Tag - Chartered Accountant

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 [...]

SCN-4 “PERVASIVE EFFECT”

Hello Readers, Welcome to the SCN series. Today's term is one amongst the most confusing terms of the auditing: Pervasive Effect of Misstatement. The effect of misstatement is pervasive when such misstatement is not confined to one element, account or item of financial statement and even if it is so confined, it represents a substantial portion of financial statements. Click here for the previous posts of this series. For Tax Consultancy, Mail us at [email protected]  

Role of a Chartered Accountant in Nation Building

It was well said by Dr. APJ Abdul Kalam that Chartered Accountants are partners in the nation building. Chartered Accountancy is not only about Debit and credit of accounts. Scope of Chartered Accountancy has grown at gigantic level. Chartered Accountants are the backbone of  the nation’s economy and due to their financial expertise, they can guide the nation by suggesting various economic and financial measures to uplift the deteriorating Indian economy and boost up the economic as well as industrial growth [...]

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