Section 44AB vs 44ADA

Section 44AB vs 44ADA As Section 44AD is applicable on business (click here to read in detail), Section 44ADA applies on professionals. It says that if an eligible assessee (professional) who declares 50% or more than that of his gross receipts as profit, then he is not required to get his accounts audited under the Income Tax Act, 1961. But, this section has specified a limit on the gross receipts too. As per this section, the gross receipts should not be more [...]

Tax Audit & The Presumptive Taxation

Section 44AB vs 44AD Tax Audit & The Presumptive Taxation: When we talk about Presumptive Taxation, then it automatically relates to Tax Audit under Income Tax Act, 1961. At student level, I have seen students getting confused in Sections 44AB & 44AD because 44AB says about the limit of Rs. 1 crore while Section 44AD says about the limit of Rs. 2 crore. Don’t worry; today your doubt is going to be resolved permanently.   Let’s begin: Tax Audit comes under the purview of [...]

An Insight Into Tax Audit AY: 2018-19

Dear Readers, With Extreme Happiness, We are happy to announce that the 3rd edition of Atul Khurana's "An Insight Into Tax Audit" book has been released today in the market. This edition is little late due to some unavoidable situations but as it is said "It is better to be late than never", so we finally did it. The book is published under the publication of Young Global Publications, New Delhi. This handbook is equipped with the following features: Detailed Analysis of Applicability [...]

Role & Responsibilities of Independent Directors

In our previous article, we had discussed about the Independent Directors & Corporate Governance Now in this article, we had discussed about Role & Responsibilities of Independent Directors Role of the Lead Independent Director: Identify the most critical issues for the board to deal with Assist the board in achieving consensus on important issues Play the role of a facilitator outside the board room especially on contentious issues Work with the CEO to prioritise issues, set the agenda and enable it to [...]

Positioning Of Internal Audit In Corporate Framework

CONTENTS: Introduction Scope Internal Audit in corporate framework Principles of Internal Audit ICAI’s Standards on internal audit Internal Audit process Benefits Conclusion Introduction :  Internal auditing is an independent, objective assurance and consulting activity designed to add value and improve an organization’s operations. It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes. Scope: The scope of internal auditing within an organization involves topics such as an organization’s governance, risk management and management controls. Internal auditing [...]

Audit Under Banking Environment

Banking sector: The IT saga in Indian banking commenced from the mid-eighties of the twentieth century when the RESERVE BANK took itself the task of promoting automation in banking to improve customer service, book keeping, MIS and productivity. This role played by the reserve bank had continued for years…. Introduction of MICR based cheques processing- a first for the region during the years 1986-1988. BANKING SECTOR DEVELOPMENTS (COMPUTERISATION OF BANKS): Computerisation of branches of banks- in the late eighties with the introduction of [...]

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