Threshold Limit of Balance Sheet for School The threshold limit for balance sheet for School and reporting varies for different types of educational institutions in India. Educational institutions are generally exempted from filing income tax returns if their total income falls below a certain threshold. Please note that tax laws and regulations may have… Read More »
Draft Balance Sheet for Chemists Draft balance sheet for chemists involves summarizing their financial position by showcasing their assets, liabilities, and equity at a specific point in time. Here are the step-by-step guide on how to create a balance sheet: 1. Identify Assets: List all the assets owned by the engineer. This includes both… Read More »
Penalty Tax-audit The due date and Penalty TaxAudit Reports in India for Organizations, Charitable and Social Service entities are as follows: 1. Due Date: For organizations, charitable trusts, and social service entities, the due date for filing the tax audit report is generally September 30th of the assessment year. This due date may vary… Read More »
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 »
Balance Sheet Mandatory for Dental Yes, drafting a balance sheet is mandatory for Dental and Medical Laboratories in India. The balance sheet holds significant importance as a financial statement, offering an instant view of a company’s financial stance at a particular moment. It encompasses three primary elements: assets, liabilities, and equity. Here’s why drafting… Read More »
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 »
Balance Sheet for Motion Picture & Video Balance Sheet for Motion Picture & Video, every business entity, including Motion Picture & Video Studios & Theatres, is required to prepare and maintain financial statements, which include a balance sheet, as per the provisions of the Companies Act, 2013. A balance sheet provides a snapshot of a… Read More »
Bookkeeping for Hospitals Yes, bookkeeping is mandatory for hospitals in India. Bookkeeping involves maintaining accurate and organized financial records of all transactions and activities related to the hospital’s finances. This includes income, expenses, purchases, sales, payroll, and other financial transactions. Proper bookkeeping ensures transparency, accountability, and helps in making informed financial decisions. There is… Read More »
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 »
Balance Sheet Mandatory for Hospitals Yes, drafting a balance sheet is mandatory for hospitals in India. A balance sheet is a financial statement that provides a snapshot of a hospital’s financial position at a specific point in time. It presents the hospital’s assets, liabilities, and owner’s equity. ◘ Legal Requirement: As per the Companies… Read More »
