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CA Sanjiv Kumar
CA Sanjiv KumarEnlightened
Asked: March 24, 2022In: Corporate Laws

Should a retiring partner give notice of his retirement from the firm?

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CA Sanjiv Kumar
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Asked: March 24, 2022In: Corporate Laws

How the firm is liable for the wrongful act of one partner?

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CA Sanjiv Kumar
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Asked: March 24, 2022In: Corporate Laws

What are the acts that all partners should give express consent to do?

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CA Sanjiv Kumar
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Asked: March 24, 2022In: Corporate Laws

Can we deal with one partner on the name of a partnership firm ?

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CA Sanjiv Kumar
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Asked: March 24, 2022In: Corporate Laws

Can we file legal case against a partnership firm?

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CA Sanjiv Kumar
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Asked: March 24, 2022In: Corporate Laws

What is the limit on the number of partners in a partnership firm?

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CA Sanjiv Kumar
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Asked: March 24, 2022In: Corporate Laws

Is a partnership deed necessary to form a partnership firm?

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CA Sanjiv Kumar
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Asked: March 24, 2022In: Corporate Laws

Is it compulsory for a partnership firm to be registered?

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CA Sanjiv Kumar
CA Sanjiv KumarEnlightened
Asked: March 23, 2022In: Income Tax

is interest paid on personal loan eligible for 24(b) of income tax act?

interest paid on personal loan
  1. CA Vishnu Ram Enlightened
    Added an answer on March 23, 2022 at 11:56 am

    Section 24(b) of the Income Tax Act allowed the deduction of Interest paid on money borrowed for the purpose of purchase, repairs, renovation, etc. of house. However,  it is not necessary that the money should have been borrowed as a home loan or from any banking institution. Interest paid to your fRead more

    Section 24(b) of the Income Tax Act allowed the deduction of Interest paid on money borrowed for the purpose of purchase, repairs, renovation, etc. of house. However,  it is not necessary that the money should have been borrowed as a home loan or from any banking institution.

    Interest paid to your friends and relatives in respect of money borrowed for the purposes specified above can also be claimed under section 24(b).

    But the actual use of the personal loan should be only for the purpose of the purchase, repairs, renovation, etc. To prove this, the personal loan should be taken through a bank account and the expenditures made for the above purpose and payment of interest should also be made from the bank account.

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Ramesh Sharma
Ramesh SharmaEnlightened
Asked: March 15, 2022In: Corporate Laws

What is Internal Financial Controls, is it a mandatory requirement for companies?

  1. CA Sanjiv Kumar Enlightened Chartered Accountant
    Added an answer on March 21, 2025 at 12:27 pm

    Internal Financial Controls (IFCs) are the systems, policies, and procedures implemented by a company to ensure that its financial reporting is accurate and reliable, assets are protected, and the risks of fraud and error are minimized. Key Features of Internal Financial Controls: Accuracy of FinancRead more

    Internal Financial Controls (IFCs) are the systems, policies, and procedures implemented by a company to ensure that its financial reporting is accurate and reliable, assets are protected, and the risks of fraud and error are minimized.

    Key Features of Internal Financial Controls:

    • Accuracy of Financial Reporting:
      IFCs help ensure that accounting records and financial statements are prepared correctly.
    • Asset Protection:
      They safeguard company assets from misuse or theft.
    • Fraud Prevention:
      Robust controls help prevent fraudulent activities.
    • Operational Efficiency:
      These systems streamline processes, reducing errors and inefficiencies.

    Are They Mandatory?

    • For Listed Companies:
      Yes, all listed companies are required to have strong internal financial controls. Their effectiveness must be reported in the Director’s Report under Section 134 of the Companies Act, 2013.
    • For Other Companies:
      While the requirement is more stringent for listed companies, other companies—especially those meeting certain thresholds for paid-up capital, turnover, or net worth—are also expected to establish adequate internal financial controls. Even if not strictly mandatory for every company, implementing IFCs is considered a best practice for good corporate governance.

    Conclusion

    Internal Financial Controls are essential tools for ensuring the integrity of financial operations. They are a mandatory requirement for listed companies and are strongly recommended for all companies to promote transparency, safeguard assets, and manage risks effectively.

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