News & Events
23/01/2025
Phase III of HSN code reporting in GSTR-1/1A to roll out from February
CBDT clarifies past investment from Mauritius
Implementation of mandatory mentioning of HSN codes in GSTR-1 & GSTR 1A
Direct Tax Vivad se Vishwas Scheme, 2024 update
RBI's new Guidelines - Banks will call you only from These 2 Numbers
22/01/2025
FM likely to increase outlay for 2 key tax remission schemes for exporters by 10%
Rupee sees high volatility against US dollar
NDFC Seeks Import Duty rationalisation, lower GST in Budget
21/01/2025
RBI allowed asset reconstruction companies (ARCs) to settle dues with borrowers
Union Budget 2025: NPS contributions of up to Rs 50,000 to the National Pension System (NPS)
Relief for more taxpayers in Vivad Se Vishwas Scheme
Egregious misuse of IPO money in some cases, bankers shouldn’t get bad cos to markets
Expert Demand 87A tax rebate increase, home loans, income tax slabs linked with inflation & others
RBI eases norms for ARCs to settle with defaulters
18/01/2025
SEBI asks mutual funds to disclose information ratio of schemes
India’s Forex Reserves decline by $8.7 Billion to $625.87 Billion
India’s Economic Growth Poised for Rebound Amid Rising Rural Demand
FM Nirmala Sitharaman may introduce new income tax bill in Budget session
17/01/2025
Rupee gains 3 paise to 86.58 against US dollar in early trade
RBI injected over Rs. 40,000 crore into the banking system through 2 Auctions
SC asks GST Department to Rectify issues over Fake Invoices
90k Salaried individuals withdraw Rs 1,070 Cr worth wrongful tax deduction claims
Notifications/Circulars
23/01/2025
CBDT notifies amendments in Income-tax Rules
22/01/2025
Income-tax (First Amendment) Rules, 2025
20/01/2025
Guidelines on Settlement of Dues of borrowers by ARCs
18/01/2025
Seeks to amend Notification no. 01/2017- Central Tax (Rate)
Seeks to amend Notification no. 02/2017- Central Tax (Rate)
Seeks to amend Notification no. 39/2017- Central Tax (Rate)
Seeks to amend Notification no. 08/2018- Central Tax (Rate)
Coverage of customers under the nomination facility
17/01/2025
Prevention of financial frauds perpetrated using voice calls and SMS – Regulatory prescriptions and Institutional Safeguards
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Audit

Broadly, Audit involves the following :

  • Indepth study of existing systems, procedures and controls for proper understanding.  Suggestions for improvement and strengthening.
  • Ensuring compliance with policies, procedures and statutes.
  • Comprehensive review to ensure that the accounts are prepared in accordance with Generally Accepted Accounting Policies and applicable Accounting Standards/IFRS.
  • Checking the genuineness of the expenses booked in accounts.
  • Reporting inefficiencies at any operational level.
  • Detection and prevention of leakages of income and suggesting corrective measures to prevent recurrence. 
  • Certification of the books of account being in agreement with the Balance Sheet and Profit and Loss Account.
  • Issue of  Audit Reports under various laws.

 

Types of Audits conducted

  • Statutory Audit of Companies
  • Tax Audit under Section 44AB of the Income Tax Act, 1961.
  • Audit under other sections of the Income Tax Act, 1961 such as 80HHC, 80-IA, etc.
  • Concurrent Audits.
  • Revenue Audit of Banks.
  • Branch Audits of Banks.
  • Audit of PF Trusts, Charitable Trusts, Schools, etc.
  • Audit of Co-operative Socities.
  • Information System Audit
  • Internal Audits.
 
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