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 includes turnover from all sources, including advertising, subscription, and other income.
If the turnover of a media house is less than Rs. 25 lakhs, it is not required to maintain regular books of account. However, it is still advisable to do so, as it can help to:
- Track the financial performance of the business
- Comply with other regulatory requirements
- Resolve disputes with third parties
- Prepare for future taxation liabilities
If you are a media house with a turnover of less than Rs. 25 lakhs, you can choose to maintain simplified books of account.
However, these books of account must still be maintained in a systematic manner and must be able to provide a true and fair view of the financial affairs of the business.
To visit: https://www.mca.gov.in/
For further details access our website: https://vibrantfinserv.com