Internal Audit Applicability as per Companies Act 2013

  Tax laws generally mandate “pre-deposits” to discourage frivolous appeals and also safeguard the interest of revenue. Similarly, under the GST regime, a registered person can file an appeal before the Appellate Authority or Tribunal only after payment of the prescribed amount. Recent updates   7th October 2021 In Jyoti Construction vs. Deputy Commissioner of CT & GST, Jajpur, Orissa High Court held that pre-deposit for appeal under GST to be paid through cash ledger and not from credit ledger. "The proviso to Section 41(2) of the OGST Act limits the usage to which the electronic credit ledger could be utilized. It cannot be debited for making payment of pre-deposit at the time of filing of the appeal in terms of Section 107(6) of the OGST Act.", the Honorable Court said.   Pre-deposit for filing an appeal to GST Appellate Authority Section 107(6) of  CGST Act, 2017  provides that no appeal shall be filed before the Appellate Authority, unless the app...

Internal audit refers to the process of evaluation of an organization's internal controls, practices, processes, and methods. The objective of an internal audit is to check the effectiveness of operational standards framed by an organization. It is either performed by the employee of an organization or a professional, as appointed by the Board of directors. Internal audit applicability Section 138  read with Rule 13 of the Companies (Accounts) Rules 2014, provides for internal audit in specified companies. The following companies shall be required to appoint an internal auditor- (a) Every listed company; (b) Every  unlisted public company  if satisfy any of the criteria given as under- paid-up share capital of fifty crore rupees or more during the preceding financial year turnover of two hundred crore rupees or more during the preceding financial year outstanding loans or borrowings from banks or public financial institutions exceeding one hundred crore rupees or more at...