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Posted On:  2 years ago


Legal Education in India

Time to rethink or rather revolutionize the system of legal education in India.A quality Education is todays need as it is the development of intellectual skills and knowledge which will equip learners to fulfil the needs of professionals, decision makers and trainers.

article author Rakesh Singh

Posted On:  2 years ago


Advance Tax: first installment for FY 2015-16 is due on 15th September

If you expect your total tax dues to exceed Rs 10,000 in financial year 2015-16, advance tax rules may apply to you. What this means is that instead of paying lump sum taxes, your taxes must be..

article author Sushil Goyal

Posted On:  2 years ago


Legal Form of Ownership-FAQ

Its Contains Explanation regarding Legal form of ownership.

article author ARPIT KHETAN

Posted On:  2 years ago


Missed Filing Income Tax Return Before Due Date? You Can Still File Your Returns

Many individuals has missed to file Income Tax return by revised deadline of 7th September 2015, The one who has missed the filing can still file their returns till March 2016 without any penalty.

article author CA Chirag Chauhan

Posted On:  2 years ago


Logic behind introduction of "Reverse charge mechanism in Service tax"

This article tell you the basic logic behind introducing "Reverse charge mechanism" in Service tax.

article author Abhinav Chhabra

Posted On:  2 years ago


Roadmap to GST and Opportunity for CA

A brief right up on GST Act.

article author Sidharth Gupta

Posted On:  2 years ago


Tax implications for NRIs who want to sell property in India

NRIs who have sold house property which is situated in India have to pay tax on the Capital Gains. The tax that is payable on the gains depends..

article author Sushil Goyal

Posted On:  2 years ago


Auditors Financial Statement

A financial statement audit is the examination of an entity's financial statements and accompanying disclosures by an independent auditor. The result of this examination is a report by the auditor, attesting to the fairness of presentation of the financial statements and related disclosures. The purpose of a financial statement audit is to add credibility to the reported financial position and performance of a business.

article author CA Nikesh Sheth

Posted On:  2 years ago


How to Audit Expenses?

Every business requires auditing procedures to assess financial health. Expenses can be considered as anything that the company pays money for in return for income. These can be contractual expenses such as rent, invoiced expenses such as the cost of supplies or reimbursable expenses such as travel charges incurred by an employee. Audit procedures are designed to evaluate these expenses to make sure they are necessary and in line with internal policies.......

article author CA Nikesh Sheth

Posted On:  2 years ago


Assesement after partition of HUF

As we know HUF (Hindu Undivided Family) is assessed as a separate person under provisions of Income Tax Act, 1961. It has its own identity and right to own property but not a juristic person. It can sue and be sued as a person..

article author CS Deepak Pratap Singh

Posted On:  2 years ago


Brief note of RBI guidelines on Concurrent Audit of Branches.

Attention for the concurrent auditors at bank branches, I have gathered recent directions by RBI for coverage for concurrent audit. The Reserve Bank recently directed that the concurrent audit at bank branches should cover at least half of their advances and deposits..........

article author CA Nikesh Sheth

Posted On:  2 years ago


MISTAKES TO BE AVOIDED WHILE FILING AN INCOME TAX RETURN

Every Tax Payer is required to send a duly signed copy of ITR V form to Income Tax department within 120 days of e filing an Income Tax Return at ..

article author ANKIT GUPTA

Posted On:  2 years ago


How to Audit Tangible Assets

Fixed assets are often main target in an asset audit. Audit of selected asset accounts is to ensure the integrity of their financial statement. Audit process for fixed assets follows several steps to ensure that reports are free from accounting errors.....

article author CA Nikesh Sheth

Posted On:  2 years ago


How to Audit Revenue

As part of a financial audit, the auditor must assess the inherent risk associated with the revenue cycle and perform tests to determine it is relatively free of error or fraud. The inherent risk for this cycle is related to the cutoff dates for particular types of sales and the pressures from management to misstate revenues. By conducting so-called substantive tests and tests of controls, the auditor can provide some assurance that the revenues of the company are recorded accurately.....

article author CA Nikesh Sheth

Posted On:  2 years ago


How to Audit Liabilities

A contingent liability is the possibility of a liability arising from a future event. The liability is contingent on whether or not the event occurs. The most common source of contingent liabilities are outstanding lawsuits and product warranties. Auditors usually ask management to write a statement acknowledging they disclosed all known contingent liabilities.......

article author CA Nikesh Sheth

Posted On:  2 years ago


How to Audit Cash and Bank Balances

Accounting and auditing procedures differ across companies and industries but audit procedures for cash are similar. The auditor must obtain reasonable assurance that the cash balances of the company are stated accurately and does so using mostly standard procedures. Knowing audit procedures for cash can eliminate any surprises for you and your company around audit time.....

article author CA Nikesh Sheth

Posted On:  2 years ago


How to Audit Debtors, Loans And Advances

During the process of verifying trade debtors, the auditors need to ascertain an adequate internal control on the clients accounting system. The auditor should study and evaluate the system of internal control relating to debtors, loans and advances, to determine the nature, timing and extent of his other audit procedures........

article author CA Nikesh Sheth

Posted On:  2 years ago


How to Audit Miscellaneous Expenditure

Miscellaneous Expenditure is a part of the auditing process for companies with various expenses. In addition, there are many complex accounting issues surrounding the topic of miscellaneous expenditure. Companies have a temptation to overstate miscellaneous expenditure and thus overstate expenses. This means that auditors should focus on proper checking of expenses......

article author CA Nikesh Sheth

Posted On:  2 years ago


How to Audit Inventories

Inventory is a large part of the auditing process for companies with physical goods. Inventory is a substantial portion of total assets for many companies. In addition, there are many complex accounting issues surrounding the topic of inventory valuation.....

article author CA Nikesh Sheth

Posted On:  2 years ago


How to Audit Investments

As an auditor you have to test security investments such as your client’s stocks and bonds. Testing investments during an audit is no different from testing any other financial account, such as cash. You must make sure that the amounts shown as investment assets aren’t materially misstated and that all income and changes in an investment’s value are properly recorded.......

article author CA Nikesh Sheth