Category Archives: Tax Audit

What is the threshold limit and due date of tax audit report for School, Colleges, Universities, Professional Schools?

Audit for EducationalInstitutions   Tax Audit for EducationalInstitutions threshold limit and due date  for educational institutions like schools, colleges, universities and professional schools in India are as follows: Threshold Limit: Education institutions required to get a tax audit done if their total gross receipts or turnover exceed ₹1 crore in a financial year. If the… Read More »

What is the threshold limit and due date of tax audit report for Organizations, Charitable and Social Service ?

Tax Audit Report for Freelancers, Tax compliance and audit

Tax Audit Threshold Limit Tax Audit Threshold Limit, the threshold limit and due date of tax audit report for organizations, charitable and social service entities in India are as follows: Threshold Limit: Organizations, charitable institutions and social service entities can requir to get their accounts audit if their total gross receipts or turnover exceeds Rs.… Read More »

What compliance measures should Organizations, Charitable and Social Service follow to avoid tax audit issues?

Organizations tax Strategy   Organizations tax Strategy, Charitable and Social Service entities in India need to adhere to certain compliance measures to avoid tax audit issues. These measures help ensure proper financial reporting and transparency: ◘ Maintaining Proper Books of Accounts: Organizations must maintain accurate and up-to-date books of accounts, including records of income, expenses,… Read More »

Can you explain the concept of GST (Goods and Services Tax) and its implications for tour and travel agencies during a tax audit?

GST for for Tour and Travel   GST for for Tour and Travel, GST (Goods and Services Tax) is a comprehensive form of indirect taxation imposed on the provision of goods and services at every stage of their production or distribution. It has replaced multiple cascading taxes like VAT, service tax, and excise duty, streamlining… Read More »

What is the threshold limit and due date of tax audit report for Dental and Medical Laboratories?

Tax Audit Threshold The Tax Audit threshold limit and due date of tax audit report for Dental and Medical Laboratories in India depend on their total sales, turnover and professional income. If their gross receipts exceed ₹1 crore in a financial year, they required to get their accounts audit under Section 44AB of the Income… Read More »

What compliance measures should Dental and Medical Laboratories follow to avoid tax audit issues?

Avoid Tax Audit Issues   Dental and Medical Laboratories in India should adhere to several compliance measures to avoid tax audit issues. These measures are essential to ensure accurate financial reporting and adherence to tax regulations. 1. Proper Bookkeeping and Accounting: Maintaining accurate and up-to-date financial records is crucial. Dental and Medical Laboratories should keep… Read More »