Integrated Accounting Group’s Post

The Board has noticed instances where trusts or institutions submitted audit reports using Form No. 10B instead of the required Form No. 10BB for the Assessment Year 2023-24, and vice versa. Failure to submit the audit report in the prescribed form could lead to denial of exemption, as it is a necessary condition. To address this, the Central Board of Direct Taxes, under section 119 of the Act, has granted permission for trusts or institutions to rectify this error. Those who submitted Form No. 10B instead of 10BB (or vice versa) by October 31, 2023, may now submit the correct audit report for the Assessment Year 2023-24, in accordance with the applicable form (10B or 10BB) by March 31, 2024. Please refer to CBDT Circular 2/2024 dated March 5, 2024. Ensure the audit report is submitted in the correct prescribed form by March 31, 2024, to claim exemption for the Assessment Year 2023-24.

News Alert for Chartered Accountants (Auditors) Practicing in Pakistan!! It is observed that auditors have been issuing non-standard report formats for Private Companies having paid-up capital less than 1 million rupees. Although such companies are not required to audit financial statements under the Section 223 of Companies Act, 2017. However, for tax purposes all Companies have to submit their audited financial statements together with the return to FBR, as per section 114(2) ‘Return of income’ of Income Tax Ordinance, 2001 read with Income Tax Rule 34(4). Therefore, It has been advised to the Auditors (through ICAP Circular 12 - dated September 12, 2024) to conduct audits in compliance with International Standards on Auditing (ISAs) issued by the IAASB & adopted by ICAP and include a Unique Document Identification Number (UDIN) on all reports as per ICAP Directive 4.27. Related Circular can be found at link below: https://lnkd.in/dq_J5dgh #ICAP_Circular #Circular12 #ITO2001 # #AuditingStandards #ISAs #FBR #TaxCompliance #UDIN #AuditorsAltert #IAASB #CompaniesAct2017

#TaxmannAnalysis #InputTaxCredit Missed Taxmann's Webinar on Demystifying the Onus in the Case of Input Tax Credit with Case Laws? Don't worry; we have got you covered! • PPT Link: https://lnkd.in/dx-8NdKt • Video Link: https://lnkd.in/dSkftGCw [51 Mins | Watch Time] 📋 Coverage of the Webinar: ✔️ Introduction to Input Tax Credit (ITC) ✔️ Conditions for ITC – Section-16 ✔️ Onus to Prove Eligibility ✔️ Genuineness of the Transaction  ✔️ Department Clarifications ✔️ Supplier doesn't Pay – Legal Position  ✔️ Registration Certificate is Cancelled  ✔️ Non-Existent Supllier  ✔️ Q&A Session 📢 Compiled by: • Kamal Aggarwal – Chartered Accountant 𝐅𝐨𝐫 𝐃𝐚𝐢𝐥𝐲 𝐓𝐚𝐱 & 𝐂𝐨𝐫𝐩𝐨𝐫𝐚𝐭𝐞 𝐋𝐚𝐰 𝐔𝐩𝐝𝐚𝐭𝐞𝐬, 𝐅𝐨𝐥𝐥𝐨𝐰 '𝐓𝐚𝐱𝐦𝐚𝐧𝐧' 𝐨𝐧 𝐖𝐡𝐚𝐭𝐬𝐀𝐩𝐩: https://lnkd.in/dXuaSZhc #TaxmannUpdates #GSTR #GSTRegistration #GSTCompliance

🌟 Celebrating Client Trust and Recommendations! 🌟 I’m excited to share some recent feedback that truly highlights the importance of accuracy and compliance in our field. A GST officer has recommended my services to his dealers, advising them that to avoid future penalties, they should consider partnering with a professional like me for their monthly compliance needs. He specifically praised our dedication to maintaining meticulous records and our ability to seamlessly align GST details with income tax information and books. This kind of recognition reinforces our commitment to providing high-quality service and support to our clients. For businesses struggling to match their books, manage GST compliance, or navigate income tax complexities, I am here to help! With tailored strategies and a focus on accuracy, we can ensure your financial health remains robust and compliant. Thank you to everyone who has trusted us with their compliance needs. If you or someone you know could benefit from expert financial guidance, please don’t hesitate to reach out. Let’s work together to build a solid foundation for your business's future! #GST #IncomeTax #Accounting #Compliance #CAAnkita #ClientSuccess #ProfessionalServices #Abmco

📢 Important Update for Auditors 📢 We are pleased to share ICAP Circular 12 (dated September 12, 2024) regarding the 'Auditor’s Report on Financial Statements Required to be Submitted Together with Tax Return.' It has come to attention that non-standard audit report formats are being issued by auditors of private companies, particularly those with paid-up capital under Rs. 1 million, and entities not registered under the Companies Act, 2017. As per Section 223 of the Companies Act, companies with paid-up capital below Rs. 1 million are not required to audit their financial statements. However, for tax purposes, all companies must submit audited financial statements with their tax return to FBR. 🔍 Key Reminders: - Audits must be conducted in line with ISAs issued by IAASB and adopted by ICAP. - Auditor’s reports should comply with these standards, regardless of whether they are done under the Companies Act or other applicable laws. - Don’t forget to include UDIN on all auditor’s reports in line with ICAP Directive 4.27. Let’s maintain professionalism and ensure compliance with the set standards to avoid any issues. #Audit #ICAP #FBR #TaxCompliance #UDIN #FinancialStatements #ISAs

