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 »
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 »
