VRN AND DMS CONSULTANCY

  Withdrawal from Provident Fund (PF) : ·          PF withdrawal within the 5 years of account opening attracts tax. ·          It is not mandatory to withdraw the PF account when an employee changes the employer as the PF can be easily transferred to the new account. ·          EPF also provides employees with an option of loan. An individual can apply for a loan against PF. ·          Employees are provided with an option of withdrawing 90% of the PF account after the age of 54 years. ·          If an individual is unemployed for 1 month, he can withdraw 75% of the  provident fund balance  and the remaining 25% after the second month of unemployment.   ·          Withdrawal of Provident Fund may attract Income Tax. ...

  Introduction: 1. What is a Statutory Audit? Statutory Audit  is a type of  audit  which is mandated by a Law or a  Statute  to ensure the          books of accounts presented to the regulators and public are true and fair. 2. Is Statutory Audit Mandatory for Every Company? Statutory Audit as the name suggests is a compulsory audit for all companies. Every entity which is registered under the Companies Act, as a Private Limited or a Public Limited company has to get its books of accounts audited every year.   3. What is the requirement of Statutory Audit? It is important that we understand the need for a statutory audit to be carried out. In case of a company, the owners of the company are the shareholders. However, they do not run or manage the day to day affairs of the company. This is done by the board of directors and the management of the company.                     ...