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... Read More →

Posted in Audit & Assurance |

ICAI Guidance on Review engagement of Interim Financial Information

Background For reviewing the Interim Financial Information, Auditor has to ensure that the applicable financial framework has been complied with by the Company. A review of interim financial information in accordance with SRE 2410 is a limited assurance engagement, in... Read More →

Posted in Audit & Assurance |

Note on Faceless Assessment

The Hon’ble Prime Minister of India, Sh. Narendra Modi on 13th August 2020 while inaugurating National E-Assessment Centre (‘NeAC’) announced that henceforth there will be transparency in the department and honest taxpayers will be honoured. In this regard, inter alia,... Read More →

Posted in Direct Tax |

RBI Notification on Opening of Current Accounts by Banks – Need for Discipline

As per an RBI Notification dated 06th August 2020, it has provided Guidelines on Opening of Current Accounts by Banks. As RBI has observed that various borrowers have diverted and siphoned the borrower fund by opening a number of a... Read More →

Posted in others |

Managing Supply Chain in COVID-19 Crisis

COVID-19 has disrupted supply chain globally forcing companies to relook at their supply chain model for survival. In the current time of crisis, companies are forced to relook at their supply chain models and transform the traditional supply chain mechanism.... Read More →

Posted in Audit & Assurance |