Penalties for Late Filing of Tax Audit Penalties for Late Filing of Tax Audit: Yes, there are penalties for late filing of TDS returns for printing services. The penalty is levied under section 271H of the Income Tax Act, 1961. The amount of penalty depends on the delay in filing the return. If the return… Read More »
Balance Sheet for a Furniture and Appliances The necessity of creating a balance sheet for a furniture and appliances trading establishment hinges upon the legal obligations stipulated by the country or state of operation. In general, enterprises obligated to submit yearly financial reports to governmental bodies are also required to include a balance sheet. This… Read More »
Financial statements for Statutory Audit Financial statements for Statutory Audit: Here are the fundamental financial statements for Statutory audit typically subject to auditing within the context of a Furniture & Appliances Trader & Stores business: 1. Balance Sheet: This statement presents the company’s assets, liabilities, and equity at a specific moment in time. It offers… Read More »
Tax Compliance For Realtors Here are some Tax Compliance For Realtors real estate agents should follow to avoid tax audit issues: 1. Keep accurate and complete records: This includes all of your income and expenses, as well as any supporting documentation. The IRS can ask to see your records for up to 7 years,… Read More »
Balance Sheet Limit for Real Estate The prescribed balance sheet limit for real estate agents in India stands at 20 crore rupees. This means that any real estate agent whose balance sheet exceeds 20 crores is required to register with the Ministry of Corporate Affairs (MCA) as a company. This requirement was introduce in 2018… Read More »
Statutory audit for Furniture and Appliances The prescribed deadline of due date for the Statutory audit for Furniture and Appliances of Traders & Stores is ₹1 crore. This signifies that Furniture and Appliances Traders or Stores, generating an annual turnover exceeding ₹1 crore, are obligate to undergo an audit of their accounts conducted by… Read More »
Due Date of Tax Audit for Real Estate Due Date of Tax Audit for Real Estate, The threshold limit for tax audit for real estate agents is Rs. 10 crore in the financial year 2022-23 (assessment year 2023-24). If the cash transactions do not exceed 5% of the total transactions. This is an increase from… Read More »
Tax Deductions for Furniture and Appliances Here is a list of potential Tax Deductions for Furniture and Appliances of Traders & Stores during the process of filing ITR: 1. Depreciation: You have the option to gradually depreciate the expenses related to furniture and appliances over a specific duration. This depreciation process assists in lowering… Read More »
Accounts finalization for Restaurants and Hotels Account finalization for Restaurants and hotels involves the preparation of financial statements covering a designated time frame. This includes gathering all of the relevant financial data, such as sales, expenses, and assets, and then compiling it into a cohesive report. For restaurants and hotels in India, Account finalization… Read More »
Tax Audit for furniture and appliances Tax Audit for furniture and appliances: Here are some recommended compliance steps that furniture and appliances traders and stores should adhere to in order to prevent Tax audit for furniture and appliances complications: 1. Maintain Accurate Documentation: Maintain precise records of all transactions, including sales receipts, invoices, and… Read More »
