Month: March 2025

Introduction In the realm of Goods and Services Tax (GST), Input Tax Credit (ITC) serves as a pivotal mechanism enabling businesses to offset the tax they’ve paid on inputs against their output tax liabilities. However, to maintain the integrity of this system, specific conditions govern the availing and retention of ITC. One such critical condition […]

Internal Audit Definition: Internal Audit is an independent, objective assurance and consulting activity designed to add value and improve an organization’s operations. It helps an organization accomplish its objectives by systematically evaluating and improving the effectiveness of risk management, control, and governance processes. Aspect Description Definition Independent, objective assurance and consulting activity aimed at improving […]

TReDS Registration: A Complete Guide The Trade Receivables Discounting System (TReDS) is an innovative online platform designed to facilitate Micro, Small, and Medium Enterprises (MSMEs) in converting their trade receivables into cash. This system is crucial for improving liquidity and financial stability for small businesses in India. Below is a comprehensive guide on the registration […]

Internal financial controls (IFCs) are systematic measures implemented by organizations to ensure the integrity of financial reporting, safeguard assets, prevent fraud, and promote operational efficiency. They form the backbone of a company’s financial health, ensuring compliance with laws and regulations while fostering investor confidence Aspect Description Definition Measures to ensure integrity of financial reporting, safeguard […]

NOMINATION AND REMUNERATION COMMITTEE AND STAKEHOLDERS RELATIONSHIP COMMITTEE The applicability of the Nomination And Remuneration Committee And Stakeholders Relationship Committee is governed by Section 178 of the Companies Act, 2013. According to Section 178, the following companies are required to constitute an Nomination And Remuneration Committee And Stakeholders Relationship Committee: Every listed Public company Public companies with […]

SECRETARIAL AUDIT is a process to check compliance with the provisions of various laws and rules/ regulations/procedures, maintenance of books, records etc., by an independent professional to make sure that the legal and procedural requirements are complied with & also followed the due process. It is essentially a mechanism to monitor compliance with the requirements […]

Understanding Section 194N of the Income Tax Act Introduction Section 194N of the Income Tax Act was introduced to regulate high-value cash withdrawals and promote digital transactions in India. This provision mandates Tax Deducted at Source (TDS) on cash withdrawals exceeding specified limits. The objective is to discourage large cash transactions and curb the circulation […]

The applicability of the audit committee is governed by Section 177 of the Companies Act, 2013. According to Section 177, the following companies are required to constitute an audit committee: All listed companies. Public companies with a paid-up share capital of 10 crore rupees or more. Public companies with a turnover of 100 crore rupees or more. all public companies, having […]

In today’s digital world, cyber crime is a growing concern for individuals and businesses alike. It involves illegal activities carried out using computers, the internet, or other digital devices. Cyber criminals target financial information, personal data, and even corporate networks, leading to serious consequences. Common Types of Cyber Crime 1️⃣ Financial Fraud – Phishing, credit […]

Minutes should be maintained in such manner and format as prescribed under Section 118 of the Companies Act, 2013. The minutes serve as a record of the proceedings of the meetings and provide transparency in the decision-making process. Minutes should be printed on prescribed minutes book papers, should be consecutively numbered and should be properly […]