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Income tax deadline

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INCOME TAX RETURN DEADLINE The government mandates that individuals who earn a specified amount of annual income must f ile income tax return (ITR)  within a pre-determined due date. For the assessment year 2018-19 (financial year 2017-18), August 31, 2018 is the  deadline for individuals  to file income tax return. Income tax is levied on individual taxpayers on the basis of a slab system where different tax rates have been prescribed for different slabs. There are three categories of individual taxpayers- individuals (below the age of 60 years) which includes residents as well as non-residents, resident senior citizens (60 years and above but below 80 years of age) and resident super senior citizens (above 80 years of age).  In the general category (below 60 years) ,  1. Individual with annual income up to Rs. 2.5 lakh is not liable to pay income tax 2. Individual with an income between Rs. 2.5  lakh and Rs. 5 lakh, the five per cent...
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Audit note book advantages and disadvantages

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Advantages of Audit Note Book  Audit note book enables the auditor to record important points, which arise during the course of his audit; otherwise he might forget these points. An auditor can produce this book as a documentary evidence in a suit filed against him for negligence or misfeasance.  It facilitates the preparation of the audit report. If the assistant in charge is changed before the completion of a particular work, it acts as a guide and makes the completion of balance work easier. A credit note book makes the work of audit convenient because all the important details about audit can be recorded in this book and, as such, any change in the staff of the auditor does not disturb or dislocate the work of audit. It can help in making an assessment of the work of audit clerks. It provides a key to evaluate the efficiency of the audit staff. Disadvantages of Audit Note Book Very often, it creates misunderstanding between the client staff and ...
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Consequences of Winding up of a company

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Liquidation or winding up is a legal term and refers to the procedure through which the affairs of a company are wound up by law. Winding up of a company has been defined in the companies Act 2013 as the process whereby its life is ended and its property is administered for the benefit of its creditors and members. Following are the consequences of winding up: 1. An officer who is called as a liquidator is appointed and he takes over the administration of the company. In case of compulsory winding up, the official liquidator attached to the High Court, functions as liquidator of the company. In case of voluntary winding up by members, such an official is appointed bu the members and in case the voluntary winding up is by creditor, both the members and creditors may appoint such an official. 2. The powers of the board of directors will cease and will now vest the liquidator. 3. Winding up order or resolution of voluntary winding up shall operate as a notice of discharge to all ...
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