We are honored to have received Two Awards at the Intuit Quickbooks Excellence Awards 2013 in association with Bloomberg TV India at Delhi on 21st November 2013. Naresh J Patel & Co, Chartered Accountants received “ACCOUNTANT OF THE YEAR” and for NRI Advisory received “CUSTOMER CENTRIC BUSINESS OF THE YEAR”. At the event, total […]
Requirements of BRSR for listed companies in India In the contemporary global business environment, the emphasis on sustainability and responsibility has grown significantly. Recognizing the need for transparency and accountability, SEBI introduced the Business Responsibility and Sustainability Reporting (BRSR) framework and its derivative, BRSR Core, alongside specific ESG disclosure requirements for […]
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 […]
Expenditure Allowed to Micro or Small Ent on Payment basis under Sec 43B(h) – effective from 01.04.2023 Click Here to watch Video explaining these Amendment or altenatively you may read through blog. In order to promote timely payments to micro and small enterprises, a new clause (h) has been inserted in […]