Building a Robust Audit Manual for CA Firms: From Design to Implementation In today’s increasingly regulated audit environment, maintaining a well-documented and consistently implemented audit manual is no longer a best practice alone; it is a professional and regulatory necessity. An audit manual serves as the foundation of a firm’s quality management framework, ensuring that …
Apply Early, Stay Compliant: AFA Renewal for December 2026 and Its Impact on NCLT Empanelment The renewal of the Authorisation for Assignment is a critical requirement for Insolvency Professionals to continue accepting and undertaking assignments under the Insolvency and Bankruptcy Code. With the amendments to the IIIPI Byelaws effective from January 29, 2025, the AFA …
Decoding Form 10B & Form 10BB for AY 2026-27: for Charitable Trust Introduction The audit reporting landscape for charitable trusts and institutions has become increasingly detailed and compliance-driven. With the introduction of revised reporting requirements and significant amendments under the Finance Act (No. 2), 2024, trustees, NGOs, charitable institutions, and tax professionals must clearly understand …
Cabinet Approves Enhancement of EPFO Wage Ceiling from INR 15,000 to INR 25,000 per Month The Union Cabinet, chaired by Prime Minister Shri Narendra Modi, has approved the proposal of the Ministry of Labour & Employment to increase the wage ceiling for mandatory coverage under the Employees’ Provident Fund Organisation (EPFO) from INR 15,000 per …
Income Tax Practitioner (ITP) Registration Process as per New Income Tax Act, 2025 We are going to discuss the Concept of an income tax practitioner, the eligibility criteria, the registration process, powers and responsibilities, and important takeaways relating to registration under the proposed provisions of the Income Tax Act, 2025. Income Tax Practitioner: An income …
Legal framework: Digital Personal Data Protection Act 2023 The Digital Personal Data Protection (DPDP) Act, 2023 is India’s primary law governing the collection, storage, use, sharing, and protection of digital personal data. It establishes rights for individuals and obligations for organizations that process personal data. Legal framework, implementation timeline, key stakeholders, penalties, and legitimate uses …
Practical Roadmap for complying with India’s Digital Personal Data Protection (DPDP) Act, 2023 Practical roadmap for complying with India’s Digital Personal Data Protection (DPDP) Act, 2023. The DPDP Act governs how organizations collect, use, store, and protect personal data of individuals (called Data Principals). You should ensure Data is accessed only by authorized persons, and …
Overview on Tax Audit Qualifications in Form 3CA / 3CB S. No. Qualification Situation Issue / Observation Impact on Tax Audit 1 Books of Account Not Maintained Cash book, ledger, purchase register or other books are not available. Auditor cannot verify correctness and completeness of accounts. 2 Information & Explanations Not Provided Party-wise details, confirmations, …
Common Mistakes in Tax Audit u/s 44AB highlighted several common mistakes, reporting errors, and practical challenges faced by Chartered Accountants while conducting tax audits under Section 44AB of the Income Tax Act, 1961. Incorrect Reporting in Form 3CA/3CB: A frequently observed error is that tax auditors fail to include the mandatory paragraphs relating to the …
Recent Amendments to the Insolvency and Bankruptcy Code, 2016: What Insolvency Professionals Need to Know The Insolvency and Bankruptcy Code, 2016 (IBC) has transformed India’s insolvency regime by promoting time-bound resolution, value maximization, and creditor confidence. Over the last decade, the Code has evolved through judicial interpretations, regulatory refinements, and legislative interventions. The enactment of …