Audit Committee is an important governance mechanism designed to ensure the adequacy and credibility of the financial statements. The independence of these committees is critical for the survival and growth of corporates, particularly in countries with concentrated ownership such as India, where the potential for value-reducing related party transactions could be high.

Functions of Audit Committee: According to the Clause 49 of the Listing Agreement, the important functions of the audit committee are to:

1. provide oversight of the company’s financial reporting process and the disclosure of its financial information to ensure that the financial statement is correct, sufficient and credible.
2. review the adequacy of the internal control systems, including the structure of the internal audit department and frequency of
   internal audit.
3. recommend to the Board regarding the appointment, re-appointment and, if required, the replacement or removal of the
   statutory auditor, and
4. fix audit fees and decide on the extent of non-audit services that can be rendered by the statutory auditor.

My following question will answer you question:-

Can you file an Income Tax Return without having a PAN Card?

The Computer you operate daily is an example of PP&E (i.e. Property, Plant & Equipment), which as per accounting language is treated as an asset because it has a useful life of more than 1 year. Capital Expenditure means creation of Asset only. When a Capital Expenditure is incurred, it means that a Capital asset has been bought or created, which has a useful life of more than 1 year. Normal cash outflows like paying salary and taxes are called revenue expenses. No assets are bought or created by such expenses.

Real Estate Broker is referred to as a “Realtor” by the National Association of Realtors. It is the largest trade association and one of the most powerful lobbying groups in North America.

Internal Audit Activity is mandatory for the following persons:

1. Every Listed Company
2. Every Unlisted Public Company having:
   • Paid-up share capital of Rs.50 Cr or more during preceding FY
   • Turnover Rs. 200 Cr or more during preceding FY
   • Outstanding Loans & Borrowings from Banks or Public Financial Institutions exceeding Rs. 100 Cr or more at any point of time during preceding FY
   • Outstanding Deposits of Rs. 25 Cr or more at any point of time during preceding FY
3. Every Private Company having:
   • Turnover Rs. 200 Cr or more during preceding FY
   • Outstanding Loans & Borrowings from Banks or Public Financial Institutions exceeding Rs. 100 Cr or more at any point of time during preceding FY

Retail banking refers to the division of a bank that deals directly with retail customers. Also known as consumer banking or personal banking, retail banking is the visible face of banking to the general public, with bank branches located in abundance in most major cities.

Products and Services – Retail Banking

• Checking and savings accounts
• Certificates of Deposit and Guaranteed Investment Certificates
• Mortgages on residential and investment properties
• Automobile financing
• Credit cards
• Lines of credit and personal credit products
• Foreign currency and remittance services

Corporate Banking, also known as Business Banking, refers to the aspect of banking that deals with corporate customers. Corporate Banking and Investment Banking services have been offered for many years under the same umbrella by most banks in the U.S. and elsewhere. Corporate Banking is a key profit center for most banks, however, as the biggest originator of customer loans, it is also the source of regular write-downs for loans that have soured.

Products and Services – Corporate Banking

• Loans and other credit products
• Treasury and cash management services
• Equipment lending
• Commercial real estate
• Trade finance
• Employer services

Unlike financial accounting, which produces annual reports mainly for external stakeholders, accounting management generates monthly or weekly reports for an organization’s internal audiences such as department managers and the chief executive officer. These reports typically show the amount of available cash, sales revenue generated, amount of orders in hand, state of accounts payable and accounts receivable, outstanding debts, raw material and inventory, and may also include trend charts, variance analysis, and other statistics. Also called managerial accounting.

The balance sheet reports a company’s assets, liabilities, and owner’s equity as of the last instant of an accounting year. Generally, the amount of the owner’s equity will have changed from the previous balance sheet amount due to

• the company’s net income
• the owner’s additional investments in the business
• the owner’s withdrawals of business assets

If the owner did not invest or withdraw, the change in owner’s equity is likely to be the amount of net income earned by the business. The revenues, expenses, gains, and losses that make up the net income are reported on the company’s income statement.

1. Allowable to all kind of Assessee:- Any person or ‘assessee’ who makes an eligible donation is entitled to get tax deductions subject to conditions. This section does not restrict the deduction to individuals, companies or any specific category of taxpayer.
2. Donation to Foreign Trust:- Donations made to foreign trusts do not qualify for deduction under this section.
3. Donation to Political Parties:- You cannot claim deduction for donations made to political parties for any reason, including paying for brochures, souvenirs or pamphlets brought out by such parties.
4. Only donation made to made to prescribed funds and institutions qualify for deduction: – All donations are not eligible for tax benefits. Tax benefits can be claimed only on specific donations i.e. those made to prescribed funds and institutions.
5. Maximum allowable deduction:- If aggregate of the sums donated exceed 10% of the adjusted gross total income, the amount in excess of 10% ceases to be entitled for tax benefit.

Documentation Required for Claiming deduction U/s. 80G

• Stamped receipt:  For claiming deduction under Section 80G, a receipt issued by the recipient trust is a must. The receipt must contain the name , address & PAN of the Trust, the name of the donor, the amount donated (please ensure that the amount written in words and figures tally).
• Mention of Registration No. of the Trust Under 80G on receipt:- The most important requirement is the Registration number issued by the Income Tax Department under Section 80G.
• Validity of Registration U/s. 80G  on the date of Donation:- The donor must ensure that the registration is valid on the date on which the donation is given.
• Photocopy of  the 80G certificate :- Check the validity period of the 80G certificate. Always insist on a photocopy of the 80G certificate in addition to the receipt.
• Only donations in cash/cheque are eligible for the tax deduction:- Donations in kind do not entitle for any tax benefits.

Yes, you can definitely file your Income Tax Return even if your income is below taxable limits. This would mean that you won’t have to pay any tax on your income of that year. It is filed as an ordinary return.