Financial Record for Tax Audits Here are some tips on how a chemist can manage their financial record for tax audits: 1. Keep all financial records in one place: This will make it easier to find the records when you need them. 2. Organize your records chronologically: This will make it easier to track… Read More »
Tax Audit Report for Law Firm Yes, there is a penalty for not filing a tax audit report for law firm. According to Section 271B of the Income Tax Act, 1961, a law firm that required to get its accounts audited but fails to do so is liable to a penalty of: 0.5% of… Read More »
Financial Records for Tax Audits Managing financial records for tax audits is crucial for artists to ensure accurate reporting and compliance with tax regulations. Here’s how artists can effectively manage their financial records: 1. Documenting Income Sources: Artists should maintain a detailed record of all income sources, including art sales, exhibitions, workshops, and any online… Read More »
Editors Can File Tax Audits Yes Editors Can File Tax Audits, editors can be subjected to tax audits, especially if they are self-employed or have their own freelance editing business. A tax audit is a process conducted by tax authorities to verify the accuracy of a taxpayer’s financial information and ensure compliance with tax… Read More »
Tax exemptions for wholesaler Yes, in India, there are tax exemptions available for wholesaler based on their income level. The Income Tax Act of India provides various provisions for tax exemptions based on income brackets. Specifically, for wholesalers, the exemptions would depend on their annual taxable income. 1. Small Business Exemption: Small-scale wholesalers with relatively… Read More »
Chemists Required to File Tax Audit Whether an income as a chemists required to file tax audit report depends on the following factors: 1. The chemist’s turnover 2. The chemist’s cash receipts and payments 3. The nature of the chemist’s business 4. The complexity of the chemist’s financial transactions 5. The risk of tax… Read More »
Architectural Practice The suitable Income Tax Return (ITR) form for an Architectural Practice generally relies on the specific characteristics of their earnings and the manner in which their business is structured. Here’s how you can handle asset depreciation: 1. Understand Depreciation Methods: Familiarize yourself with different depreciation methods, such as straight-line depreciation, declining balance… Read More »
Presumptive Taxation Scheme Yes, architects are indeed eligible to benefit from the Presumptive Taxation Scheme under Section 44ADA of the Income Tax Act in India. This scheme is primarily designed to simplify the taxation process for professionals whose income is generated through various services, including architectural services. Under this scheme, architects can declare a… Read More »
Tax Audit Applicable for Law Firms Yes, tax audit is applicable for law firms if the turnover of the law firm exceeds Rs. 1 crore in any of the three preceding years. This is under Section 44AB of the Income Tax Act, 1961. The audit conducted by a chartered accountant who registered with the Institute… Read More »
Challenges Come for Doctors For Statutory Audit Doctors in India may face several Challenges Come for Doctors For Statutory Audit. One significant challenge is the complex nature of their income sources and expenses. Medical practitioners often have diverse revenue streams, including consultation fees, hospital affiliations, and research-related earnings. Tracking and categorizing these sources accurately… Read More »
