Tax Audit for Printing Services Sure, there is a threshold limit of tax audit for printing services. Under Section 44AB of the Income Tax Act, 1961, a person carrying on the business of printing is require to get his books of account audited if the gross receipts of the business exceed Rs. 1 crore… Read More »
Registering Retail Finances Registering Retail Finances, Here are some of the key financial transactions that a resisted grocery & merchandise store should record: 1. Sales: This is the most important transaction for any registering retail finances store, as it represents the revenue that the store generates. Sales should be recorded by the type… Read More »
Printing service Printing service, According to the code you provided, there is no threshold limit for account finalization for Printing Services. This means that all accounts, regardless of the amount of money involved, will be finalized. However, it is important to note that this is just a stub code and does not reflect the… Read More »
Agent Financial Closing Agent Financial Closing: Sure, here are the steps on how to do account finalization in real estate agents: 1. Gather all the necessary documents: This includes the closing disclosure, the deed, the mortgage documents, and any other paperwork that was signed at the closing. 2. Reconcile the closing costs: This means… Read More »
Balance Sheet for the Grocery Here are the steps on how to draft a balance sheet for the grocery & merchandise stores: 1. Determine the reporting date and period: The reporting date is the date on which the balance sheet is being prepared. The reporting period is the length of time covered by the… Read More »
Threshold Limit of Account Finalization According to the code you provided, there is no threshold limit of account finalization for Printing Services. This means that all accounts, regardless of the amount of money involved, will be finalized. However, it is important to note that this is just a stub code and does not reflect… Read More »
Due Date Tax Audit Due Date Tax Audit, Here are the late filing penalties and deadlines for tax audit reports applicable to Real Estate Agents: Penalty: 1. If the tax audit report is not filed on or before the due date, a penalty of 0.5% of the total sales, turnover, or gross receipts of… Read More »
Track Inventory Certainly, here are some unique ways to track inventory and supplies in bookkeeping for a printing company: Use a barcode system. This is a great way to track individual items of inventory and supplies. Barcodes can be scanned to quickly and easily record inventory transactions, such as receiving new items, issuing supplies, and… Read More »
Bookkeeping for Real Estate Yes, there is a threshold limit of bookkeeping for real estate agents and managers-rentals in India. As per the Income Tax Act, 1961, all businesses with a turnover of more than INR 20 lakhs are required to maintain regular books of accounts and records. This includes real estate agents and… Read More »
Account Finalization For Manpower No, there is no threshold limit of account finalization for Manpower & Employment Agencies finalization in India. The Ministry of Labour and Employment has not set any such limit. However, manpower agencies are required to maintain certain records, such as the identity of the employer and employee, the terms of… Read More »