Bookkeeping for Diagnostic Centre Yes, there is a threshold limit of Bookkeeping for Diagnostic Centre in India. Under the Income Tax Act, 1961, all businesses with a turnover of more than Rs. 20 lakhs in a financial year are required to maintain regular books of account. This includes diagnostic centers. The books of account must… Read More »
Limitation of Parlor Finalization Limitation of Parlor Finalization Yes, there are threshold limits for account finalization for Spas & Parlor Services in India. According to the Reserve Bank of India (RBI), the threshold limit for account finalization for these businesses is ₹20,000. This means that if the total amount of transactions in a day… Read More »
Audit Date of Parlor and Spas Audit Date of Parlor and Spas, the threshold limit for statutory audit deadline for spas and parlors services is ₹ 1 crore in terms of annual turnover. This means that if the annual turnover of a spa or parlor is more than ₹ 1 crore, it is required… Read More »
Diagnostic Centre Sure, here are some of the key financial transactions that a Diagnostic Centre should record in bookkeeping: 1. Patient payments: This includes cash, checks, and credit card payments received from patients for services rendered. 2. Accounts receivable: This is the balance of money owed to the diagnostic center by patients for services… Read More »
Audit Delay Ramifications Audit Delay Ramifications sure, here are the potential consequences of a delayed filing for the statutory audit pertaining to Spas & Parlor Services: 1. Penalty: As mentioned in my knowledge, the penalty for non-compliance with the statutory audit is ₹10,000 to ₹1,00,000. 2. Loss of credibility: A delayed filing can damage… Read More »
Balance Sheet for Spas & Parlor Within the domain of Spas & Parlor Services in India, a significant parameter is the balance sheet threshold, established at ₹2 crores. This signifies that any spa or parlor service boasting a balance sheet total exceeding ₹2 crores is obligated to initiate registration with the Goods and Services… Read More »
Balancesheet Mandatory for Diagnostic Centre Yes, Balancesheet Mandatory for Diagnostic Centre in India to draft a balance sheet. According to the Companies Act of 2013, every company, including diagnostic centers, is obligated to prepare a balance sheet as one of the fundamental financial statements. The balance sheet provides a snapshot of a company’s assets,… Read More »
Tax Audit Prevention Tax Audit Prevention sure, here are some compliance measures that spas and parlor services should follow to avoid tax audit issues: 1. Obtain a business license and permit: The requirements for obtaining a business license and permit vary from state to state. Spa and parlor owners should contact their local government… Read More »
Manpower Tax Deductions Manpower Tax Deductions and staffing firms have the opportunity to harness multiple tax deductions while filing their ITR, enhancing their financial stance: 1. Section 80JJAA: This provision allows a deduction of 30% of additional employee wages for entities providing new employment. It incentivizes job creation and can significantly reduce the tax liability.… Read More »
Tax Report for Media House The due date for filing the tax audit report for media house is 30th September of the relevant assessment year. The penalty for not filing the tax audit report by the due date is 0.5% of the total sales, turnover or gross receipts, subject to a maximum of Rs. 1,50,000.… Read More »