Category Archives: Accounting & Finance

What compliance measures should School, Colleges, Universities, Professional Schools follow to avoid tax audit issues?

Compliance measures Schools, colleges, universities, and professional schools in India should adhere to several compliance measures to prevent tax audit issues. These measures are essential to ensure proper tax reporting and compliance with the tax laws of the country. Here’s a breakdown of the steps they should take: 1. Maintain Accurate Records: Educational… Read More »

Is it necessary to conduct Account Finalization for fashion designers?

Account Finalization for Fashion Designers Account finalization for fashion designers refers to the financial procedure of reconciling and formally closing a company’s books of accounts at the conclusion of a designated period, typically a fiscal year. This process is primarily relevant for businesses and organizations to accurately assess their financial health, prepare financial statements,… Read More »

What is the process of account finalisation for the fashion designers?

Account Finalisation for Fashion Designers The process of Account Finalisation for Fashion Designers refers to the steps taken to conclude and complete the financial activities and reporting for a specific period, usually at the end of a fiscal year. Accounting procedure involves several key tasks that ensure the accuracy and completeness of a company’s… Read More »

What is threshold limit for bookkeeping for fashion designers?

Bookkeeping for Fashion Designers According to the Income Tax Act, 1961, bookkeeping for fashion designers it is not mandatory of account if their turnover does not exceed 1,20,000 in any of the three preceding years. However, it is still advisable for fashion designers to maintain books of account even if they are not required… Read More »

How to draft a balance sheet for fashion designers?

Balance Sheet for Fashion Designers Creating a balance sheet for fashion designers entails showcasing the business’s financial standing at a particular moment. The balance sheet provides a snapshot of assets, liabilities and owner’s equity, helping you assess the financial health and stability of your fashion design business. Here’s a step-by-step guide on Drafting a… Read More »

How to ensure accurate financial representation for your fashion brand’s Balance Sheet Draft?

Financial Representation for Your Fashion Brand’s Ensuring accurate financial representation for your fashion brand’s Balance Sheet draft is crucial for making informed business decisions and maintaining transparency. Here are the comprehensive guide to help you achieve Accurate financial representation: 1. Accurate Recording of Transactions: Ensure that all financial transactions, whether they involve assets, liabilities, or… Read More »

How to ensure that Statutory audit for the Fashion Designers?

Statutory Audit for Fashion Designers Ensuring a prosperous statutory audit for fashion designers necessitates meticulous readiness and strict adherence to pertinent financial statutes. Here’s a comprehensive step-by-step manual to assist you on this journey: 1. Engage a Qualified Auditor: Start by selecting a reputable and experienced auditor who specializes in the fashion or creative… Read More »

Is statutory audit for fashion designers?

Tax Audit Report for Freelancers, Tax compliance and audit

Statutory Audit for Fashion Designer Statutory Audit for Fashion Designer requirements can vary based on the jurisdiction and specific circumstances of a business. In general, a statutory audit typically required for companies that meet certain financial thresholds or criteria set by relevant regulatory authorities. These audits aim to ensure accuracy, transparency, and compliance in… Read More »

What is the threshold limit of balance sheet for Hospitals?

Balance Sheet Threshold for Hospitals The balance sheet threshold limit for hospitals in India is a financial benchmark that determines whether a hospital required to prepare and file a balance sheet. In general, all businesses, including hospitals, are required to prepare and file balance sheets if their total income exceeds a specified threshold limit.… Read More »

What are the challenges come for fashion designers for statutory audit?

Challenges During Statutory Audits for Fashion Designers Fashion designers, like professionals in any other industry, encounter specific challenges during statutory audits for Fashion Designers. Statutory audits are comprehensive examinations of a company’s financial records and operations to ensure compliance with relevant laws and regulations. In the context of fashion designers, several challenges may arise… Read More »