cases, but the High Court's views are in favour of the Assessee.
ITAT Mumbai rules that a Rs 20 lakh gift received from a brother in the UAE is exempt from tax under the Income Tax Act, providing clarity on tax-free gifts from relatives abroad.
Understand the risks associated with early tax filing.
Live Course on Invoice Management System (IMS) - 2nd Batch(With Recording)