Colleagues, I am running a webinar this week that makes it clear settlements against the ATO aren't just reserved for the "big end of town". Family businesses and private groups can use settlements with the ATO to resolve cases quickly and cost-effectively. You can also lock the ATO in to future tax positions giving clients more protection than usual. In this webinar, I take you through practical requirements of settling with the ATO and the processes that you will need to follow, including the best clauses to negotiate in the settlement deed. 📅 Thursday, 21 November 2024 ⏲️ 1PM to 2PM (AEDST) 🖥️ Zoom This webinar is aimed at Partners and Principals of accounting firms, especially those with clients under audit who can't shake the ATO. Comment "Help Me Settle This" and I'll send you a link to register. #ATO #Tax #audit #dispute #familygroup #HNWI #HWI #accounting #accountant

Oh, is today International Men’s Day?” 🤔 Must be, because: ✅ The GST portal hasn’t crashed 🖥️ ✅ TDS filings didn’t come with “server error” 🚨 ✅ And no client has asked for “just one more revision” (yet)! ✍️ To all the men out there juggling endless compliances, chasing deadlines, and surviving “ek baar aur audit ka draft bhejo” requests, today we salute you! 🙌🎉 You’re the real heroes – battling tax filings 🧾, reconciling accounts 📊, and navigating ever-changing rules 📜… all without a cape (just a calculator). 🧮🦸♂️ Happy International Men’s Day to the warriors of balance sheets and budgets! 💪 Now, back to filing GSTR-3B before someone calls asking, “Sir, filing ho gaya?” 📞😂 #InternationalMensDay #AccountingWarriors #ComplianceHumor #GSTFiling #TDSDeadlines #AuditLife #TaxSeasonChronicles #FinanceProfessionals #WorkHumor #BalanceSheetHeroes #MenInFinance

𝗛𝗠𝗥𝗖 𝗔𝘂𝗱𝗶𝘁 𝗧𝗿𝗶𝗴𝗴𝗲𝗿𝘀: 𝗪𝗵𝗮𝘁 𝗕𝘂𝘀𝗶𝗻𝗲𝘀𝘀 𝗢𝘄𝗻𝗲𝗿𝘀 𝗡𝗲𝗲𝗱 𝘁𝗼 𝗞𝗻𝗼𝘄 Link to the full article: https://lnkd.in/ghMf2a5J Attention business owners! Have you ever wondered what might trigger an HMRC audit? Here are some common reasons why your accounts may come under scrutiny: 1️⃣ Inconsistent tax returns – significant fluctuations in income or expenses from year to year.  2️⃣ High-risk industries – businesses that handle a lot of cash are often flagged.  3️⃣ Frequent mistakes or corrections on your returns.  4️⃣ Reporting losses for several consecutive years. 5️⃣ Directors earning less than their employees. 6️⃣ Tips from third parties regarding potential tax concerns.  7️⃣ Random selection – yes, sometimes it’s simply a matter of chance! HMRC can carry out audits for these and other reasons. The best way to avoid issues? Keep detailed, accurate records, file your returns on time, and consider working with a qualified accountant. Have you ever been through an HMRC audit? Feel free to share your experience in the comments below! #TaxAdvice #BusinessTips #HMRC

Related Party Transactions: Regulation: The Companies’ Act Listing Obligations and Disclosure Requirements (LODR) Accounting Standards Ind-AS /AS Income Tax Process: Identification Policy for RPT's Documentation Reporting Best practices: 1. The Board sets the clear direction and culture; 2. Board mandatory reviews exceeding 1% of revenue; 3. The Audit Committee reviews all material-related party transactions in depth; 4. Systems, processes, and procedures are in place to avoid such transaction becoming abusive;

£2.1m SME R&D Enquiry Resolved!   Chris Dunn FCCA & the Tax Resolutions team are not slowing down as we enter the festive period, last week we received confirmation that our clients’ SME R&D claim totalling in excess of £2.1m has been accepted following HMRC enquiry.   Sector: Construction 1st Letter - Teleconference with three officers 2nd Letter - Written response 3rd Letter - Case closed, no amendments   This claim acceptance is a reflection of the hard work, dedication and expertise we possess across the business, from initially preparing and qualifying the claim, to our in-house resolutions team reinforcing the qualifying elements when subjected to further HMRC scrutiny.   Well done team! #taxcompliance #researchanddevelopment #researchanddevelopmenttax #taxconsultancy #compliance #taxfirm #taxandaccounting