1.Income tax filing :
Income tax filing is a mandatory requirement for every individual and entity earning taxable income. The process involves submitting a tax return to the Income Tax Department of India, which contains details of the taxpayer’s income and tax liability for a particular financial year. The deadline for filing income tax returns in India is usually July 31st, although it may be extended in certain cases.
The tax return must be filed online or offline, depending on the individual’s or entity’s preference, and must be accompanied by relevant documents such as salary slips, investment details, and bank statements. Non-compliance with income tax filing can result in penalties and legal consequences. Therefore, it is important for taxpayers to stay up-to-date with the latest income tax laws and regulations and to file their returns on time to avoid any penalties or legal issues.
2.Good and Service Tax :
Goods and Services Tax (GST) is an indirect tax system that was introduced on July 1, 2017, replacing the previously existing multiple indirect tax systems such as excise duty, service tax, and value-added tax (VAT). The GST system is a comprehensive and uniform tax regime that is levied on the supply of goods and services in India.The GST rate varies based on the type of product or service being supplied, and there are four different tax slabs under the GST system – 5%, 12%, 18%, and 28%.
The GST system is administered by the Goods and Services Tax Council, which is chaired by the Union Finance Minister and comprises of representatives from all the states and union territories in India. The introduction of GST has simplified the tax system, reduced the tax burden on consumers, and improved compliance and transparency in the tax system. However, there have been some implementation challenges and issues with the GST system, which the government is working to address.
3.COMPANY AUDICTS:
In order to verify accuracy and conformity with accounting rules and regulations, a firm audit involves analysing and examining its financial statements, accounting records, and other pertinent data. An audit’s goal is to offer an unbiased assessment of a company’s financial performance.
Planning:
The auditor will compile data on the business and its activities, as well as the nature and parameters of the audit.
Fieldwork:
The auditor will analyse the company’s financial statements, accounting records, and other relevant data to ensure their accuracy and conformity with accounting standards and regulations.
Reporting:
The auditor will provide a report on the business’s operations and its financial condition, which may also provide suggestions for advancement or corrective action.
4.Bank Audits:
A bank audit is an independent study and analysis of a bank’s financial statements, systems, procedures, and internal controls to determine their accuracy, reliability, and compliance with applicable laws and regulations. A bank audit’s main goal is to make sure that the financial statements the bank issues reflect the bank’s financial situation, performance, and cash flows in a fair and accurate manner..
Bank audits are typically conducted by external auditors who are independent of the bank and have specialised knowledge and expertise in auditing financial institutions. The auditor will typically review the bank’s financial statements, accounting policies and procedures, internal control systems, and risk management practices.
5.Internal Audits :
An internal audit is a methodical, unbiased assessment of a company’s operations, procedures, and controls to see if they are efficient and effective and to spot any potential problems.an internal audit brief should provide a clear and concise overview of the audit objectives, approach, timeline, resources, communication plan, risks and controls, recommendations, and follow-up process. This brief is an important tool for ensuring that the audit is conducted effectively and efficiently, and that the audit team and stakeholders are aligned on the audit objectives and expectations.
