Different Types of Audit Services

Internal audits are conducted in accordance with the Standard for the Professional Practice of Internal Auditing. Other auditing standards may be followed as deemed appropriate for the types of audits being conducted. We provide the best auditing services as below:

1. Operational, Financial, Compliance and Information Technology Audits – this involves the objective assessment of information, facts, or data by internal auditing to provide an independent opinion or conclusion.  The scope and nature of these services may include reviewing and evaluating for: operational efficiencies and effectiveness; reliability of financial and operational systems; adequacy and clarity of policies and procedures; compliance with university policy and state and federal law; safeguarding of assets; the accomplishment of objectives and goals; or other agreed-upon procedures.

2. Consulting Services – we provide advisory and other service activities include counsel, advice, facilitation, process design, and limited training. The objective of consulting services is to add value in the development or modification of processes, procedures, and controls to minimize risk and achieve objectives. Internal Audit will not assume management’s responsibilities in order to maintain appropriate objectivity and independence.

3. We provide investigations evaluating allegations of fraudulent business practices and/or misconduct involving financial or operational matters to determine if allegations are substantiated and to prevent future occurrences.

4. We provide follow-up engagements and evaluate plans and actions taken to correct previously reported conditions as a result of completed audits and investigations.

For the best auditing services, contact us at http://www.ca-msa.com/.

Mahaveer Singhvi and Associates- Transparent Audit Services

Finance management provides the security to any business. Investment of money into the right track is necessary to run it smoothly. To ensure this, a company must rely on the audit report. An audit is the official financial inspection of every money-related issue occurring in the business. Mahaveer Singhvi and Associates-CA provides this audit service to both corporate houses and booming businesses.

Inauguration and details: - Serving in Mysore, Karnataka for several years, this company values their customers. They are not limited to only audit services. There are much more on the list.

Auditing Services- The account records plays the key role in any organization to keep the track of money. These audit services are applicable to hospitals, educational institutes, and charitable organizations. Statutory audit including partnership, trusts, and cooperative societies are their main domain. Departmental audits including purchase, Hr, and systems audit are provided by them. Banking sectors where record keeping of every account is crucial get service too. Company and audits are done in compliance with 2013 rules. Advice regarding money management and savings are their field of excellence. Tax audit, as stated in 1961 income tax rules is performed according to it.

Direct and Indirect taxation services- Proper planning regarding tax, presentation to authorities, clearing up the right amount, all comes under the legal procedure. Seizure of any property and E-tds returns are handled smoothly. Apart from all these direct taxations, indirect taxation includes registration under customs, central import/export, central excise, and Vat. Administration of all the services comes under the suggestion of legalization.

Management and consultancy services- The fundamental service includes payroll accounting, management of core investment and stock maintenance. Fund maintenance and profit are secured with updated records. Market trends analysis and investment according to it are suggested by their experienced employers. Proper annual financial budget preparation is their masterstroke.

Miscellaneous services- Budding company registration, compliance and project preparation are their field.

Trust issues: - Every entrepreneur or businessman is always in search of trusted partners in case of finance. This company has a motto to serve their customers with full responsibility. They provide honesty to each of their services. As they give priority to every financial issue in details, management suggestion becomes worth a try. The combination of honesty and responsibility is rare to find in the market.

Whether audit services are needed or not becomes a doubt when everything is stable. At the time of recession or loss, audit becomes the crucial necessity. Transparency and experience at that time become everyone's priority. Mahaveer Singhvi and Associates- http://www.ca-msa.com/ can be the most trustable savior. The management capability and suggestions of market trends can give oxygen to any company to ensure its security and growth.

 

Payroll accounting- Sometimes going conventional is better

Outsourced payroll accounting offers loads of various advantages– for the client, the workers and the organization (of all sizes). This article takes a look at probably the clearest favorable circumstances to expect when you make use of external payroll accounting. We know there are numerous automated options available with companies nowadays however the age old human touch to crucial operations such as payroll makes a huge difference in yearend results.

1. Auditing employee logbooks

Auditing employee logbooks give you a super simple approach to oversee sick leave, nonappearances and extra minutes. In a glance you can perceive to what extent employees are away for, regardless of whether they ought to be working away, what sort of leave they are presently on, how much leave they are qualified for and so on. It makes arranging a considerable measure less demanding.

