EDUCATION AND CHARITABLE NGOs
The Audit of Educational Intuitions, sometimes referred to as Audit of Books in the education industry, is a process of systematic evaluation and documentation of financial statements, taxes, expenditures, and incomes, obtained by the educational organizations such as schools, colleges and universities from Registration & Academic Fee, Payment Transactions, Fines & Penalties, Funds & Donations, Hostel Accommodation, Assets & Investments, Grants from Government or other local bodies, and via other sources
Audit is an internal process performed by the auditors and accountants, working as employees inside the organization, to evaluate and record institution's annual reports on financial income cumulated via various sources, and expenditures spent on pays of employees as salaries, taxes, Statuary Compliances i.e. PF, Income Tax, etc., maintenance, and many more. Conducting this type of auditing simplifies the preparation of audit procedures at the planning stages; provides foresight of risk factors; improves internal procedures, administrative operations, risk control & management, and governance whilst ensuring quality assurance in higher education
The law of taxation of charitable trusts and institutions is highly complex and has always been the subject matter of frequent amendments due to the fact that the medium of charitable institutions is widely perceived as a handy tool for tax planning. Recently the law relating to taxation of educational institutions and hospitals has undergone drastic changes and the Government is keen to bring all the charitable institutions claiming exemption of their income under the Income-tax Act into tighter scrutiny in the coming years.
Members of our team Educational & Charities global network are dedicated to serving companies in the educational organizations such as schools, colleges universities , Coaching classes, micro finance services , supply of food to poor , medical aid to poor and other charitable activities This international network of industry-focused professionals means that our clients throughout the world have access to global industry insights, leading practices and the latest innovative solutions, regardless of company size or location. Contact us today to find out how HT Corps can help your business