CARO 2020: Point 1 with Samples
Whether the company is maintaining proper records showing full particulars, including quantitative details and situation of Property, Plant and Equipment
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Section 56(2)(x): Taxability of Gifts
Section 56(2)(x) contains provisions relating to taxability of Money or property received without consideration. It can also be regarded as a section containing provisions relating to taxability of gifts.
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Impact of GST on OIDAR Services
OIDAR stands for Online Information Database Access and Retrieval services. It is a category of services provided through internet, without having any physical interface with the supplier of such services.
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Applicability of Cost Records and Cost Audit
Cost Records” means books of account relating to utilisation of materials, labour and other items of cost as applicable to the production of goods or provision of services
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106 Startup terms you should be knowing
Startups have become an important part of the Indian economy and acts as a major source of FDI. With India on the course of becoming a $5 trillion economy by FY 2026, the startup sector is set to witness rapid growth and development.
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Amendments to Schedule 3 of the Companies Act, 2013
Financial Statements for a company whose Financial Statements are required to comply with the Companies (Accounting Standards) Rules, 2006.
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Summary of changes – CARO, 2020 – a brief description of the changes in the Companies (Auditor’s Report) Order, 2020
The Statutory auditor of the company is now required to report on the following additional points
Companies Auditor’s Report Order – CARO 2016 vs CARO 2020
CARO is a set of points to be given by a statutory auditor of a company in addition to the Independent Auditors Report issued under section 143 of the Companies Act, 2013.
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Section 5 – Scope of Total Income
Section 5 of the Income-tax Act, 1961 states the provisions relating to income that is taxable in the hands of the person during the PY
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Set off and carry forward of loss
Intra head adjustment means set off of loss against the same head of income.
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