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 be maintain in accordance with the generally accept accounting principles (GAAP). This means that the books must be accurate, complete, and up-to-date.
They must also be able to provide a true and fair view of the financial affairs of the diagnostic center.
The books of account must be maintain for a minimum period of eight years. This is to ensure that the tax authorities can access them if they need to.
If a diagnostic center fails to maintain proper books of account, it could face penalties from the tax authorities. These penalties could include fines, interest, and even imprisonment.
Therefore, it is important for all diagnostic centers to ensure that they maintain proper books of account. This will help them to comply with the law and avoid any penalties.
Here are some of the key requirements for bookkeeping for diagnostic centers in India:
- The books must be maintain in a single bound book or loose-leaf binders.
- The books must be write in ink or by a computer.
- The books must be kept in a safe place where they are accessible to the tax authorities.
- The books must be update on a regular basis.
- The books must be sign by the proprietor or a duly authorized person.
To visit: https://www.mca.gov.in/
For further details access our website: https://vibrantfinserv.com
