Tax Deductions Here are the tax deductions available for diagnostic centers during ITR filing in India: 1. Section 80D: This section allows a deduction of up to Rs. 50,000 on medical expenses incurred by the taxpayer, his/her spouse, children, parents, and dependents. This includes expenses incurred on hospitalization, surgery, consultation fees, diagnostic… Read More »
Tax Deductions for Automobile Here are some tax deductions for automobile dealers during ITR filing: 1. Depreciation on motor vehicles: Automobile dealers can claim depreciation on motor vehicles used for business purposes. The amount of depreciation that can be claimed depends on the type of vehicle and its age. 2. Interest on car loans:… Read More »
Account Finalization for Diagnostic Centers There is a threshold limit of Account finalization for diagnostic centers in India. The limit is set by the National Insurance Company (NIC) and is currently Rs. 50,000. This means that any diagnostic bill below Rs. 50,000 must be finalize within 15 days of submission. Bills above Rs. 50,000… Read More »
BalanceSheet for DiagnosticCenters Here is no any threshold limit of balancesheet for DiagnosticCenters as it is not specifically mention in the Companies Act, 2013. The threshold limit is the minimum amount of turnover or net worth that a company needs to achieve in order to be classified as a small, medium, or large enterprise.… Read More »
Account Finalization for Automobile Dealers Of course, there is a threshold limit of account finalization for automobile dealers in India. The limit is set by the Reserve Bank of India (RBI) and is currently Rs. 1 lakh. It means that automobile dealers cannot finalize any account that has a balance of more than Rs.… Read More »
Automobile Dealers Should Record Bookkeeping Automobile Dealers should record Bookkeeping Of course, here are some essential financial transactions that an automotive dealer should document in their bookkeeping: 1. Vehicle sales and purchases: This includes the sale of both new and used vehicles, as well as the purchase of vehicles for resale. 2. Inventory: Automobile dealers… Read More »
Dealership Taxation Sure, here are some compliance measures that automobile dealership taxation 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 up to six years, so it’s important… Read More »
Balance Sheet for Automobile Dealer The threshold limit of balance sheet for automobile dealer is not defined by any law or regulation. However, there are some industry standards that are commonly used. For example, the National Automobile Dealers Association (NADA) recommends that automobile dealers have a minimum net worth of 250,000 and a minimum… Read More »
Statutory Audit for Printing Services Yes, there are threshold limits for statutory audit for printing services in India. The threshold limit is determined by the turnover of the printing company. If the turnover of the printing company is less than INR 25 lakhs, it is not require to have a statutory audit. The turnover… Read More »
Real Estate Industry Sure, The threshold limit for statutory audit due date for real Real Estate Industry in India is ₹ 25 lakhs. This means that if the total gross receipts of a real estate agent in a financial year is more than ₹ 25 lakhs, then they are require to get their… Read More »
