Discrepancies can arise during statutory audits due to various reasons, including errors in financial statements, lack of adequate documentation, or miscommunication between departments. Here’s how to effectively address these discrepancies: 1. Identifying Discrepancies Early Regular Reviews: Conduct periodic internal reviews before the statutory audit to identify potential discrepancies. This proactive approach minimizes surprises during the […]

Filing your income tax returns early comes with a plethora of benefits. Here are some key advantages: Avoiding Last-Minute Rush: Filing early allows you to sidestep the chaos that often accompanies the tax season. You can gather your documents at your own pace, ensuring that you don’t miss any crucial information. Error Reduction: Early filing […]

The Goods and Services Tax (GST) is a vital aspect of India’s taxation system. Not registering for GST when required can have significant repercussions for businesses, both large and small. Here are some of the key consequences of failing to register: 1. Legal Penalties Failure to register for GST can lead to hefty penalties. The […]