Checklist of Statutory Audit of NBFCs

[ad_1] Overview of Check List of Statutory Audit of NBFCs Due to the dynamic growth of NBFCs during the past years, the gap between NBFC and bank has been very less. NBFCs do not have banking license as banks, but they provide some financial services. NBFCs are registered under the Companies Act 2016 and provide financial assistance by giving loans and advances, acquiring securities, etc. NBFCs are required to obtain a Statutory Auditor Certificate that they are employed in non-banking financial institutions having a certificate of registration under Section 45-IA…

Do you think Tax Audit threshold limit U/s 44AB for Professionals should be increased from 50 lakh ?- My point of view.

What is Profession ? There is no proper definition of Profession is given under Income Tax Act.According to Sec 2(36) of Income Tax Act, “profession” includes vocation.Sec 44AA  deals with the professions that required to maintain books of accounts are, Legal Medical Architectural Accountancy Technical consultancy Interior decoration Any other profession notified by CBDT Is ‘Income from Salary’ included in ‘Income from Profession’ ? ‘Income from Salary’ is a different income head and it is not included in ‘Income from Business or Profession’. Employee gets Form 16 (Certificate of TDS…

Tax Audit (sec 44AB) limit for Businesses is 1 Crore or 2 Crore in FY 2018-19 / AY 2019-20? Here is the answer

What is Audit ? Audit means an inspection of books of accounts by some officials or some specified persons for the purpose of establishing the fact that the accounting records present a true and fair view. Types of Audit There are two types of audit, namely Statutory audit and Tax audit. What is Statutory Audit ? Statutory audit is a compulsory audit for a Company governed by Companies Act, a Trust governed by Trust Act, Bank by RBI Act etc. by an external auditor to examine full accounting records of…