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The Central Board of Direct Taxes on Wednesday released the 13 page draft form 6C, which will be used to report the inventory valuation in case of special audit of accounts directed by assessing officer. The businesses will also have to provide valuation of raw material, date of purchase, use of the inventory, valuation of by-products and cost of contract by the company.
iAudit disrupts accounting world; finishes audits in 30 seconds
March 13, 2021
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Completing audit of three months account in 30 seconds may sound weird but iAudit, a software developed by Infilytics has made it possible and has received all round accolades.
Rajkot-based Palak Vasa, a chartered accountant, Founder and CEO of Infilytics had hit upon the idea of speeding up audits to avoid bank frauds and improve compliance.
After becoming Chartered Accountant, Palak joined ITC in November 2015 and got opportunity to audit the company’s various business including tobacco, FMCG, hotels, papers, agriculture and IT. This is when he realised that audit is being carried out manually across the world and stumbled upon idea to develop iAudit.