Articles by Rashmi

Tax Benefits on Rent Paid: Relief for Non-Salaried Individuals

Posted by Rashmi 14 June 2023 7575 Views

When it comes to tax deductions for individuals living in rented accommodation, there is good news for both salaried and non-salaried individuals. While salaried taxpayers can claim House Rent Allowance (HRA) exemption, non-salaried individuals also have a provision that provides tax relief. Let's explore the details of this provision and the conditions to be fulfilled.

Crucial Form 16 Checks: Your Roadmap to Accurate Income Tax Return Filing

Posted by Rashmi 13 June 2023 4673 Views

Form 16 is a crucial document for salaried individuals filing their Income Tax Returns. It provides information about tax deducted at source (TDS) by the employer and a summary of the salary paid.

The Dominance of Top Audit Firms in India's Corporate Landscape: Insights from Recent Data

Posted by Rashmi 12 June 2023 7122 Views

The audit landscape in India is dominated by the top five professional services firms: EY, Deloitte, KPMG, PwC, and Walker Chandiok & Co. These firms oversee a significant number of audit assignments for Nifty-500 companies, accounting for 310 out of 498 assignments as of March 31, 2023.

Ways to Avoid TCS on Foreign Tour Packages: A Guide for Indian Travelers

Posted by Rashmi 10 June 2023 36386 Views

This article aims to provide a comprehensive guide on how to potentially avoid the TCS and save on travel expenses when booking foreign tours.

Empowering Auditors: A Game-Changing Common Balance Confirmation Portal for Enhanced Financial Auditing

Posted by Rashmi 09 June 2023 14195 Views

In a significant development for the auditing industry, a revolutionary mechanism is set to transform the process of obtaining balance confirmations. A common balance confirmation portal is being introduced to provide statutory auditors with reliable "external confirmation of balances" for effectively auditing financial statements.

Understanding Impact of New TCS Rule on Educational Expenses for Students Studying Abroad

Posted by Rashmi 08 June 2023 40108 Views

In this article, we will delve into the details of how the new TCS rule will impact students who are currently studying in foreign universities or schools, as well as those who are planning to study abroad soon.

A Comprehensive Guide to Claiming HRA Tax Exemption: Essential Aspects of Your Rent Agreement

Posted by Rashmi 07 June 2023 4712 Views

Salaried individuals can avail tax exemption on house rent allowance (HRA) if they live in a rented house, pay rent, and possess the necessary valid documents. However, many people are unaware that their rent agreements should include specific clauses to ensure that their HRA tax exemption, claimed during income tax return (ITR) filing, is not rejected by the income tax department.

Standards on Auditing: List of All Standards along with Practical Approach and examples

Posted by Rashmi 01 June 2023 52321 Views

This article aims to emphasize the critical role of SAs in the audit process, highlighting Practical approach with example as a shield against potential storms of investigation and scrutiny.

NFRA Order Reveals Major Lapses in Audit Conducted by CA Rakesh Puri

Posted by Rashmi 31 May 2023 4545 Views

The National Financial Reporting Authority (NFRA) recently issued an order highlighting significant deficiencies in the audit conducted by CA Rakesh Puri, who served as the Engagement Partner (EP) for the statutory audit of Sun and Shine Worldwide Limited (SSWL).

CBIC's Nationwide Sweep Exposes 10,000 Alarming Cases of Fake GST Registrations

Posted by Rashmi 27 May 2023 9735 Views

The Central Board of Indirect Taxes and Customs (CBIC) has launched a special all-India drive to combat cases of fake Goods and Services Tax (GST) registration....