Tax Compliance of Automotive Repair Services Tax Compliance of Automotive repair services in India need to adhere to certain compliance measures to avoid tax audit issues. These measures help ensure accurate reporting and minimize the risk of tax-related problems. 1. Maintaining Proper Records and Documentation: One of the key compliance measures is to maintain… Read More »
Tax Audit Report for Automotive The due date for filing the tax audit report for Automotive Repair Services in India is generally September 30th of the assessment year. In case the taxpayer is required to get their accounts audited under the Income Tax Act due to crossing the prescribed turnover threshold, they must ensure… Read More »
Audit Criteria Yes, here are the Audit criteria that determine whether a computer sales and services business is required to undergo a tax audit in India: 1. The gross receipts or turnover of the business must exceed Rs. 1 crore in the financial year. 2. The business must be a company, a limited liability partnership,… Read More »
Financial Record Required for a Tax Audit The specific financial record required for a tax audit depend on the business sector. Nevertheless, several typical documents encompass: 1. Profit and loss statement (P&L): This statement summarizes the revenues and expenses of a business over a specific period of time. We use it to calculate the… Read More »
Tax Audit Report required for Motor Yes, a Tax Audit Report required for Motor, businesses engaged in providing motor and truck rental services in India under certain conditions. As per the Income Tax Act, 1961, businesses are required to get their accounts audited if their total turnover or gross receipts in a financial year… Read More »
Statutory Audit Limit for Computer The threshold limit of statutory audit for Computer Sales & Services companies is Rs. 10 crores in terms of turnover for the financial year 2023-2024. This is according to the Companies Act, 2013. However, there are some exceptions to this rule. For example, a Computer Sales & Services company… Read More »
Compliance measures Schools, colleges, universities, and professional schools in India should adhere to several compliance measures to prevent tax audit issues. These measures are essential to ensure proper tax reporting and compliance with the tax laws of the country. Here’s a breakdown of the steps they should take: 1. Maintain Accurate Records: Educational… Read More »
Tax Audit Report Process The Tax Audit Report process closely aligns with the financial reporting and accounting practices for engineers, ensuring transparency, accuracy, and compliance in the financial records of engineering projects. When engineers undertake projects, they incur expenses, generate revenues and manage various financial aspects. Similarly, the Tax Audit Report evaluates these financial… Read More »
Tax Audit Criteria for Engineer The key criteria that determine whether an engineer is required to undergo a Tax Audit Report are as follows: 1. Gross receipts or turnover of the business: If the gross receipts or turnover of the business exceeds Rs. 1 crore, then a tax audit is required. 2. Cash transactions:… Read More »
Key Financial Statements Audited Organizations involved in charitable and social services undergo financial audits to ensure transparency and accountability. The key financial statements audited in such organizations are: 1. Income and Expenditure Statement: This statement provides a summary of the organization’s revenues and expenses during a specific period. It outlines the sources of income,… Read More »
