What is Internal Audit ?

Internal auditing 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 bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control and governance processes.
It can be done by internal or External staff.
Internal Audit is an activity carried by internal/External staff to achieve the management objectives.

 

Citizens: 
(i) Simpler tax system
(ii) Reduction in prices of goods and services due to elimination of cascading
(iii) Uniform prices throughout the country
(iv) Transparency in taxation system
 (v) Increase in employment opportunities

Trade/Industry:
(i) Reduction in multiplicity of taxes
(ii) Mitigation of cascading/double taxation
(iii) More efficient neutralization of taxes especially for exports
(iv) Development of common national market
(v) Simpler tax regime-fewer rates and exemptions

Central/State Governments:

(i) A unified common national market to boost Foreign Investment and “Make in India” campaign
(ii) Boost to export/manufacturing activity, generation of more employment, leading to reduced poverty and increased GDP growth
(iii) Improving the overall investment climate in the country which will benefit the development of states
(iv) Uniform SGST and IGST rates to reduce the incentive for tax evasion
(v) Reduction in compliance costs as no requirement of multiple record keeping

 In Case of Query
contact me : upamanyu.avi@gmail.com
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source: www.cbec.gov.in

 Simple chart for Getting ITC in GST regime


ITC                 1st           2nd          3rd
IGST           IGST       CGST       SGST
CGST         CGST       IGST        N.A
SGST         SGST        IGST        N.A.

What is GST?

•  GST stands for Goods and Service Tax.
• It is an Indirect tax replace taxes levied by Central goverment and State Goverment.
• Following taxes bouded together by GST
   
• Central Exercise Duty
• Service Tax
• Value Added Tax (VAT)
• Food Tax
• Central Sales Tax (CST)
• Octroi
• Entertainment Tax
• Entry Tax
• Purchase Tax
• Luxury Tax
• Advertisement taxes
• Taxes applicable on lotteries

•  GST is levied on all transactions such as sale, transfer, barter, lease, or import of goods and/or services.
• India Adopt Dual GST model i.e GST is administered by the Central and State Goverment both.
• GST has three Part CGST, SGST, IGST.

What is Startup India??

Bank always check your credit score before processing your loan or any kind of credit request A good  credit score will help you get a loan or credit card easily. moreover you can , you can bargain for better rates of interest on loan if you have good credit score.


In Nutshell, your credit score tells financial  institution whether they can extend you credit facility or not.

   

deduct an amount equal to five per cent. of such income as income-tax thereon.

thereof in cash or by issue of a cheque or draft or by any other mode, whichever is earlier.

No, As per Section 194IA of Income Tax Act 1961,
TDS is required to deduct by the Buyer only in case of when total Consideration for the Property exceeds Rs 50 Lacs. This Section does not talk about Stamp value of the Property.
this section is applicable in case of land or building or Both.
TDS is required to be deduct by the Buyer .
Buyer is not required to get TAN .
Buyer is need to file Form 26QB to Income tax Department
This Section consider the value of property.