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What is a Company Auditor Report? The audit report is a critical deliverable for every organization since it reveals the final outcomes of the whole audit process. Users of financial statements, such as investors, lenders, customers, and others, base their judgments and plans on an enterprise’s audit reports. An audit report is always important in […]
What is an Email Functionality? Email functionality refers to the features and capabilities of email systems that allow users to send, receive, and manage email messages. Genius Software E-mail/WhatsApp Functionality Genius software is a comprehensive tool that streamlines and enhances business operations. One of its main features is its email functionality, which offers a number […]
An Overview of CARO 2020 The Companies Act of 2013 mandates the use of CARO 2020 as the new audit report format for statutory audits of companies. Following discussions with the National Financial Reporting Authority (NFRA), additional reporting requirements have been included in CARO 2020. The NFRA is an autonomous regulatory organization that oversees the […]
An Explanation About the Form 10B By filing Form 10A, taxpayers who have applied for or are registered as a charitable or religious trust/institution can file an audit report through Form 10B. This form can be accessed through the ‘My CA service’, where the taxpayer has added a Chartered Accountant and the appropriate form will […]
Short Brief About Advance Tax Advance Tax is a part of your tax payment that must be made before the end of the year. The tax should be paid in the same year as the income is received. Therefore, it is a popular name called a pay-as-you-earn scheme. Who is Required to Pay Advance Tax […]
A Simple Overview of a Trial Balance The trial balance is a report that shows the balances of a company’s general ledger accounts at a specific point in time. A trial balance contains accounts for all major accounting items, liabilities, revenues, expenses, assets, gains, and losses. As a result of the transactions recorded in the […]
Simple Description of the Income Tax Challan The Challan is a form used by the government for collecting taxes. The Income Tax department receives the tax through a challan first deposited with the authorized banks and then with the challan. The challan can be paid online via net banking or offline at designated bank branches […]
Summary of 15G and 15H Forms Form 15G and 15H are submitted to the bank by individuals requesting that their interest income not be subject to TDS. In order to do so, you must provide your PAN. Online forms are available on some banks’ websites. Form 15G Form 15H Any HUF, resident individual, trust, or […]
A Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) has ruled that domestic companies must file form 10-IC within the prescribed timeframe if they wish to claim a deduction under section 115BAA of the Income Tax Act. The appellant was represented by Counsel Nihar A. Mehta, and the department was represented by Chetan M. […]