Section 44AB vs 44AD
When we talk about Presumptive Taxation, then it automatically relates to Tax Audit under Income Tax Act, 1961.
At student level, I have seen students getting confused in Sections 44AB & 44AD because 44AB says ab..
Inventory Management is the process of ordering, storing, handling, retrieving, dispatching and accounting stock. Maintaining inventories is necessary for any company dealing with physical products. Inventories are in various forms:
Consumables and spa..
Developments in business, regulation, corporate governance and user expectations drive change in auditing standards and methodologies, as do changes to the content of financial statements. Auditing standards have developed in two ways to tackle uncertainty attaching to financial statements and the r..
PLANNING & REQUIREMENTS
Documents to gather Information / Guidelines before Audit
Go through Master circulars, RBI Circulars,Advances Manual and other important circulars related to advances department such as discretionary powers,service charges, Interest Ratesetc., which are now avai..
ICAI (Institute of chartered Accountants) is a statutory body constituted under Chartered Accountants Act 1949 governed by Ministry of corporate affairs. The head office is in Delhi , 5 regional offices 164 branches and 34 foreign chapters as on date.
Members of ICAI are governed by the CA Act 1..
In the wake of the present financial crisis, the role of the auditor has been questioned by many stakeholders. One of the concern of the stakeholder was that the auditor's report was not very informative and was not very transparent. It was a requirement for the auditor to share more information..
Below are some of the important points for Bank Audit while auditing MSME borrowers :
90 days delinquency norm is a condition for classification of majority of loans into NPA, loans to MSME sector is an exception to it, subject to certain conditions
90 days delinquency extended to..
The following are the FAQs in relation to UDIN for Bank Audit:
1. Whether UDIN is mandatory for Statutory Bank Audit?
For Statutory Bank Audit, UDIN is not mandatory. However, for all Certificates to be signed while conducting Bank Audit, generation of UDIN is mandatory as UDIN is already mand..
Before understanding the Norms for Agriculture Advance first should know about the Which type of Loans cover under Agriculture Advances:
Types of Agricultural Loans in India
One can avail a loan for the following activities related to agriculture:
Running day to day operations
1. Whether a working capital account will become an NPA if the stock statements are not submitted regularly? What should be the period for which the stock statements can be in arrears before the account is treated as an NPA?
Banks should ensure that drawings in the working capital accounts are co..