2. Cost effective

By running with an expert administration, there is incredible potential to spare cash… particularly once you can develop familiarity with your payroll accounting Partner Company. Usually, studies show there are drawbacks by not running with an expert administration which can cause financial losses.

3. Tax updates

You may have missed the most recent tax updates, yet an able payroll accounting partner will enable you by advising you when these updates to arrive.

4. Create Payslips

While payroll accounting services offer some of the advantages given here in this rundown, making payslips is an additional benefit our company provides. Business payroll services enable you to rapidly and effectively create payslips for every one of your workers, and with formats you can make sure that the statutory least measure of data is incorporated.

6. Spare Time

It clearly requires additional investment and additional assets for a business to deal with its finance, however outsourced payroll administration ensures that a company management has time to do the things they are adept at doing and bring them direct monetary value.

7. Included Security

By overseeing finance externally with payroll services, an organization removes the vulnerability that accompanies crucial data being mishandled by staff that may not be expert in these things.

Mahaveer Singhvi & Associates offers a slew of accountancy services to ensure effective payroll accounting methods to keep your payments in good order. For top notch payroll accounting consultancy, visit our website at http://www.ca-msa.com/

Why auditing is a game changer for any business organization

Auditing is a method for assessing the viability of an organization's internal controls. Keeping up an effective system of inward controls is essential for accomplishing an organization's business goals, getting dependable monetary reporting regarding its operations, anticipating extortion and misappropriation of its benefits, and limiting its cost of capital. Both internal and independent auditors add to an organization's audit framework in various important ways.

Business Objectives

Having a successful audit system is vital for an organization since it empowers the company to pursue and achieve its different corporate goals. Business processes require different types of inner control to encourage supervision and checking, prevent and identify sporadic exchanges, measure ongoing performance, and keep up sufficient business records and to advance operational profitability. Internal auditors survey the outline of the internal control and informally propose enhancements, and record any material inconsistencies to empower encourage examination by administration in the event that it is justified in light of the current situation.

Risk of Misstatement

Auditors assess the risk of material misquote in an organization's money related reports. Without a system of internal controls or a review framework, an organization would not have the capacity to make dependable monetary reports for inner or outside purposes. Along these lines, it would not have the capacity to decide how to allocate its assets and would be not able know which of its portions or product offerings are beneficial and which are definitely not. Moreover, it couldn't deal with its issues, as it would not be able to tell the status of its benefits and liabilities and would be rendered undependable in the commercial center because of its failure to reliably deliver its products and ventures in a solid form. In like manner, a financial audit framework is pivotal in averting weakening misquotes in an organization's records and reports.

Misrepresentation Prevention

Internal financial audit serves a critical part for organizations in extortion counteractive action. Repeated audit of an organization's operations and keeping up thorough frameworks of internal controls can avert and identify different types of misrepresentation and other account abnormalities. Review experts aid the plan and alteration of internal control frameworks the reason for which incorporates, in addition to other things, extortion counteractive action. A critical piece of avoidance can be discouragement, and if an organization is known to have a dynamic and steady review framework set up, by notoriety alone it might keep an employee from hatching a plan to dupe the organization.

At Mahaveer Singhvi and Associates, we offer proficient auditing services to help ensure that your accounts are in order, easing filing of annual taxes. For more on our auditing services, visit our website at http://www.ca-msa.com/

Four ways you can file your income tax

Too much last minute rush is the reason why one must not wait till the last date to file their tax returns. There have been cases where people were unable to pay their taxes, missing out because they waited till the very last day. Also, during all the hurry, your form filling could be error prone. If you haven’t done your income tax filing formalities, here’s how you do it.

On your own:

If your annual income was less than the amount set by the government and there weren’t any claims, you can file your income tax returns yourself. You can either do that online or physically by getting the form from the income tax office of their website. Don’t forget to take an acknowledgement that is stamped, when you file your tax returns physically.

Tax return preparers

Income tax department has appointed tax return preparers (TRPs) who assist people filing in their income tax returns. They are trained to file your returns for you. From the website, you can find the registered TRPs in your area with their contact details. Based on the amount of tax yu are paying, they are paid by the compensation on each return filed. The higher your tax amount, the higher their compensation. If you are using this method, ensure that you have your TRPs details and counter signature on the ITR form.

