Structured Biiz

ACCOUNTS / AUDIT / TAXATION

ACCOUNTS / AUDIT

Book Keeping & Accountancy

Book Keeping refers to a recording of a financial transaction or events related to business in an orderly manner on a day to day basis;
Accountancy is the summarising phase of transactions. It refers to preparation of financial statements at the end of a financial period using the records maintained in the books.

Auditing

Auditing refers to checking or verification of the financial data of a business by a competent, qualified & independent person
Auditing is required to be conducted as per the prescribed standards and is conducted for a specific period;
Where the Auditor is satisfied that the financial statements depict a true and fair view of its business activities, he would provide a clean audit report.

TAXATION

Indian Income tax

Levy of Income Tax in India is primarily dependent on the residential status of a taxpayer
Any person who qualify as a resident in India must pay tax on their global income in India i.e. income earned in India and abroad;
Those who qualify as Resident not ordinarily resident or Non-residents need to pay taxes only on income accrued in India.

Goods And Service Tax

In case of supply of goods, GST registration is compulsory, if the total turnover exceeds Rs. 40,00,000 (Rs. 20,00,000 in case of special category states) during the Financial Year;
In case of supply of services, GST registration is compulsory, if the gross receipts from provision of service exceeds INR 20,00,000 (INR 10,00,000 in case of special category states*) during the Financial Year.

FINANCIAL CONTROLS

Internal Financial Control

Financial Controls are checks, processes, policies and procedures that are implemented by businesses for managing finances;
Financial Controls are generally internal to an Organisation;
Preventive Controls, Detective Controls and Corrective Controls are few types of Internal Control Systems;
Efficient Internal Control System prevents and detects frauds and errors and ensures timely preparations of financial statements and various reports for decision making.