Written on Sep, 16, 2016 by in

Types of audit can be classified as under:- Statutory Audit:- Where the appointment of the auditors, manner of audit, contents of audit reports etc are specifically mentioned in the Act, the audit conducted according to them is called statutory audit. Statutory audit is carried each year by an auditor, is called statutory auditor. In India, the accounts of joint stock …

Written on Sep, 16, 2016 by in

A question often arises in the minds of businessmen whether audit is luxury or not. They say accounting is necessity and auditing is a wastage of time and money. Auditing may be luxury from the point of view of an ordinary businessman because of following reasons:- The remuneration paid to the auditor is an unnecessary waste of funds. Too many …

Written on Sep, 16, 2016 by in

Following are the differences between book keeping, accountancy and auditing:- Book keeping as an art of recording the business transactions in the books of original entry and the ledgers. Accountancy means compilation of accounts in such a way that one is in position to know the state of affairs of the business. The auditing means the verification of vouchers to …

Written on Sep, 14, 2016 by in

Advantage of auditing can be grouped under the following catagories:- FOR BUSINESS ITSELF It helps the management in detection of errors and frauds. It helps the management in obtaining loans from banks and other financial institutions as the audited statements are relied upon. It builds up the reputation of the business. Auditors can give concrete suggestion regarding improvement of business …

Written on Sep, 13, 2016 by in

Main objects:- To verify the fair view and correctness of the accounts, balance sheet and profit and loss account as per the companies act and other related laws. Secondary Objects:-  As given below:- a) Detection and Prevention of Errors:- as follows:- Error of Omissions:- When a transaction is incorrectly recorded either wholly or partly. For example – wrong casting, wrong …

Written on Sep, 13, 2016 by in

Audit is the examination of the books, accounts, voucher of a business to satisfy the auditor that the balance sheet is properly prepared and is showing the true and fair view of the state of affairs of the business and the profit and loss account gives a true and fair view of the profit or loss for the financial period …

Written on Jun, 22, 2016 by in

Illustration: Mr. X who is 35 years old and employed in M/s ABC Ltd., has the following details relating to his income and investment during financial year 2016-17:- Basic pay                                                                                         Rs. 300000/= Commission on sales                                                   …

Written on Jun, 15, 2016 by in

Illustration : Mr. X is a retail trader. He is 40 years old. He submits the following particulars of his income and investments during financial year 2015-16:- Net income from business 500000/= Interest from taxable bonds Rs.17000/= Interest from saving bank accounts Rs.15000/= Long term capital gain on sale of jewellery Rs. 14000/= Interest from PPF account Rs.10000/= Medical Insurance …

Written on Jun, 12, 2016 by in

INCOME TAX RATES (SLABS) FOR FINANCIAL YEAR 2016-17 (ASSESSMENT YEAR 2017-18) For Male Individuals below 60 years (Resident of India) INCOME   TAX RATES   UP TO 250000 0 250001 TO 500000 10% 500001 TO 1000000 20% 1000001 and above 30% Notes: Add: Education Cess 2% on Income Tax Payable Add: Secondary & Higher Education Cess 1% on …

Written on Jun, 12, 2016 by in

Finance bill, 2016 has been passed by Parliament.  There are some significant changes in income tax act as follows:- There is no change in income tax slabs. In case of Individual, HUF, AOP and BOI, Surcharge on Income Tax is being increased to 15% if income exceeds Rs. 1 crore. Tax rebate under section 87A for resident individuals having income …


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