The CBDT circular announcing the due date extension specifies that the due date itself, as provided under Section 139(1), has been extended from July 31, 2025, to September 15, 2025
The CBDT circular announcing the due date extension specifies that the due date itself, as provided under Section 139(1), has been extended from July 31, 2025, to September 15, 2025
Auditing And Assurance
Statutory Audit
A statutory audit is a legally required check of a company’s or government body’s financial statements. It’s basically a detailed review to make sure all financial records are accurate and follow legal standards.
Stock Audit
A stock audit is the process of physically verifying the inventory held by a business. It helps ensure that the actual stock matches the records. Most companies do this at least once a year to stay accurate and compliant.
Concurrent Audit
Concurrent audit is an ongoing review of a company’s financial transactions. Instead of random checks, it focuses on regularly verifying transactions to ensure everything is correct and follows the rules. It helps catch mistakes early and improves transparency.
Statutory Branch Audit of Banks
This type of audit involves checking a bank’s branch records to ensure that all financial activities are properly recorded and legal. It’s usually done by external auditors and helps maintain trust and accountability in the banking system.
Internal Audit
Internal audit is like a health check for a company’s internal processes. It reviews how well a company is managing its finances, following laws, and maintaining good governance. It also helps identify risks and areas for improvement.
Revenue Audit
A revenue audit focuses on checking a business’s income records to ensure all reported revenue is accurate. It helps in identifying any gaps or errors in tax reporting and makes sure everything aligns with government tax laws.
Complaince Audit
A compliance audit is a systematic evaluation to ensure that a company or organization is adhering to all applicable rules and regulations, including legal requirements such as tax laws, labor laws, and environmental regulations, as well as internal policies and procedures
FAQ
Outsourced bookkeeping is the practice of assigning your financial record-keeping tasks to an external expert, reducing the need for a dedicated internal accounting staff.
When a professional handle the job, the results are accurate, error-free, and less risky. It also reduces the chances of penalties, demands, and notices from any government department.
By outsourcing your bookkeeping, you eliminate the need for lengthy hiring processes and avoid spending valuable time and money on training bookkeepers, accountants, or financial controllers. In short, you save time and can focus more on growing your business.
No. You actually have more control since you’ll have accurate, up-to-date financial statements at your fingertips.
If you expect your accountant to also visit the bank, dispatch goods, make coffee, and handle miscellaneous tasks throughout the day, don’t be surprised if they don’t stick around — chances are, they’ll resign sooner than you think.