TAKS & CO.

15/08/2024

🇮🇳🇮🇳*Happy Independence Day*🇮🇳🇮🇳

On this Independence Day, let’s celebrate not just the freedom we have, but the courage and sacrifices that made it possible.

May we honour the legacy of our Freedom Fighters by cherishing the liberty we enjoy and working towards a brighter and united future for all.

*Happy Independence Day!*

Regards
*CA SHIV KUMAR SHARMA*
*SECRETARY*
ICAI FARIDABAD BRANCH (NIRC)

11/08/2024

Now the ITR filing work is over and everyone is moving towards tax audit and statutory audits.

Here is the 10 pinter checklist to be excercise to safeguard against peofessional liabilty:-

1. Take Appointment letters from the client mentioning the remuneration and management responsibilities.

2. Take engagement letter defining your scope and limitations.

3. Prepare audit plan mentioning the team details.

4 . Prepare communication matrix with he client.

5. Obtain direct balance confirmation without keeping client in CC from Banks, financial institutions, lenders, debtors, creditors and related parties after having duly authorisation letter.

6. Obtain stock quantification and valuation policy, if not, document the dictation given by the client. Or follow a policy to categories the stock in buckets to quantify the stock in and outs. Also obtain CAs certificate with cash ledger movement.

7. Document the limitation of audit and obtain confirmation. Further record your communication with the client.

8. In case of corporate entity, be vigilant for emails containing the financial statements and date of signing. Udin and signing should be Propspective to email dates.

9. Prepare audit file documenting audit evidence, working papers and communications either in soft or hard copy.

10. Obtain management representation letter.

In case of any requirement of formats, do email me at [email protected].

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08/08/2024

Since the ITR period is over and we are moving towards closure of books for FY 23-24 and conduct the audit.

There are some checklist which everyone should keep either to conduct Stautory Audit or Tax Audit or TP audit.

First- Prepare detailed Engagement letter defining the Scope, Responsibiltiy and obligation under audit. Also highlight limitations.

Second :- Obtain auditor appointment letter which outlines the Finance Year and Managemnt responsibility.

Third:- Prepare an Audit Program defining the areas to be covered under audit.

Forth :- Prepare Audit plan defining team composition, time deployment and escalation matrix with the client.

Fifth:- Compile all above at one file either in soft or hard copy as required under SQC 1 of ICAI.

Sixth:- Get authorisation from client for sending direct confirmations to Debtors, Creditors, Directors, lenders and Banking institutions for sending and obtaining confirmation directly from them.

Seventh:- Prepare sample size and record each areas sample in audit documentation.

Eight:- Record audit documentation, evidence for audit finding and key points discussed in audit diary whether communicated by client verbally or in writing. Sometimes client donor shows some documents due to their confidentiality or IP information, then record such limitation in writing in audit papers and obtain signature of client.

Ninth:- Obtain management representation letters from client.

Tenth:- If report is true and fair view then keep audit documentation referencing to each head of Balance Sheet and P&L. If any qualification, then specially prepare audit folder for the same.

Let’s mangain professionalism and show our quality to save our self from government liabilty.

If any needed any formats kindly email your requirement to [email protected].

27/07/2024

We at TAKS & CO., Chartered Accountants believe in timely availability of knowledge and skills.
Last date of Income Tax returns is approaching and generally in our profesion, people work late nights with the team as data is received late from the assess side.

We have always encouraged the availability of our services to the clients in the office hours and tried not to work for extended hours.

An healthy work environment with balancing personal life is a key to employees satisfaction which gears up the growth of organisation.

At, our firm TAKS and Co., we take care of this ethical practice. Let’s adopt it universally so that our profession can become more professional.

Let’s not extend the hours and do not work late night and weekends. Serve the client which considers service as valuable rather serving late comers too. Return can be filed beyond 31st July 24 with late fee but liner will not pay extra money to file return beyond working hours.

Let have Smile at team’s face when you are not sitting late hours despite work is pending, which is precious. Try it your office too and see the results.