E-filing smartphone applications

With advancement in technology, it is now possible to file your returns through mobile phone. All you need is a smartphone and internet. There are mobile apps for filing returns. As of now, most of these apps have the provision to file only ITR-1 or returns that are from salary and interest. Refund status check and tax calculator are also available on this app. Most of these services are free as well.

Chartered accountants

Self-filing can be a hassle if there are tax audits, complexity and multiple income sources (and deductions) are involved.  In such a case it is advised that you must consult a chartered accountant. Their charges will vary with respect to the income source and how complex the return filing is. Higher the complexity, the higher the charge. There are online portals as well that will get you in touch with a CA on the phone, at a third of the price.

Income tax filing is not a complex process and one must do it well in advance to avoid the last minute rush. Filing taxes does not have to be as scary as it is made out to be. Let our experts offer professional help in filing your income taxes on time. To know more about our services, do visit our website http://www.ca-msa.com/

AUDITING- GET INSPECTED!

Auditing is a systematic examination of accounts and records of an organization to calculate its financial statements along with non-financial disclosures.

It ensures to keep the accounts and records of the company properly maintained abiding by the laws of the government. Every system, projects and organizations are necessarily required to be inspected for their legality by experts known as auditors.

They inspect all the internal operations of an organization, business and companies. They utilize different procedures to keep in check the genuineness and reasonability of the company. Auditing scrutinizes financial activities causing irregularity in one’s business.

CA firms are expert in resolving company matters thoroughly through their professional chartered accountants. They offer many different kinds of auditing services namely;

Financial auditing services: There are a lot of diverse financial statements of the company or an organization that involves balance sheet of company by parties they deal with. Hence, auditing is done to establish an independent and upright opinion whether the financial statements, accounts, and bills are accurate. They need to be completed on time and presented accurately.

Internal audit: Very large business operations require a thorough check of all day to day transactions happening in their company. To keep a daily check on such transactions an internal audit is required. These services are also provided by CA firms. They greatly access and evaluate the internal control of the business organization. They ensure value addition and improvement to different company operations. This type of auditing is done to eliminate accidental or intentional accounting errors and omissions which in turn boost up the strength of internal systems of the company.

Tax audit: It is a background check of tax returns that are submitted by the business to a tax agency. This kind of audit is highly recommended to discourage tax avoidance.

Special investigative audit service: This service helps organizations in marking the areas where fraud and financial impropriety may occur. CA firms assist these company and organizations to detect frauds and prevent them by getting misguided.

Operational efficiency audit service: In many big organizations and companies there are quite a few numbers of projects that require huge investments. This service ensures that all the operational resources are used for generating maximum outputs. They also keep in check the performance of the company and its quantity of waste in the company.

Mahaveer Singhvi and Associates provide wide range of services. For more details, do visit our website at http://www.ca-msa.com/

A brief understanding about Indirect taxes

An indirect tax is a tax that is paid to the government by one entity in the supply chain, but it is passed on to the consumer as part of the price of a good or service. The consumer is ultimately paying the tax by paying more for the product.

An indirect tax may increase the price of a good to raise the price of the products for the consumers. Examples would be fuel, liquor, and cigarette taxes. An excise duty on motor cars is paid in the first instance by the manufacturer of the cars; ultimately, the manufacturer transfers the burden of this duty to the buyer of the car in the form of a higher price.

A brief understanding about Indirect taxes

The most common example if an indirect tax is import duties. The duty is paid by the importer of a good at the time it enters the country. If the importer goes on to resell the good to a consumer, the cost of the duty in effect is hidden in the price that the consumer pays. The consumer is likely to be unaware of this, but he will nonetheless be indirectly paying the import duty.

Essentially, any tax or fees imposed by the government at the manufacturing or production level is an indirect tax.

What are the features of Indirect tax?

Indirect taxation is policy commonly used to generate tax revenue. Indirect tax is so called as it is paid indirectly by the final consumer of goods and services while paying for purchase of goods or for enjoying services. It is broadly based since it is applied to everyone in the society whether rich or poor.

What is excise duty?

Excise duty is a governmental tax meant for producers and manufacturers on certain goods.

Manufacturers are considered to be:

• ·        Entities that manufacture goods themselves.
• ·        Entities that outsource manufacturing, but manufacturing takes place from their name

To cover these costs, manufacturer adds them to cost of goods sold, where the buyer ends up paying for these costs. Thus, it is considered to be an indirect tax.

