Statutory Audit Threshold for Automobile The statutory audit threshold for automobile dealers stands at Rs. 2 crore in a financial year. This means that if the turnover of an automobile dealer exceeds Rs. 2 crore in a financial year, then they are required to get their accounts audited by a chartered accountant or a cost… Read More »
Book keeping For Media Houses Sure, there is a threshold limit of book keeping for media houses in India. Under Section 44AB of the Income Tax Act, 1961, a media house is required to maintain regular books of account and other documents if its turnover exceeds Rs. 25 lakhs in any financial year. This… Read More »
Diagnostic Centre Account Finalization Here are the some steps on how to do Diagnostic centre account finalization: 1. Prepare the trial balance: This is a list of all the accounts in the ledger, with their balances. The trial balance should be checked for accuracy and completeness. 2. Prepare the trading account and P&L (profit… Read More »
Tax Audit for Media House Sure. The threshold limit for tax audit for a media house is `1 crore“ for the financial year 2022-23. This means that if the total turnover of a media house is more than 1 crore for the financial year 2022-23, then it is required to get its accounts audited by… Read More »
Compliance measures Compliance measures, here is a revised version of the provided text: Outlined below are essential compliance measures that diagnostic centers must adhere to in order to prevent potential tax audit complications. Establish and Execute a Robust Compliance Risk Management Program: Devise a comprehensive program to identify and assess all tax-related compliance… Read More »
Account Closing Auto Industry Account Closing Auto Industry, Sure here are the steps on how to do account finalization in automobile dealers: Prepare the trial balance. This is a list of all the accounts in the ledger, with their balances. Make adjustments to the trial balance for any errors or omissions. This may include adjusting… Read More »
Diagnostic Centre Audit Penalties Diagnostic Centre Audit Penalties, here are the potential consequences of a delayed filing for the statutory audit pertaining to a diagnostic centre: 1. Penalty: The diagnostic centre could be liable to pay a penalty of 0.5% of its total sales, turnover, or gross receipts for each month of delay, up… Read More »
Tax Audit for Diagnostic Centre The penalty for late filing of a Tax Audit for Diagnostic Centre is Rs. 1000 per month, or part of a month, for the delay, up to a maximum of Rs. 5000. The due date for filing the tax audit report is 31st October of the assessment year following the… Read More »
Bookkeeping for Automobile Dealers Yes, there are threshold limits for bookkeeping for automobile dealers. The threshold limit varies depending on the country or state. In India, for example, the threshold limit for bookkeeping for automobile dealers is ₹40 lakhs (INR 4 million). This means that if the annual turnover of an automobile dealer is less… Read More »
Tax Audit for Automobile Dealers Tax Audit for Automobile Dealers sure, here are some compliance measures that automobile dealers should follow to avoid tax audit issues: 1. Keep accurate records: This includes all of your income and expenses, as well as any other relevant documents. The IRS can request to see your records for… Read More »
