Most of the Auditors are concentrating and finding ways to escape from taxation. They should be genuine and they should keep it in mind that they are boosting country economy. They should think that they are helping poor and improves infrastructure.

Small and medium industries emitting more green house gases, polluting water & climate. This should be controlled, there fore financial auditing exemption shall be considered only if they complied to other auditing requirements. industries shall be given incentives if they shown good results in other audits.

For any firm financial auditing is must
For below 10cr financial auditing expempted which is good, but this should not misused. Financial auditing should be linked with energy auditing, resources auditing, environement auditing. Particularly small and medium scale industries are misusing/overusing all these. Therefore auditing other than financial shall be linked and more panalites shall be imposed for fraudulents.

MSMCs should become backbone of our growing industry

Hi,
GST-
Observed, that generation of bill e-way, during goods delivery & the cancellation after delivery of the goods, has become a practice as a loophole in the tax evasion.
Once the bill generated & cancelled should be PENALISED, The time given for cancellation should be reduced & the reason given should be supported with a correct reason.

Hon'ble Prime Minister of India.
My Humble Thoughts With You.
1). INDIA: PAYING ADVANCE G S.T By MSMC's.
2). G.S.T Audit Quarterly.
3). INDIA Could become TAX HAVEN for Certain, under Rules and Regulations and as per LAW.
4). GREEN FUND - brought into process.
5). SINKING FUND
6). CONTINGENCY LIABILITY.
7). ANGEL INVESTORS could become act as Temporary Private Partners.

To be Contd...

Hon'ble Prime Minister of India.
My Humble Thoughts With You.
1). INDIA: PAYING ADVANCE G S.T By MSMC's.
2). G.S.T Audit Quarterly.
3). INDIA Could become TAX HAVEN for Certain, under Rules and Regulations and as per LAW.
4). GREEN FUND - brought into process.
5). SINKING FUND
6). CONTINGENCY LIABILITY.
7). ANGEL INVESTORS could become act as Temporary Private Partners.

To be Contd....

1).For DEVELOPMENT of MSMC's AUDIT STANDARDS MUST INCORPORATE CERTAIN INTERNATIONAL STANDARDS.INDIA MUST REVISE QUALITY STANDARDS.
Eg),Sec 80 -IT for Public Welfare projects UTILISED for MSMC's. Certain Allocations of Projects could be Classified under Public Welfare Projects.
2).MSMC's Corporate Office could be established in their Houses which could be Exempted.
3).DEDUCTIBLE EXPENSES Next Scale of MSMC's Development.

Composition of the NFRA
The Companies Act requires the NFRA to have a chairperson who will be appointed by the Central Government and a maximum of 15 members. The appointment of such chairperson and members are subject to the following qualifications:
They should be having an expertise in accountancy, auditing, finance or law.

Most of the auditors are the advisors to the entrepreneurs on how to escape from tax. Therefore, there should be rigid rules to control the auditors and violators should be disqualified. In my opinion m0re than 50% of the tax payers are excepted from paying tax by auditors. The sale value of 10 crore is also weakening the exchequer. This benefit should be accounted based on the employment the establishment is making. A total refurbishment is the need of the hour to put up India on first.