Author Archives: kbadmin
45. Could you outline the potential consequences of a delayed filing for the statutory audit pertaining to Automobile Dealers?
Potential Consequences Sure, here are the Potential Consequences of a delayed filing for the statutory audit pertaining to automobile dealers: 1. Penalty: The penalty for delayed filing of the statutory audit report is ₹10,000 to ₹1,00,000 for each defaulting officer. 2. Loss of credibility: A delayed filing of the statutory audit report can damage… Read More »
45. What is the penalty and Dedline of Tax Audit report for Automobile Dealers?
Dedline of Tax Audit The Dedline of Tax Audit for automobile dealers falls on the 30th of September in the following year. Failure to file this report could result in a penalty of 0.5% of the total sales, turnover, or gross receipts, with a maximum cap of Rs. 1,50,000. It’s important to note that… Read More »
What is the threshold limit of Statutory audit due date for Manpower & Employment Agencies?
Audit for EmploymentAgency Audit for EmploymentAgency, The threshold limit of statutory audit due date for manpower and employment agencies is ₹ 1 crore. This means that all manpower and employment agencies whose annual turnover is more than ₹ 1 crore required to get their accounts audit by a chartered accountant. The due date for… Read More »
30. Manpower and Employment Agencies: Could you outline the potential consequences of a delayed filing for the statutory audit pertaining to Manpower & Employment Agencies?
Manpower and Employment Agencies Sure, here are some of the potential consequences of a delayed filing for the statutory audit pertaining to Manpower and Employment Agencies: 1. The agency may be subject to fines or penalties. 2. The agency may be barred from receiving government contracts. 3. The agency may lose the confidence of… Read More »
Are there any threshold limit of bookkeeping for Diagnostic Centre?
Bookkeeping for Diagnostic Centre Yes, there is a threshold limit of Bookkeeping for Diagnostic Centre in India. Under the Income Tax Act, 1961, all businesses with a turnover of more than Rs. 20 lakhs in a financial year are required to maintain regular books of account. This includes diagnostic centers. The books of account must… Read More »
Are there any threshold limit of account finalization for Spas & Parlor Services?
Limitation of Parlor Finalization Limitation of Parlor Finalization Yes, there are threshold limits for account finalization for Spas & Parlor Services in India. According to the Reserve Bank of India (RBI), the threshold limit for account finalization for these businesses is ₹20,000. This means that if the total amount of transactions in a day… Read More »
29. Audit Date of Parlor and Spas: What is the threshold limit of Statutory audit due date for Spas & Parlor Services?
Audit Date of Parlor and Spas Audit Date of Parlor and Spas, the threshold limit for statutory audit deadline for spas and parlors services is ₹ 1 crore in terms of annual turnover. This means that if the annual turnover of a spa or parlor is more than ₹ 1 crore, it is required… Read More »
47. Diagnostic Centre: What are the key financial transactions that a Diagnostic Centre should record in Bookkeeping?
Diagnostic Centre Sure, here are some of the key financial transactions that a Diagnostic Centre should record in bookkeeping: 1. Patient payments: This includes cash, checks, and credit card payments received from patients for services rendered. 2. Accounts receivable: This is the balance of money owed to the diagnostic center by patients for services… Read More »
29. Audit Delay Ramifications: Could you outline the potential consequences of a delayed filing for the statutory audit pertaining to Spas & Parlor Services?
Audit Delay Ramifications Audit Delay Ramifications sure, here are the potential consequences of a delayed filing for the statutory audit pertaining to Spas & Parlor Services: 1. Penalty: As mentioned in my knowledge, the penalty for non-compliance with the statutory audit is ₹10,000 to ₹1,00,000. 2. Loss of credibility: A delayed filing can damage… Read More »
