Financial Transactions Sure, here are some of the key financial transactions that a lodging establishment should record in bookkeeping: 1. Room revenue: This is the most important source of revenue for most lodging establishments. It includes the sale of rooms, as well as any additional charges, such as room service, minibar, and parking fees.… Read More »
Tax Audit Report for Spas For the financial year 2022-23 (assessment year 2023-24), the threshold limit governing tax audit report for Spas & Parlor Services stands at Rs. 1 crore. This implies that if your spa or parlor business achieves a total turnover exceeding Rs. 1 crore during FY 2022-23, the engagement of a… Read More »
Tax Audit Report for Grocery Here are the key components of a Tax Audit Report for Grocery & Merchandise Stores: 1. Executive Summary: This section provides an overview of the audit, including the scope, objectives, and findings. 2. Background: This section provides information about the taxpayer, including the business structure, operations, and tax filing… Read More »
Balance Sheet for Spas Balance Sheet for Spas, No, drafting a balance sheet is not mandatory for spas and parlor services in India. The Companies Act of 2013 only mandates the preparation of balance sheets for companies that are registered under the Act. Balance sheet for spas and parlor services are not considered to… Read More »
Key Financial Transactions Sure, here are the Key Financial Transactions that a spas and parlor services should record in bookkeeping: 1. Sales: This includes all revenue generated from the sale of services, products, or memberships. 2. Cost of goods sold: This includes the direct costs associated with providing the services or products sold, such… Read More »
ITR Filling for Real Estate ITR Filling for Real Estate, here are some of the tax deductions available for real estate agents during ITR filling for real estate in India: 1. Commissions paid: Real estate agents can deduct the commissions they pay to other agents or brokers in connection with the sale or purchase… Read More »
Manpower Tax Penalty Manpower Tax Penalty, Employment Agency Audit the penalty and due date of the tax audit report for Manpower & Employment Agencies (MEAs) vary depending on the state. In Wisconsin, for example, MEAs are required to file a tax audit report with the Department of Revenue by the 15th day of the… Read More »
AccountsFinalization for Spas Yes, here are the steps on how to do AccountsFinalization for Spas and parlor services: 1. Reconcile all bank statements: This means matching the transactions in your spa’s or parlor’s books with the transactions on your bank statements. This is important to ensure that all of your income and expenses are accounted… Read More »
Due Date of Tax Audit Panalty and Due Date of Tax Audit, The penalty for filing a late tax audit report for spas and parlor services is 0.5% of the total sales, turnover, or gross receipts. The due date for filing the tax audit report is 30 September of the assessment year following the financial… Read More »
Threshold Limit of Bookkeeping for Spas There is no threshold limit of bookkeeping for spas and parlor services. All businesses, regardless of size or industry, are required to keep accurate books and records. This is important for tracking income and expenses, managing cash flow, and complying with tax laws. For more information visit this… Read More »