Due Date Tax Audit Due Date Tax Audit, Here are the late filing penalties and deadlines for tax audit reports applicable to Real Estate Agents: Penalty: 1. If the tax audit report is not filed on or before the due date, a penalty of 0.5% of the total sales, turnover, or gross receipts of… Read More »
Media House Audit Dates Media House Audit Dates, The threshold limit of statutory audit due date for a media house is NIL. This means that all media houses, regardless of their turnover or gross receipts, are requir to have their accounts audit by a qualify auditor. The due date for submitting the audit accounts to… Read More »
Financial Misstatements in Construction Project Sure, here are some examples of potential financial misstatements in construction project audits: 1. Overstating or understating revenue: This can be done by recognizing revenue prematurely or delaying its recognition, or by inflating or deflating the amount of revenue recognized. 2. Overstating or understating costs: This can be done… Read More »
Audit limits sales services Audit limits sales services Yes, there are threshold limits for statutory audit for traders and stores. The specific limits vary depending on the country or jurisdiction. In India, for example, a trader or store is required to have a statutory audit if its turnover is more than INR 25 crores… Read More »
Dedline of Tax Audit for Sales The dedline of tax audit for Sales & Services businesses in India is September 30th of the assessment year. The assessment year follows the financial year in which the business income was generated; for instance, the assessment year for the fiscal year 2022-23 is 2023-24. This deadline is uniform… Read More »
Bookkeeping Limit for Fuel Dealers Indeed, there are threshold limits for bookkeeping for fuel dealers. The threshold limit is determined by the turnover of the fuel dealer. If the turnover of the fuel dealer is less than Rs. 25 crores, then there is no requirement for statutory audit. However, the fuel dealer is still… Read More »
Penalties for Late Filing of Statutory Audit Yes, there are penalties for late filing of statutory audit. The penalty depends on the amount of turnover of the entity. If the turnover is less than Rs. 50 crores, the penalty is 0.5% of the turnover, up to a maximum of Rs. 1,50,000. If the turnover… Read More »
Dedline of Statutory Audit for Fuel Dealers The Dedline of Statutory Audit for Fuel Dealers must be completed by September 30th of the subsequent financial year. For example, the statutory audit for the financial year 2023-2024 must be completed by 30th September 2024. However, there are some exceptions to this rule. For example, if… Read More »
Financial Statements for Dental and Medical The key financial statements for Dental and Medical Laboratories in India include: 1. Income Statement (Profit and Loss Statement): This financial statement presents the revenues earned and expenses incurre by the dental and medical laboratory during a specific period, typically a year. It shows the laboratory’s net income… Read More »
Financial Statements Audit In hospitals in India, three key Financial Statements Audit are audited: ◘ Income Statement: Also known as the Profit and Loss (P&L) statement, this Financial Statements Audit provides a summary of the hospital’s revenues, expenses, and profits or losses over a specific period. It offers insights into the hospital’s financial performance,… Read More »