Statutory Audit for Sales & Services Sure, the due date of statutory audit for Sales & Services is 30th September of the subsequent financial year. For example, if the financial year of a Sales & Services business is from 1st April 2023 to 31st March 2024, then the due date for the statutory audit is… Read More »
Tax Audit for Construction The due date for filing the tax audit report for the Construction Works & Materials industry for the fiscal year 2020-21 is January 15, 2022. This is the same due date for all other industries. However, if the due date falls on a Saturday, Sunday, or a public holiday, the deadline… Read More »
Balance Sheet for Construction Balance Sheet for Construction work-in-progress (CIP) is a long-term asset account that tracks the costs of a construction project that is not yet complete. The CIP account includes the cost of materials, labor, and other expenses incurred on the project. Once the project can complete, the CIP account is transferred to… Read More »
Late Filing Penalties Yes, there are penalties for late filing of Sales and Services returns under the Goods and Services Tax (GST) in India. The penalties are as follows: 1. Late filing fee: A late filing fee of Rs. 100 per day is charged for each day of delay, per act, per return. The maximum… Read More »
Computer repair expenses In the context of a computer repair and maintenance business, several specific expense categories can be identified. Computer repair expenses are directly related to the operation of such a business and are essential for maintaining its efficiency and functionality. 1. Tools and Equipment Costs: Computer repair and maintenance businesses require… Read More »
Sales and Services Tax Audit Sure, there is a threshold limit of tax audit for Sales & Services. The threshold limit is Rs. 1 crore for businesses with more than 5% cash transactions and Rs. 10 crores for businesses with less than 5% cash transactions. This means that if a business’s total sales, turnover,… Read More »
Accounts Payable Accounts payable for suppliers of computer repair materials refer to the outstanding amounts that a business owes to its suppliers for the materials and goods used in the computer repair and maintenance services. Properly managing accounts payable is crucial for maintaining healthy vendor relationships, cash flow, and financial stability. Here’s how you… Read More »
Account Finalization for Electrical Items The key financial statements involved in the account finalization for electrical items are: 1. Income statement: It shows the company’s revenues, expenses, and profits over a period of time. This statement is important for electrical retailers to track their financial performance and make informed business decisions. 2. Balance sheet:… Read More »
Manufacturing Process Work in progress refers to the expenses tied to incomplete items within the Manufacturing Processjourney, encompassing labor, raw materials, and overhead costs. It is considered to be a current asset on the balance sheet because it is expected to be converted into cash within one year. The amount of WIP on the… Read More »
Maintenance Contracts Finalizing the accounts for Computer Repair & Maintenance contracts Services involves several key steps to ensure accurate financial reporting and compliance with tax regulations. 1. Gather Financial Data: Collect all financial records, including invoices, receipts, bank statements, and expense documents related to your computer repair and maintenance business. 2. Categorize Income… Read More »