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23/07/2024

The finance bill 2024 came up with the lot of changes and reading 256 pager bill can be a tedious task. So, We have compiled the important changes proposed in Income tax under Finance Bill 2024. This document summarizes *must to know proposals* for all persons.
We would appreciate your feedback or query on the finance bill.
The link of document is given below:-

https://1drv.ms/b/s!ApdF8eZ3kvzHjvtmtrNIp4HhJA79qQ

Regards
*CA SHIV KUMAR SHARMA*
Partner
*TAKS &CO*
Chartered Accountants
*Faridabad | Gurugram| Delhi*

22/07/2024

With the July 31, 2024 deadline approaching, many are hurriedly filing their income tax returns, especially the majority who belong to the salaried class.

Numerous individuals are opting for free online platforms to file their tax returns based on Form 16. However, we've encountered several cases where returns filed with Form 16 still ended up being defective.

The automated income tax processing system cross-checks the gross receipts mentioned in the ITR form with those in Form 26AS and AIS/TIS records.

Remember, nothing is truly free. It's crucial to ensure compliance. Avoid relying solely on free websites for filing your ITR.

Filing income tax returns can be likened to swimming: you might be comfortable in shallow waters, but navigating the complexities of income tax requires expertise due to the various provisions of the Income Tax Act.

Switching jobs can pose challenges for employees when filing tax returns, potentially resulting in higher taxation due to lack of guidance.

To comply with income tax regulations, consider investing in professional assistance, even if it involves paying a nominal fee. This can prevent future notices.

Moreover, when seeking assistance from a consultant, prioritize accurate return filing and ensure they are Chartered Accountants from The Institute of Chartered Accountants of India ICAI, before entrusting them with your taxation documentation.

: Be cautious of individuals claiming to be Chartered Accountants without valid ICAI membership.

20/07/2024

Yesterday had an Amazing program with the Research Committee of The Institute of Chartered Accountants of India headed by Central Council Member CA Hans Raj Chugh. This program demonstrated importance of research in our profession.

The program highlighted the initiatives which committee is taking to boost PHD and Research among members with range of offers such as 75000 per month PHD assistance to 10 Lakh to bear cost of research.

The program was delivered by distinguished speakers Sameer Madan , Manish Balani , Preeti Dang tarun gupta.

The prswnce was so amazing that chairs were filled till the last hour with 200+CA gatherings.

I had opportunity to manage the program as the Secretary of ICAI Faridabad Branch and make the program interactive.

Thanks all the lovely members who participated enthusiastically in this interactive meet to make this a grand success

Sooner there will be more such programs which we will try to make successful like this with the participation of our CA members.

Looking forward for more and more participation from our professionals and members of Icai Faridabad Branch.

12/04/2024

vide notification dated 27 October 2023 instead rule 9B in Share Allotment and Prospectus rules.
This rule mandates every private limited company and its shareholder to dematerialise their shares before 30 September 2024.

To know about the details and question wrt dematerialisation, kindly watch my video.

3. After rule 9A of the said rules, the following rule shall be inserted, namely:-“9B. Issue of securities in dematerialised form by private companies:- (1) ...

01/03/2024

Thanks for your wishes, support and blessings, thrilled to announce that I have been elected as the *Secretary* of the *Faridabad Icai Branch*. With your support and participation, we will outshine the *Faridabad Icai Branch* in the whole region.

Regards
CA Shiv Kumar Sharma
Secretary
ICAI Faridabad Branch

07/12/2023

Startups have only 4 months to Avail Incoem Tax exemption. The startups register till 31 March 2024 can avail 80IAC benefits.

Watch my video for benefits and FAQs.

The startup which are incorporated before 1.04.2023 can avail 100% tax exemption on there any amount of profit. This exemption is available to startup who ar...

16/11/2023

We at taks and Co believe in team spirit and team togetherness. We celebrate our festivals traditionally together. We keep sense of collectiveness among each player in the team.

We celebrated Diwali with such spirit and joy.

05/02/2023

https://youtu.be/IsjakSy6Bks

One video can save your 1 Lakh.

This video contains for every . This video is important for and personnel department of every . and ...