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Sep12
2018
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.
Sep04
2018
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.
Aug30
2018
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.
Aug24
2018
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.
Aug14
2018
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.
Aug10
2018
House Rent Allowance is one of the important components of salary. Particularly if you are living in a rented house and your salary income is taxable, House Rent Allowance can provide some tax relief for you. However, entire amount of HRA received cannot be claimed as deduction. Income Tax Act prescribes a specific formula through which amount of exempt HRA can be determine. In this article we shall focus on important rules related to claiming exemption for HRA and House Rent paid.
