Salary paid to the director’s relative as a full-time employee is related party transaction? Yes, salary paid to the relative of the Director or a related party who is employed as a full-time employee is considered a related party transaction (RPT). Even if the related party is employed full-time, the transaction (salary payment) must be … Read more
Latest Minimum Wage Rates in Uttar Pradesh-2025 In this post check the latest Minimum Wages in Uttar Pradesh. Uttar Pradesh Minimum Wages as per the latest Uttar Pradesh Minimum Wages Notification with effective from 1st April 2025. In Uttar Pradesh, like in many other parts of the country, the minimum wage plays a crucial role … Read more
Board Resolution Format for GST Registration If you are looking for a board resolution format for GST registration, then you are in the right place. Here, you will find the sample board resolution format for a new GST registration. Here is a sample Board Resolution format for filing Company GST Registration. It is required to authorize a … Read more
Checklist for documents to be obtained before starting Statutory Audit Performing a statutory audit involves a thorough examination of a company’s financial records and statements to ensure accuracy, compliance with relevant laws and regulations, accounting standards, and transparency in reporting. Documentation is a crucial aspect of the audit process, as it provides evidence of transactions, … Read more
What is Accounting Standard? The Institute of Chartered Accountants of India (ICAI) issues a set of guidelines known as Accounting Standards (AS) to establish uniformity and consistency in the preparation and presentation of financial statements by companies in India. These standards provide a framework for accounting policies, measurement, presentation, and disclosure of various financial transactions … Read more
Internal financial control (IFC) reporting as per section 143(3)(i) of the Companies Act, 2013 Section 143(3)(i) of the Companies Act, 2013, pertains to the statutory auditor’s responsibility to include a statement in their audit report regarding the adequacy and effectiveness of the company’s internal financial controls (IFC). The section reads as follows: “(3) The auditor’s … Read more
If you are looking for board resolution for closure of bank account, then you are at the right place. Here, you will find the sample board resolution format for closing a bank account as per the Companies Act, 2013. Board Resolution format for Closing Bank Account Closing a company’s bank account is a formal decision that … Read more