Amazon

Shoes

Remuneration of Auditor

-
Remuneration of Auditor
  1. If the auditor has been appointed by the Board of Directors, is is the Board which fixes his remuneration.
  2. If the auditor has been appointed by the central government then the central government fixes his remuneration.
  3. If the auditor has been appointed by the shareholders at the general meeting, it is the company which determines his remuneration unless the company in general meeting may delegate the power of fixing his remuneration to someone else. It is not necessary that the remuneration be fixed at the same meeting at which his appointment has been made.
  4. The retiring auditor who is automatically reappointed at the general meeting, unless a resolution is passed re-fixing his remuneration, is entitled to get the same remuneration as he was getting earlier.
  5. If an auditor is asked to do any other work over and above his normal work of audit, he is entitled to get extra remuneration.
Any sum paid by the company in respect of the auditors expenses shall be deemed to be included in the expression remuneration.

Comments

Post a Comment

Popular posts from this blog

Power and functions of Income Tax Authorities

-
THE POWER AND FUNCTIONS OF INCOME TAX AUTHORITIES: CBDT: 1. The board can declare any association whether incorporated or not and whether Indian, or Non Indian as company under the provision of Section 2(17) 2. The board has power to determine the jurisdiction of various authorities mentioned in this act. ( Section 118) 3. The board may issue directions for the exercise of powers and performance of the functions by all or any of these authorities. While issuing such direction the Board will keep in mind any of the following criteria such as: territorial area, persons or classes of person, incomes or classes of incomes and cases or classes of cases. (section 120(1) and (3) 4. The board may authorise by general or specific order, director general or director to perform the powers of any of the income tax authorities. (section 120) 5. The board may authorise any of the authorities to exercise its power concurrently with any pother authority. In case such notification is issued
Read more

CENTRAL BOARD OF DIRECT TAXES AND ITS POWERS

-
Central Board of Direct Taxes is the highest authority in the administrative set of the Income tax department. It was constituted under the provision of Central Board of Revenue Act 1963. The board functions under the control of Ministry of Finance, Government of India. Its jurisdiction is whole of India.  POWERS OF CBDT: The whole of income tax department is to be looked after by the board. It has to perform the function of administration, supervision and control of entire income tax structure in India. The orders and directions issued by the board are to be compared with all the subordinate authorities. The income tax Act provides following specific powers to the board: 1. The board can declare any association whether incorporated or not and whether Indian, or Non Indian as company under the provision of Section 2(17) 2. The board has power to determine the jurisdiction of various authorities mentioned in this act. ( Section 118) 3. The board may issue directions for th
Read more

Income Exempted under section 10 (U/S 10) of Income Tax Act 1961

-
Section 10 of Income tax Act is related to incomes which are totally exempted from tax, so in computing the total income of any previous year of any person, any income falling within any of the following clauses shall be exempted: 1. Agricultural Income [Section 10 (1)]:-    Agricultural income from land situated in India is fully exempted. 2. Any sum received by a Co-parcener from Hindu Undivided Family (H.U.F) [Section 10 (2)]:-    Any sum received by an individual as a member of a Hindu Undivided Family, where such sum has been paid out of the income of the family, or in the case of any impartible estate, where such sum has been paid out of the income of the estate belonging to the family is fully exempted. This is subject to the provision of section 64 (2) 3. Share of Income from the Firm [ Section 10 (2A)]:- In case of a person being a partner of a firm, which is separately assessed as such, his share in the total income of the firm shall be fully exempted. The share of partner in
Read more