Due Date of Tax Audit for Printing Services The due date of tax audit for Printing Services is September 30, 2023 for the Financial Year (FY) 2022-23 (Assessment Year (AY) 2023-24). This is the same due date for all businesses with an annual turnover exceeding 1 crore and any professional with receipts above Rs 50… Read More »
Tax Audit for Restaurants and Hotels The threshold limit and due date of tax audit report for restaurants or hotels depends on the annual turnover of the establishment: 1. If the annual turnover is less than Rs. 1 crore, the threshold limit is Rs. 5 lakh. The due date for filing the tax audit… Read More »
Threshold for Tax Audit The threshold for tax audit pertaining to Furniture & Appliances: Traders & Stores stands at Rs. 10 crore for the assessment year 2023-24, subject to fulfillment of these conditions: 1. The combined cash receipts (encompassing sales, turnover, and gross receipts) must not surpass 5% of the overall gross receipts. 2.… Read More »
Tax Audit Report for Textile and Clothes Here are the key components of a Tax Audit Report for Textile and Clothes services: 1. Section A: Essential Details Taxpayer’s name, address, and Permanent Account Number (PAN) Auditor’s name (individual or firm) Relevant law governing the audit (e.g., Companies Act) Date of the audit report Period… Read More »
Tax Audits of textile and clothing traders Here are some limitations for tax audits of textile and clothing traders: 1. The statute of limitations: The IRS can only audit a textile or clothing trader’s tax return for a certain period of time after the return was file. The statute of limitations is generally three… Read More »
Tax Audit for Mall Owners The threshold limit for tax audit for mall owners in India is Rs. 1 crore. This means that if the total turnover of a mall is more than Rs. 1 crore in a financial year, it is required to get its accounts audited by a chartered accountant. The due… Read More »
Tax Compliance for Mall Owners Tax Compliance for Mall Owners to avoid tax compliance and audit issues in India: 1. Tax Registration And Filing: Tax Compliance for Mall Owners in India must ensure timely and accurate registration under the Goods and Services Tax (GST) regime. They should regularly file GST returns, including GSTR-1 (outward supplies)… Read More »
Statutory Audit for Mall Owners The threshold limit for statutory audit for mall owners in India is Rs. 2 crores. This means that if the total turnover of a mall is more than Rs. 2 crores in a financial year, it is required to get its accounts audited by a chartered accountant. The due date… Read More »
Exemptions for electric items Yes, there are some specific Exemptions for electric items and deductions for electrical items sales and services under the GST law. Exemptions 1. Sale of electrical energy by an electricity transmission or distribution utility. 2. Supply of electrical goods to a government department or a local authority for its official… Read More »
Tax Audit for Construction The due date for filing the tax audit report for the Construction Works & Materials industry for the fiscal year 2020-21 is January 15, 2022. This is the same due date for all other industries. However, if the due date falls on a Saturday, Sunday, or a public holiday, the deadline… Read More »
