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2018

UNDERSTANDING PERMANENT ACCOUNT NUMBER

Permanent Account Number (PAN) is the unique 10 digit number which is allotted to every tax payer in India whether India citizen or NRI. It is not only mandatory for filing Income Tax Returns but also needed in many financial transactions in India. In this article we shall focus on structure of PAN number.

Archive


2018

Steps to be taken while filing GSTR 3B2FGSTR 1 1

It is critically important to verify the details to be uploaded in GSTR 1 and 3B. Details of outward & inward supplies as well as available ITC must be cross verified to determine net tax liability for the month. As the due date of GSTR 3B is approaching fast, it is relevant to discuss all the points which are essential for an accountant and tax consultant before filing GST Returns.

2018

Use of Internal Auditors work by an External Auditor

External Audit is an critical function for both the company and the auditor. The audit procedure must be conducted in prescribed manner abiding by standards set for auditing. The Auditing and Assurance Standards Board of ICAI keeps on issuing "Implementation Guides" from time to time. Such implementation guides help auditors understand a standard better. It also provides guidelines related to practical problems faced by auditors in practical implementation of audit standards.

2018

Tax Benefits for a Hindu Undivided Family HUF

HUF stands for Hindu Undivided Family. It is considered as a separate legal entity different from its members & Karta. Just like an Individual, an HUF also enjoys certain tax benefits. This article discusses tax benefits available to an HUF.

2018

Parts of the Form 26AS

Before you file your income tax return, you must make sure data related to TDS and TCS as reflected as per Income Tax Department is correct and accurate. You can do this by referring to Form 26AS. Form 26AS is a consolidated tax statement issued under Rule 31AB of the Income Tax Rules to PAN holders. It can be viewed or downloaded from Income Tax Efiling portal. For step by step guide on downloading 26AS, refer to Munimji's notification on "How to Download 26AS" published on 20th July 2018 on Munimji Mobile App.

2018

Tax Audit U2FS 44AB

Introduction of Tax Audit:

The Finance Act, 1984 inserted section 44AB to introduce provisions related to tax audit in Income Tax Act, 1961 w.e.f 1st April 1985. As per this section, it is the obligation of every assessee having income / loss from business or profession to get his books of accounts audited by a CA in practice.

Financial Management