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 »
Sales and Services Tax Audit Sure, there is a threshold limit of tax audit for Sales & Services. The threshold limit is Rs. 1 crore for businesses with more than 5% cash transactions and Rs. 10 crores for businesses with less than 5% cash transactions. This means that if a business’s total sales, turnover,… Read More »
Tax Audit Report for Architectural Tax Audit Report for Architectural In India, for businesses engaged in providing architectural, engineering, and surveying services, the threshold limit for tax audit under Section 44AB of the Income Tax Act is Rs. 1 crore. This means that if the total gross receipts or turnover from these professional services… Read More »
Tax Audit Report for Freelancers Tax Audit Report for Freelancers in India should adhere to several compliance measures to steer clear of tax audit issues. These steps help ensure accurate reporting and maintain transparency in their financial dealings. There are following steps for Tax Audit Report for Freelancers: 1. Maintain Accurate Records: Freelancers… Read More »
Compliance Measures for Architectural Compliance measures for Architectural, Engineering, and Surveying Services to avoid tax audit issues in India can be outlined as follows: ◘ Proper Record Keeping: Maintain comprehensive and accurate records of financial transactions, invoices, receipts, and expenses. This documentation serves as crucial evidence during tax audits and ensures transparency in your… Read More »
Tax Audit Report Penalty & Dedline Tax Audit Report Penalty & Dedline, if a freelancer in India has a turnover of more than Rs. 1 crore in a financial year, they are required to get their accounts audited by a chartered accountant. The due date for filing the tax audit report for freelancers is 30th… Read More »