Wholesaler Subjected to Tax Audits Wholesaler Subjected to Tax Audits Yes, wholesalers in India indeed subjected to tax audits under certain circumstances. A tax audit is mandatry when a wholesale business crosses certain specified turnover thresholds as per the provisions of the Income Tax Act, 1961. Currently, the threshold for businesses is set at… Read More »
Regulatory issues architectural projects Yes, during the tax year in India, there were several Regulatory issues architectural projects that needed special attention in the realm of architectural projects. One notable concern revolved around the Goods and Services Tax (GST) implementation. Architects and architectural firms had to ensure proper classification of services under the GST… Read More »
Statutory Audit for Architects Ensuring a successful statutory audit for architects in India involves several key steps to maintain transparency, compliance, and accuracy in financial reporting. 1. Maintain Comprehensive Financial Records: Architects should keep well-organized records of all financial transactions, including income sources and expenses. This documentation should be up-to-date, accurate, and easily accessible.… Read More »
Tax Audit Required for Architects Tax Audit Required for Architects apply to professionals, including architects, under certain conditions. According to the Income Tax Act, a tax audit is mandatory for architects if their gross receipts exceed Rs 50 lakh in a financial year. This means that if an architect’s total receipts from professional services… Read More »
Contractual audit terms The contractual agreement between a service provider and a client can have a significant impact on the statutory audit process. The statutory audit process involves an independent examination of a company’s financial statements and records to ensure their accuracy and compliance with relevant laws and regulations. The terms and conditions outlined in… Read More »
Statutory audit for physiotherapists No, statutory audit is not required for physiotherapists. It is only required for companies, limited liability partnerships, and other entities that register under the Companies Act, 2013. Individuals, including physiotherapists, do not require to get audit. To visit: https://www.incometax.gov.in However, there are some cases where a physiotherapist may require to get… Read More »
Transport Services Balance Sheet Transport Services Balance Sheet, The total assets of a company, including vehicles, equipment, and property, can vary widely depending on the size, industry, and financial health of the company. To provide an accurate answer, I would need specific information about the company in question. Companies typically report their total assets on… Read More »
Showroom Audit Process Here’s an explanation of their role: The role of a tax auditor in the showroom’s audit process is to thoroughly review and examine the showroom’s financial records, transactions, and documentation to ensure that the business is complying with all relevant tax laws and regulations. This process is aimed at verifying… Read More »
Secretarial audit vs secretarial compliance Here’s a breakdown of each: Secretarial Audit Report: Scope: A secretarial audit report provides an independent evaluation of a company’s secretarial and compliance practices. It covers a comprehensive examination of statutory registers, filings, minutes of meetings, corporate governance practices, adherence to secretarial standards, and compliance with relevant laws and regulations.… Read More »
Bookkeeping without QuickBooks Bookkeeping without QuickBooks is possible to accomplish bookkeeping tasks without relying on QuickBooks or any other accounting software.. While QuickBook is a popular and widely used tool for bookkeeping and accounting, it is not the only option available. Here are some alternatives to QuickBooks for manual bookkeeping: 1. Spreadsheets: You can… Read More »
