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 »
Statutory Audit Required for Doctors In India, Statutory Audit Required for Doctors unless their gross receipts or turnover from medical practice exceed the prescribed threshold limits. Doctors and other professionals are primarily subject to tax audits under section 44AB of the Income Tax Act if they meet certain financial criteria. If a doctor’s gross… Read More »
Conducting Statutory Audit for Doctors The purpose of conducting statutory audit for doctors in India is to ensure financial transparency, accuracy, and compliance with relevant laws and regulations. A statutory audit is a mandatory examination of a doctor’s financial records, statements, and transactions by an independent Chartered Accountant. This process aims to achieve several… Read More »
Doctors Manage Financial Records for Tax Audits Doctors Manage Financial Records for Tax Audits in a meticulous manner to prepare for potential tax audits. Given the nature of their profession, accurate financial documentation is crucial. Here’s how they typically handle this: 1. Income Records: Doctors maintain a detailed record of their professional income, including… Read More »
Tax Audit Required for Law Firm Yes, Tax Audit required for Law Firm if its turnover exceeds Rs. 1 crore in any of the three preceding years. This is under Section 44AB of the Income Tax Act, 1961. The audit must conduct by a CA who is register with the Institute of Chartered Accountants of… Read More »
Are Doctors Subject to Tax Audits Are Doctors subject to tax audits:- Yes, doctors in India can be subject to tax audits under certain circumstances. Tax audits are conduct to ensure that taxpayers are accurately reporting their income, deductions, and other financial transactions. For doctors, the threshold for mandatory tax audit is applicable if their… Read More »