Internal control and internal audits are interlinked mechanisms and processes, within an organization to ensure that it adheres to certain standards in its conduct and management. Internal control, as the name suggests, refers to the ‘controls’ that are put in place within a company to help steer it towards its defined goals and objectives. Examples of…
An artificial person with a separate entity, perpetual succession, and common seal brought to existence by the law is a COMPANY. However, generally people use the term ‘COMPANY’ for any group of people or and business, which is technically and legally not correct, herewith, we are explaining the classification of business entities: In India, a…
Book-keeping is the systematic recording and organizing of financial transactions in an organization, which involves the process of recording, analyzing, and interpreting financial transactions of a business entity. Accuracy is a vital factor in this process, thereby ensuring that all transactions are up-to-date and correct. It is a distinct process that takes place as part of…
For every government entity, accountability to the public is essential. Government audits bring to the limelight the unique problems and constraints faced by the public sector. This is why several companies have a dedicated audit service line to provide specialized audit services to the public sector. Every year, the government spends millions of rupees in…
Foreign Direct Investment (FDI) has seen a dramatic rise in India, especially since 2015 when India took over China and United States (US) to be the top destination for Foreign Direct Investment. Giving way to 31$ billion investment in the first half of 2015, foreign businesses started taking benefit of the cheap wages and labor,…
Business valuation is a set of processes and steps that help to assess and arrive at the worth of a business. In other words, valuing a company refers to the processes adopted to set an objective and fair price for a company in a financial market. The Need for Company Valuation Company valuations are undertaken…
Let’s face it, tax audits are tedious and every entrepreneur tries to avoid any such procedures. But, what if you get a notice regarding tax audits? How much do you know about tax audits? Do you know what to if you get a notice for a tax audit? Even in a city like Bangalore, which…
We all are aware that we will have to go through a tax audit if our turnover exceeds the prescribed number as prescribed by statute i.e. Income Tax Act 1961. However, have you ever wondered why there is a requirement for tax audits? Or, what are the objectives of tax audits? In order to help…
Tax Audit Limit is one of the least discussed topics, as a result, a lot of people don’t know much on the subject. Even educated entrepreneurs and professionals don’t know much about the mandatory tax audit limits that have been prescribed & applicable to them. As we might already know tax audit limit is different…
Filing income tax returns has its benefits. By doing so, you will be able to track your creditworthiness with the help of income tax return status. In addition to that, filing income tax returns makes you eligible for refunds, if your tax payment has exceeded your actual tax obligation. However, filing income tax returns is…
As new as the concept of Goods and Services Tax (GST), there are many questions related to it. One of the most prominent questions being – How is tax calculated with GST? Ask anyone about it, most people have no clue about. Even people living in cities like Bangalore, working in IT industries have no…
The rise and fall of capital gains play a vital role on the taxation on the sale of shares and securities. How? Simple, if there is a rise in the capital gains and you don’t sell your shares then you will incur a loss. Similarly, if there is a fall in your capital gains and…