Posts

FAQs

Image
  FAQ:  When is an audit required for charitable trusts? Charitable trusts must specific conditions to qualify for exemptions under Sections 11 and 12, including the mandatory audit of accounts under Section 12A(1)(b). Similarly, institutions approved under Section 10(23C) must have their accounts audited as per its tenth proviso. An audit is required if the total income of the trust or institution, before claiming exemptions under Section 11, 12, or 10(23C), exceeds the basic exemption limit of ₹2,50,000. However, if the total income remains at or below this threshold, an audit is not mandatory. FAQ : Is an audit necessary if a trust’s total income is ₹1.50 lakh, but its total application is ₹5.00 lakh? No, an audit is not required in this case. The audit requirement applies only when the total income, before claiming exemptions under Section 11, 12, or 10(23C), exceeds ₹2,50,000. The amount spent or applied during the year does not determine the necessity of an audit. ...
Post a Comment
Read more

DAILY UPDATES

24/03/2025 SEBI UPDATES: - SEBI has issued a new circular regarding Industry Standards on “Minimum information to be provided for review of the audit committee and shareholders for approval of a related party transaction”. ( Click here to view ) CBIC UPDATES: - CBIC has issued a new notification regarding Seeks to amend notification No. 27/2011-Customs dated 01.03.2011 to withdraw the export duty of 20% on Onion (HS 0703 10) from 1 St April, 2025. ( Click here to view )
Post a Comment
Read more

BLOGS

 
Post a Comment
Read more

YOUTUBE UPDATES

Image
  Respected Professional Colleagues, A Small video by CA NITIN KANWAR on Intresting Topic From Now Taking Benefit Under DTAA Will Be Difficult ? Impact of PPT Test YouTube link -  https://youtu.be/AIjCYHKIA2o?si=W2xL52aKNUjo-UQV Thanks & Regards, Knowledge Tree & Globalca
Post a Comment
Read more

CASE LAW

Image
 
Post a Comment
Read more

RBI UPDATES

                                                        RBI NEW UPDATES  As of February 7, 2025, the Reserve Bank of India (RBI) has implemented several significant measures to address economic challenges and enhance financial stability. Key updates include: 1. Reduction in Repo Rate In a move to stimulate economic growth, the RBI has reduced the key repo rate by 25 basis points, bringing it down to 6.25%. This marks the first rate cut since May 2020 and is aimed at encouraging lending and investment. reuters.com 2. Introduction of Bond Forward Trading To assist long-term investors in managing interest rate risks more effectively, the RBI plans to permit trading in bond forwards. This initiative will allow investors to purchase government securities at a predetermined future date and price, facilitating better risk management. reuters.com 3. D...
Post a Comment
Read more

ICAI UPDATES

 As of February 8, 2025, here are the latest updates from the Institute of Chartered Accountants of India (ICAI): Recent Announcements: Merit List for ISA Assessment Test: The merit list for the Information Systems Audit (ISA) Assessment Test held in July 2023 was declared on November 26, 2024. Rescheduling of CA Examinations: The Chartered Accountants Examination scheduled for January 2025 was rescheduled, as announced on November 25, 2024. Mock Test Papers for CA Foundation and Intermediate: Mock Test Papers Series I & II were announced for students appearing in the CA Foundation and Intermediate examinations in January 2025. Advanced ICITSS - Adv. IT Test: The schedule for the Advanced Integrated Course on Information Technology and Soft Skills (Advanced ICITSS) - Advanced Information Technology Test in Computer-Based Mode (CBT) for December 2024 and the first quarter of 2025 was released on November 11, 2024. Revised Criteria for Non-Company Entities: On November 8, 20...
Post a Comment
Read more