Doc. Required for Sales and services Doc. required for Sales and services Sure, here are the documentations required to support the sales and services of electrical items in India: 1. BIS Registration: The Bureau of Indian Standards (BIS) is a statutory body under the Ministry of Consumer Affairs, Food and Public Distribution, Government of… Read More »
Construction Project Cost Sure, here are the different ways construction project cost are categorize in the finalization process: 1. Direct costs: These are the costs that can be directly attribute to the construction of the project, such as the cost of materials, labor, and equipment. 2. Indirect costs: The costs that are not directly… Read More »
Financial Transactions for Mall Owners should record several key Financial Transactions for Mall Owners in their bookkeeping to maintain accurate financial records and ensure proper management of their business. These transactions include: 1. Rent Payments and Receivables: Mall owners should record rent payments received from tenants as well as any outstanding rent receivables. This… Read More »
Bookkeeping for fuel dealers Sure, here are the types of accounts commonly used in bookkeeping for fuel dealers: 1. Assets: These are resources owned by the business, such as cash, inventory, and equipment. 2. Liabilities: These are debts owe by the business, such as accounts payable and loans. 3. Equity: This is the owner’s… Read More »
Bookkeeping for Electrical Items Absolutely, here are several methods for Bookkeeping for Electrical Items classify and monitor the inventory of electrical items within your bookkeeping records: 1. By product type: This is the most common way to categorize electrical inventory. You can create categories for different types of electrical products, such as light bulbs,… Read More »
ITR Penalty for Fuel Dealers Yes, there are ITR Penalty for Fuel Dealers. The penalty depends on the amount of tax due and the reason for the delay. If the delay is due to the fault of the fuel dealer, the penalty is 5% of the tax due or ₹20,000, whichever is higher. If the… Read More »
Affordable Housing Projects The deduction is available to first-time homebuyers who take a home loan for the purchase of an affordable housing projects. An affordable housing property is a residential property whose stamp duty value does not exceed Rs. 45 lakh. The maximum allowable deduction can cappe at Rs. 1.5 lakh per financial year. It… Read More »
Bookkeeping method The weighted average cost method is the most common bookkeeping method for tracking fuel inventory. This method is relatively simple to use and provides a fair approximation of the actual cost of the fuel sold. To use the weighted average cost method, you first need to calculate the average cost of all the… Read More »
ITR dedline for Fuel Dealers The ITR dedline for Fuel Dealers varies depending on the type of fuel, the state or territory, and the oil company. For example, the due date for the payment of VAT on petrol sales in Gujarat is the 12th of the following month, while the due date for the… Read More »
Exemptions for electric items Yes, there are some specific Exemptions for electric items and deductions for electrical items sales and services under the GST law. Exemptions 1. Sale of electrical energy by an electricity transmission or distribution utility. 2. Supply of electrical goods to a government department or a local authority for its official… Read More »
