Page 2 – S. M. Joshi College LMS

05

Aug'25

AUDITING AND TAXATION

Here’s a basic overview of **Audit** and **Taxation**, two key areas in accounting and finance: --- AUDIT: Basic Information** **Definition**: Audit is the independent examination of financial information of an entity to express an opinion on whether the financial statements are free from material misstatement. Types of Audit 1. **Statutory Audit** – Mandated by law (e.g., companies must be audited annually). 2. **Internal Audit** – Conducted by internal employees to improve operations. 3. **Tax Audit** – Ensures compliance with tax laws. 4. **Cost Audit** – Reviews cost accounting records. 5. **Forensic Audit** – Used to detect fraud or financial crim **Objectives**: * To provide a true and fair view of financial statements. * To ensure accuracy and reliability of financial data. * To detect and prevent fraud or errors. * To assess internal controls. ### 🔹 **Audit Process**: 1. **Planning the audit** 2. **Understanding internal controls** 3. **Testing controls and transactions** 4. **Substantive procedures** 5. **Final audit opinion/report** ### 🔹 **Key Concepts**: * **Materiality** * **Audit risk** * **Evidence** * **Independence** * **Professional skepticism** --- ## 📘 **TAXATION: Basic Information** ### 🔹 **Definition**: Taxation is the process by which a government collects money from individuals and businesses to fund public services. ### 🔹 **Types of Taxes**: 1. **Direct Taxes** – Paid directly to the government (e.g., income tax, corporate tax). 2. **Indirect Taxes** – Collected via intermediaries (e.g., GST, VAT, sales tax). ### 🔹 **Major Components**: * **Income Tax** – Charged on income earned by individuals and businesses. * **Corporate Tax** – Paid by companies on their profits. * **GST/VAT** – Applied on the sale of goods and services. * **Capital Gains Tax** – On profit from sale of capital assets. * **Withholding Tax** – Deducted at source on specified payments. ### 🔹 **Tax System Basics**: * **Residential status** determines tax liability. * **Tax slabs/rates** vary based on income levels. * **Deductions and exemptions** reduce taxable income. * **Filing** of returns is mandatory annually. ### 🔹 **Key Terms**: * **Assessment Year** (AY) vs. **Previous Year** (PY) * **Tax Return** – Document filed to report income and taxes paid. * **TDS (Tax Deducted at Source)** – A way of collecting tax in advance. * **Tax Audit** – Audit under income tax law (e.g., Section 44AB in India). --- Would you like a **PDF summary**, **exam-oriented notes**, or **real-world examples** for either of these topics?

05

Aug'25

Introduction to Historiography

Gajanan Ghodke

Understanding Historical Methods: How historians collect, verify, and use sources. Use of primary vs. secondary sources. Analyzing Interpretations: Comparing different historical interpretations of the same events. Studying how cultural, political, or personal perspectives influence history writing. Tracing Evolution of Historical Thought: From ancient chronicles to modern analytical history. Different schools of historiography (e.g., Marxist, feminist, postcolonial, etc.) Promoting Critical Thinking: Encouraging skepticism and inquiry about historical narratives. Distinguishing between facts and interpretations. Understanding the Historian’s Role: Recognizing bias and subjectivity in historical writing. Examining the historian’s context and its influence on their work.

28

Jul'25