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Smart things to know about tax audits | Tax Audits | Certicom

Tax Audits: Smart things to know about Tax Audits Tax audits ensures proper maintenance of books of accounts and certification by a tax auditor. The tax inspector is a taxpayer account with a business from tax revenues such as taxes, etc. A taxpayer with a turnover exceeding Rs 1 crore in business (or better than tax) more than is required to obtain a Tax Audits. Tax audits ensure proper maintenance of books and certification by tax auditors. The tax audit report must be submitted on or before September 30 of the following year in the case of taxpayers who have not carried out international transactions. If the taxpayer needed to get his books audited fails to do so then he is responsible for paying a fine of 0.5% of his turnover / gross revenue subject to a maximum of Rs 1.5 lakh

Statutory Audit of Banks | Chartered Accountant | Bangalore | Certicom

Statutory Audit – Meaning & Applicability Statutory Audits are audits determined by different laws such as the Reserve Bank of India, Income Taxes , Company Laws, etc. Chartered accountants need to conduct many audits in accordance with the provisions of different laws. The Process to Conduct a Statutory Audit Auditors must ensure that their reports must include quantification of advances, deposits, interest income and interest costs. Important elements for checking the mandatory bank audits are: A. Cash Verification Procedure B. Tax Related Items C. Verification of Loan Accounts Audit Report After conducting an audit, the auditor must provide an audit report for the same thing. An auditor is required to make a report as stated in the engagement letter where he must state the following: I. Does the balance sheet show a true and fair view that contains all the things needed to show a true and fair view of the bank’s business ii. Whether profit and loss acc

Legal Procedures for Starting Business | Business in Bangalore | Certicom

Assess the Market Accurately Business ideas seem brilliant at first but cannot turn into a feasible Business. You need to do enough research to understand the potential of your business market. Is there really a need for the product or service you want to sell? How many customers do you need in a month to maintain your business? What customer base do you need in 2 years to be profitable? Are there similar businesses in this country? If so, then what do they do? If not, why not? Formulate a Business Plan Businessmen who are looking to build a business with their own money often forget the importance of business plans. You must have a solid business plan even if your business will be fired and does not require funding. A business plan will basically cover what you need to invest to get started, what you need to spend on a monthly or quarter-to-quarter basis and how fast you will be able to make money. Register Your Name Business names are often the face of business.

Due Date For Filing ITR | Audit Reports Extended By 15 Days | Certicom

Due Date For Filing Income Tax Return, Audit Reports Extended By 15 Days The taxman last month announced the extension of the maturity date of September 30 by a similar 15 days. The Government on Monday extended the due date for submission of income tax returns (ITR) and audit reports. The Direct Tax Center Board, the top policy-making body of the Income Tax Department, said the due date for filing income tax returns and the audit report for Assessments 2018-19 (2017-18 financial year) is October 31, 2018 for certain. taxpayer category. Monday’s step marks the second extension given by the Direct Tax Center Council to assessors whose bookkeeping must be audited. The move comes after the tax officer considers representation from stakeholders, he said in a statement. The taxman last month announced the extension of the maturity date on September 30 by the same 15 days, until October 15, 2018 . Submission of income tax returns by paid taxpayers and those choosing the Estim

How GST works in India? | Indirect tax structures | Certicom

GST is a Destination-based tax. GST follows a Multi-Stage collection mechanism. The Goods and Services Tax (GST) will be collected at each stage (from the product manufacturing stage to the delivery to the final consumer) and the tax credit paid in the previous stage is available as a set-off at the next stage of the transaction. This helps eliminate the system of “Indirect tax on taxes”. Indirect tax structures in India can be clearly understood from the following chart: Now GST (Goods and Services Tax) replaces all of these indirect taxes collected by the Central and State Governments. When the Goods and Services Tax is applied, there will be 3 types of applicable Goods and Services Taxes, namely CGST, SGST & IGST. CGST – Central Goods and Services Tax: Revenue will be collected by the central government SGST – State Goods and Services Tax: R evenue will be collected by the state government for intra-country sales (that is, sales in certain sta

How Invoice Matching Works In GST?? | Businesses News | Certicom

Every month suppliers will be asked to upload their invoices to the GSTN portal and they will be matched with purchases from customers. So, matching invoices will be a monthly affair for businesses. The use of IT systems for bookeeping and tax compliance work will be seen even in many small and medium-sized businesses from now on. A well integrated IT system will also help suppliers and buyers to match their invoices effectively. Invoice matching is a very important part when it comes to trading. What Is Matching Invoice? Matching all supplies taxable , bought by a buyer and supplied by a supplier is known as Invoice Matching. According to finance minister, “It is through the invoice matching and automated return mechanism that the government can guarantee eligible input tax credit is accurately transferred between the states”. GSTN is working towards the GST web application which is hosted on the common portal to make invoice matching easy. How do Invoice Mat