Auditing and Assurance Standards

In the simplest terms, auditing standards represent a codification of the best practices in the field of auditing. Auditing Standards are therefore, the performance benchmarks for the auditor. Auditing Standards for the professionals on how they should carry out their professional engagement, enshrined as the basic principles and essential procedures to apply those basic principles…

Standards on Quality Control (SQC 1)

Quality control for firms that perform audits and reviews of historical financial information, and other assurance and related services engagements Objective of SQC–1 is to provide the firm with reasonable assurance that its personnel comply with applicable professional standards as well as regulatory and legal requirements, and that reports issued by the firm or engagement…

Form 26AS

TDS is a buzzword today not just among accountants or auditors or the finance people but also among the common man. TDS is the abbreviation for Tax deducted at Source (TDS). Your employer pays you salary after deducting Income tax. Similarly income tax is deducted on Fixed Deposit Interest, Commission, Brokerage and even on sale…

Owner and Deemed Owner

An Individual shall be considered as owner of a Property, when the document of title to the property is registered in his name. The Assessee must be the owner of such property. An Owner is a person who is entitled to receive Income from the Property in his Own Right. The requirement of registration of…

Situations when Income from House Property is exempt from Tax

Sec Income from Property Held 10(1) Income from any Farm House forming part of Agricultural Income 10(19A) An Ex-Ruler for his occupation (Palace) 10(20) Local Authority 10(21) Approved Research Association 10(23B) Institution for the development of Khadi and Village Industries 10(23BB) Khadi and Village Industries Boards 10(23BBA) A Body or Authorìty for administering Religious or…

House Property held as Stock in Trade

If the property constitutes Stock-in-Trade of a business or the business of the Assessee is to let out house properties, the Income is to be charged only under the head “Income from House Property”. Exceptions Letting out is a supplementary to the main business: If the property is let out with the object of carrying…

Composite Rent

Composite Rent is the rent charged in cases where the assessee does not merely let-out a property, but also provides other facilities like Furniture, Plant and Machinery, Lift, Security, Power Back—up, etc. Objective of letting out:  If from agreement between two parties, it is clear that primary object was to let out portion of a…

Conditions for taxing Income under the head House Property

Section 22 provides for taxation of ‘annual value’ of a property consisting of any buildings or lands appurtenant thereto, of which the assessee is owner, under the head “income from House Property”. Tax imposed under section 22 is a tax on ‘annual value’ of house property and is not a tax on “House Property”. However,…

CARO 2015 Vs CARO 2013 | Comparison

The CARO, 2015 replaces the 12 year old CARO, 2003. Here is a brief comparison of the New CARO 2015 with the old one. Clause No. CARO 2003 Clause No. CARO 2015 Remarks 1. It shall apply to every company including a foreign company as defined in section 591 of the Act, except the following…

Arrangement of Sections – Companies Act 2013 vs. 1956

The Companies act 2013 has 29 Chapters, 470 sections and 7 schedules, replacing the Companies Act 1956 which had 13 Parts, 658 Sections and 15 Schedules. The following table illustrates the sections of the Companies Act 2013 corresponding to the sections of the Companies Act,1956. Chapter Title Companies Act 2013 Companies Act 1956 I Preliminary…