Advantages

They are convenient to both the tax-payer and the State. The tax-payers do not feel the burden much, partly because an indirect tax is paid in small amounts and partly because it is paid only when making purchases. But the convenience is even greater due to the fact that the tax is "price-coated". Indirect taxes can be spread over a wide range. Very heavy direct taxation at just one point may produce harmful effects on social and economic life. As indirect taxes can be spread widely, they are more beneficial and suitable.

Mahaveer Singhvi and Associates provides wide range of services. For more details, do visit our website at http://www.ca-msa.com/

Earning a secure tax investment returns for an NRI

One of the best investment options for NRI’s is the NRE Bank FDs. These assure a secured, tax free return in India in a secure, stable manner. NRI’s have invested billions of dollars in the NRE bank deposits and have reaped benefits as well. This however has begun to change in the recent times, thanks mainly to the increasing currency risk of INR depreciation.

The income from NRE bank FD is the nature of an interest, but the income from money market mutual fund is in terms of capital gain. Traditionally, the interest is acquired in INR and is then converted to the foreign currency, while the capital gains are calculated in foreign currency, which thus provides the benefits of INR depreciation, i.e., better returns.

Hence if you are an NRI living in a country where you do not have to pay taxes on your foreign income, you can opt for NRE FD in order to generate a secure, tax free return in India. But if you live in a country that taxes foreign income, it is best for you to invest in money market investments.

At Mahaveer and Singhvi Associates as one of best Chartered accountants in Mysore, we will help you will all your investments and filing tax returns. Please contact us at http://www.ca-msa.com/

Direct Tax amendments-15CB, 15CA procedures updated

The Central Board of Direct Taxes (CBDT) has issued a Notification no. 93/2015, dated December 16, 2015, revising the rules for any one making a payment to an NRI or remitting money outside India or transferring from NRO to NRE account. These changes makes money transfer practical and reasonable. 

The important amendments include-

·   Form 15CA and 15CB will not be required for any payments included in the specific list, and the nature of payment in the specified list has been increased from 28 to 22, which includes payments for imports, savings and family maintenance.  

·      These forms are not required form any payment by an individual for remittance that do not required RBI approval under its Liberalized Remittance scheme.

·         The revised form 15CA has four parts now, which has to be submitted if it meets the specified circumstances-

1.      Part A: For any payment chargeable tax if the aggregate of such payments during the year does not exceed Rs. 500,000

2.      Part B: This is to be submitted if the payment exceeds Rs. 500,000, or in an order from the Assessing Officer is obtained.

3.      Part C: Part C of Form 15CA is to be submitted along with Form 15CB for payments that is (i) chargeable to tax (ii) amount payment of sum of payment exceeds Rs. 500,000 during the years, and (iii) order or certificate form Assessing Officer is not obtained.

4.      Part D: Part d of Form 15CA is to be submitted for payments that is not chargeable to tax, and where Form 15 CB and Form 15 are not required.

At Mahaveer and Singhvi Associates as one of the leading CA Firms in Mysore, we provide viable auditing services from best and take care of your paper works. For more details visit our website: http://www.ca-msa.com/

CIB- What is it?

The Income Tax Department (ITD) has strengthened its vigilance in the past few years and has made it a mission to identify stop- filers and non- filers and hence widen the tax base effectively. Once they have successfully identified these defaulters, they send a notice to such persons. The notice will usually read as such-

“The Income Tax Department has received information on financial transactions / activities relating to you. A list of some of the information for Financial Year is provided below. As per records, you do not appear to have filed Income Tax Return for Assessment Years. “ 

If you have received such a notice, then you will have to login to your e-filing portal and issue an appropriate response as stated in the compliance module. You would then have to print out this acknowledgement of response and send a copy to the jurisdiction ITO (Income Tax Officer) within a set number of days.

This additional crackdown- information gathering and other associated operations- are done via CBI )Central Information Branch). They will look beyond the Annual Information Report, as per Form 26AS, furnished by the ward. Since 2011, they have been working tirelessly to ensure a transparent exchange fo financial information between the individuals and the ITD by gathering information about investments, expenses, payment of taxes etc. For more information about our services and CA’s in Mysore, do visit our website at www.ca-msa.com