Audit limits sales services Audit limits sales services Yes, there are threshold limits for statutory audit for traders and stores. The specific limits vary depending on the country or jurisdiction. In India, for example, a trader or store is required to have a statutory audit if its turnover is more than INR 25 crores… Read More »
Audit Filing Penalties Audit Filing Penalties Yes, there is a penalty for late filing of statutory audit. The penalty is 0.5% of the turnover, gross receipts, or total sales, whichever is higher, up to a maximum of Rs. 1,50,000. The due date for filing the statutory audit report is 30th September of the financial year following… Read More »
Legal Requirements Sales Services Legal Requirements Sales Services The legal requirements for conducting a statutory audit for electrical items sales and services vary depending on the jurisdiction. However, there are some general principles that apply in most cases. The audit must be conducted by an independent and qualified auditor. The auditor must be familiar with the… Read More »
Threshold limits for filing an ITR Threshold limits for filing an ITR Yes, there are threshold limits for filing an Income Tax Return (ITR) for businesses that deal in sales and services. The threshold limits are as follows: Aggregate turnover of Rs. 60 lakh in a financial year. This means that if the total sales… Read More »
Dedline of Tax Audit for Sales The dedline of tax audit for Sales & Services businesses in India is September 30th of the assessment year. The assessment year follows the financial year in which the business income was generated; for instance, the assessment year for the fiscal year 2022-23 is 2023-24. This deadline is uniform… Read More »
ITR Due date for sales ITR Due date for sales: The ITR due date for Sales & Services in India is July 31 of the assessment year. For example, the ITR due date for the financial year 2022-23 (assessment year 2023-24) is July 31, 2023. However, there are some exceptions to this rule. For… Read More »
ITR for Sales&Services Yes, there are Penalty ITR for Sales&Services. The penalty depends on the date of filing the ITR. If you file your ITR on or before the due date, i.e., July 31, 2023, no penalty will be levied. If you file your ITR after July 31, 2023, but before December 31, 2023, you… Read More »
Electro Refund Insights Electro Refund Insights items are treated as negative purchases in the ITR filing. This means that the amount of the refund or return can deducte from the total purchase value of the electrical items. For instance, in a scenario where you buy a television priced at Rs. 10,000 and then return… Read More »
Bookkeeping mandatory for Mall Owners It is not only recommended but often Bookkeeping mandatory for mall owners. Bookkeeping involves recording and organizing financial transactions related to the mall’s operations. That practice is crucial for several reasons: 1. Financial Transparency and Compliance: Accurate bookkeeping provides a clear record of income, expenses, and other financial activities. This… Read More »
Limit of Bookkeeping for Printing Yes, there is a threshold limit of bookkeeping for printing services in India. Under the Income Tax Act, 1961, a business is required to maintain books of account if its turnover exceeds Rs. 20 lakhs in any financial year. This includes printing services businesses. However, there are some exceptions to… Read More »
