Category Archives: Audit & Assurance

RBI Guidelines for Appointment of Statutory Central Auditors/ Statutory Auditors of Commercial Bank, UCBs and NBFCs

The RBI Circular issued on 27th April 2021 prescribed a set of selection criteria for appointment of Statutory Central Auditors/Statutory Auditors of Commercial banks (excluding regional rural banks), urban co-operative banks(UCBs) and non-banking financial companies(NBFC) including housing finance companies based on … Continue reading

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Revision on Accounting Standards applicability criteria for classification of Non-company entities [Applicable w.e.f 01.04.2020]

The Accounting Standards board of ICAI, at its 400th meeting, held on March 18-19,2021, has “significantly simplified the accounting standards applicability criteria for Micro and small size non-company entities” The primary update to the applicability is the introduction of a new category … Continue reading

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Changes In Tax Audit Report Form 3CD, Form 3CEB And ITR (Assessment Year 2020-21)

CBDT vide Notification No. 82/2020 dated 01.10.2020 has notified certain changes in the Tax Audit Report Form No. 3CD, Form No. 3CEB and ITR-6. The Notification has also amended Rule 5 of the Income Tax Rules, 1962 and inserted two … Continue reading

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Covid Flow Management During Covid 19

The pandemic has put almost every business in a difficult cash flow situation, starting from long-delayed payments from debtors to bearing fixed cost even with no revenue in hand, statutory payments, recurring financing cost, daily follow-up by the creditors’ which … Continue reading

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Tax Audit Applicability For Financial Year 2019-20 (Assessment Year 2020-21)

Under section 44AB of the Act, every person carrying on business is required to get his accounts audited, if his total sales, turnover, or gross receipts, in business exceed or exceeds one crore rupees in any previous year. In case … Continue reading

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