Tax Audit Issues Certainly, below are several recommendations that restaurants and hotels ought to follow to avoid encountering problems during tax audit issues: 1. Maintain Accurate and Comprehensive Records: It’s crucial to keep meticulous records of both income and expenses, as well as detailed employee records. 2. Submit Timely and Accurate Tax Returns: Ensure… Read More »
Due Date of Tax Audit for Printing Services The due date of tax audit for Printing Services is September 30, 2023 for the Financial Year (FY) 2022-23 (Assessment Year (AY) 2023-24). This is the same due date for all businesses with an annual turnover exceeding 1 crore and any professional with receipts above Rs 50… Read More »
Tax Audit for Restaurants and Hotels The threshold limit and due date of tax audit report for restaurants or hotels depends on the annual turnover of the establishment: 1. If the annual turnover is less than Rs. 1 crore, the threshold limit is Rs. 5 lakh. The due date for filing the tax audit… Read More »
Accounts Receivable for Printing Services The assessment of accounts receivable for Printing Services in India lacks a singular determination, given. Its reliance on several variables like company magnitude, industry domain, and credit stipulations. However, according to a 2022 report by the Indian Chamber of Commerce, the average accounts receivable turnover ratio for printing companies in… Read More »
Account Finalization of Textile and Clothes Here are the key steps involved in the Account finalization of textile and clothes traders: 1. Gather all relevant documents and information: This includes invoices, receipts, bank statements, and any other documentation that supports the transactions that have taken place during the period. 2. Reconcile all transactions:… Read More »
Statutory Audit limit for Restaurants The annual turnover threshold for Statutory Audit limit for Restaurants or hotels is ₹1 crore. This means that all restaurants or hotels with an annual turnover of more than ₹ 1 crore are required to get their accounts audited by a chartered accountant before the 30th September of the… Read More »
Importance of Accurate Bookkeeping Sure, here are some of the key importance of accurate bookkeeping for textile and clothing traders: 1. Importance of Accurate Bookkeeping: Helps to track financial performance: Accurate bookkeeping helps textile and clothing traders to track their financial performance by providing them with a detailed record of their income and expenses.… Read More »
Threshold for Tax Audit The threshold for tax audit pertaining to Furniture & Appliances: Traders & Stores stands at Rs. 10 crore for the assessment year 2023-24, subject to fulfillment of these conditions: 1. The combined cash receipts (encompassing sales, turnover, and gross receipts) must not surpass 5% of the overall gross receipts. 2.… Read More »
Tax Audit Report for Textile and Clothes Here are the key components of a Tax Audit Report for Textile and Clothes services: 1. Section A: Essential Details Taxpayer’s name, address, and Permanent Account Number (PAN) Auditor’s name (individual or firm) Relevant law governing the audit (e.g., Companies Act) Date of the audit report Period… Read More »
Account Finalization for Furniture Sure, here are the steps on how to do account finalization for Furniture & Appliances: Trader & Stores: 1. Reconcile all bank statements: This means matching the transactions in your accounting records to the transactions on your bank statements. 2. Post all outstanding transactions: This includes any sales or purchases that… Read More »
