Balance Sheet for Spas & Parlor Within the domain of Spas & Parlor Services in India, a significant parameter is the balance sheet threshold, established at ₹2 crores. This signifies that any spa or parlor service boasting a balance sheet total exceeding ₹2 crores is obligated to initiate registration with the Goods and Services… Read More »
Balancesheet Mandatory for Diagnostic Centre Yes, Balancesheet Mandatory for Diagnostic Centre in India to draft a balance sheet. According to the Companies Act of 2013, every company, including diagnostic centers, is obligated to prepare a balance sheet as one of the fundamental financial statements. The balance sheet provides a snapshot of a company’s assets,… Read More »
Tax Audit Prevention Tax Audit Prevention sure, here are some compliance measures that spas and parlor services should follow to avoid tax audit issues: 1. Obtain a business license and permit: The requirements for obtaining a business license and permit vary from state to state. Spa and parlor owners should contact their local government… Read More »
Manpower Tax Deductions Manpower Tax Deductions and staffing firms have the opportunity to harness multiple tax deductions while filing their ITR, enhancing their financial stance: 1. Section 80JJAA: This provision allows a deduction of 30% of additional employee wages for entities providing new employment. It incentivizes job creation and can significantly reduce the tax liability.… Read More »
Tax Report for Media House The due date for filing the tax audit report for media house is 30th September of the relevant assessment year. The penalty for not filing the tax audit report by the due date is 0.5% of the total sales, turnover or gross receipts, subject to a maximum of Rs. 1,50,000.… Read More »
Statutory Audit Pertaining to Media House Here are some of the potential consequences of a delayed filing for the statutory audit pertaining to Media House: 1. Penalty: The Income Tax Act, 1961 (ITA) imposes a penalty of 0.5% of the total sales, turnover or gross receipts, whichever is higher, or Rs. 1,50,000, whichever is less,… Read More »
Threshold Limit of Statutory Audit Sure, The threshold limit of statutory audit for a diagnostic centre is Rs. 40 lakhs in terms of turnover or Rs. 25 lakhs in terms of gross receipts in a financial year. If the turnover or gross receipts of a diagnostic centre exceeds the threshold limit, then it is… Read More »
Balance Sheet Mandatory for Automobile The necessity of preparing a balance sheet mandatory for automobile dealers is not a simple matter to determine. It depends on the specific circumstances of the dealership and the jurisdiction in which it operates. In the United States, there is no federal law that requires automobile dealers to have… Read More »
Media House Financials There is no threshold limit for the balance sheet of a Media House Financials. The size… Read More »
Tax Audit Report for Diagnostic The Tax Audit Report for Diagnostic center to be required to get its accounts audited is `₹1.5 crores** for the financial year 2022-23 (assessment year 2023-24). The due date for filing the tax audit report is **31st October“ of the assessment year. Visit for more information: https://www.mca.gov.in/ Here are… Read More »
