1. TDS Rates Changes (w.e.f. 01.10.2024) Particulars Section Existing Proposed • Payment in respect of life insurance policy 194DA 5% 2% • Commission etc on sale of lottery tickets 194G 5% 2% • Payment of commission or brokerage 194H 5% 2% • Payment of rent by individuals or HUF not covered […]
NOTES ON ACCOUNTS: Following notes on accounts including significant accounting policies are followed for preparation of books of accounts. 1. ACCRUAL BASIS: The financial statements have been prepared in accordance with the Accounting Standards issued by the Institute of Chartered […]
Management Representation Letter [On the letterhead of the Assessee] Date: [Insert Date] To,The Tax Auditor, [Name of Audit Firm], [Address of Audit Firm] Subject: Management Representation Letter for the Financial Year ended 31st March, 2024 in connection with Tax Audit under Section 44AB of the Income Tax Act, 1961 Dear Sir/Madam, This […]
Clause 13(f) Disclosure as per ICDS: If assessee is following cash system of accounting, then this clause would not be applicable to it. Draft/ Ilustrative disclosures: Sr. No ICDS Disclosure 1 ICDS I – Accounting Policies Refer Significant Accounting Policies mentioned in Notes to Financial Statements 2 ICDS II – Valuation […]
PLACING OF OBSERVATIONS/ COMMENTS IN FORM 3CA/3CB Observation/ Comments on Form 3CA Form 3CB Financial Statements No specific para/requirements to give comments/ observations on financial statements, as the same would have already covered in audit report conducted under other laws/regulations Para 3(a) Form 3CD Para 3 Para 5 ILLUSTRATIVE/DRAFT COMMENTS/REMARKS S. […]
Draft MRL letter for Payment to MSEs disallowance u/s.43B(h) On Letterhead of Client] To, [Name of the Auditor] [Address of the Auditor] Date: [Date] Sub: Management Representation Letter relating to allowability of payment to registered Micro or Small Enterprise for the Financial Year ended 31st March, 2024 Dear Sir/Madam, […]
Comments relating to Form 3CD is to be reported in para 3 of Form 3CA or Para 5 of Form 3CB Scenario 1: Verification on Test check basis and based on Representation received from Client regarding MSE Classification In the course of our audit, for the purpose of verifying […]
Reporting on Audit Trail by auditor in Audit Report (Main) is mandatory from F.Y. 2023-24 and applicable in case of all companies including small companies. The draft paragraphs of reporting are provided herein below based on ICAI implementation guide for quick reference: (A) Unmodified Reporting 1. Use of accounting […]
In order to promote timely payments to micro and small enterprises, a new clause (h) has been inserted in section 43B of the Act to provide that any sum payable by the assessee to a micro or small enterprise beyond the time limit specified in section 15 of the Micro, Small […]