Tax Audit Report for Construction Works Tax Audit Report for Construction Works Certainly, there exist consequences when it comes to the delayed submission of documentation regarding construction works and materials. The specific penalties are contingent on the governing jurisdiction, encompassing: 1. Daily Fine for Late Submission: A monetary penalty levied for each day beyond… Read More »
Accounting standards In the computer repair and maintenance sector, ensuring compliance with relevant accounting standards is crucial to maintain accurate financial records and uphold transparency. Three key measures to achieve this are: 1. Proper Expense Categorization: One important step is to accurately categorize expenses related to the business. This includes differentiating between operational… Read More »
Bookkeeping for Construction In the realm of the construction industry, bookkeeping serves a vital purpose by meticulously recording and monitoring all financial dealings associated with a construction project, spanning from the initial planning phases to the project’s ultimate completion. This encompassing role includes diligently tracking expenditures, incoming revenue, and profit margins. The act of… Read More »
ITR for Computer Sales & Services ITR for Computer Sales & Services is July 31 of the assessment year. For example, the due date for filing ITR for the financial year 2022-23 is July 31, 2023. However, there are some taxpayers who are allowed to file their ITRs after the due date. These taxpayers… Read More »
Balance Sheet for Architectural Yes, drafting a balance sheet is mandatory for businesses providing Architectural, Engineering, and Surveying Services in India. In India, every business entity, including those offering professional services like architectural, engineering, and surveying services, is required to maintain proper financial records and prepare financial statements, including a balance sheet. A balance sheet… Read More »
Revenues from the Computer Repair The revenues from computer repair and maintenance services are typically reflect in the balance sheet draft as follows: 1. Income/Sales: The revenues generated from providing computer repair and maintenance services can record as income or sales on the balance sheet. This is usually categorize under the “”Revenue”” or “”Income””… Read More »
Financial Statements Audited for Freelancers Financial Statements Audited for Freelancers in India typically have a simplified financial structure compared to traditional businesses, which reflects in the key financial statements audited for them. The main financial statements audited for freelancers in India are: ◘ Income Statement: This statement provides a summary of the freelancer’s revenues and… Read More »
Balance Sheet for Construction Balance Sheet for Construction in process (CIP) denotes the expenses linked with an ongoing development of a long-term asset. It is recorded as a non-current asset on the balance sheet, under the property, plant, and equipment (PP&E) section. The CIP account has a debit balance, and the amount in the account… Read More »
Limit for Balance Sheet The threshold limit for balance sheet reporting varies depending on the nature of the business. For Architectural, Engineering, and Surveying Services in India, the threshold limit determines whether the business is required to get its accounts audited under the Income Tax Act. 1.Threshold Limit Explanation: In the context of Architectural,… Read More »
Tax Audit Report for Freelancers Tax Audit Report for Freelancers in India should adhere to several compliance measures to steer clear of tax audit issues. These steps help ensure accurate reporting and maintain transparency in their financial dealings. There are following steps for Tax Audit Report for Freelancers: 1. Maintain Accurate Records: Freelancers… Read More »
