The Importer Exporter Code (IEC) is a unique 10-digit code issued by the Director General of Foreign Trade (DGFT), Ministry of Commerce & Industry, Government of India. It is mandatory for any entity engaged in import and export activities in India to obtain this code. The IEC Code is a key identification number for businesses involved in foreign trade. This code is used for various…
Tax scrutiny isn’t random, it’s strategic! The Central Board of Direct Taxes (CBDT) has developed an advanced system that helps the Income Tax Department to identify the returns that. Tax scrutiny isn’t random—it’s strategic! The CBDT has developed an advanced system that helps the Income Tax Department pinpoint returns that demand a closer look. On February 27, 2025, CBDT released an Office Memorandum (OM) clarifying…
In today’s rapidly evolving business landscape, organizations must navigate a maze of risks, regulatory requirements, and operational challenges. Internal audit plays a vital role in fortifying corporate governance, strengthening internal controls, and ensuring compliance with statutory obligations. As regulatory scrutiny intensifies, businesses must implement robust internal audit mechanisms to uphold transparency, enhance efficiency, and drive accountability. What Makes Internal Audit Essential for Businesses? Internal audit…
