Statutory Audit for Computer Repair The key objectives of a statutory audit for computer repair and maintenance services are as follows: 1. Accuracy and Compliance: The primary objective of a statutory audit is to ensure the accuracy and compliance of financial records and statements related to computer repair and maintenance services. This involves verifying… Read More »
Bookkeeping Mandatory for Architectural Yes, bookkeeping is mandatory for Architectural, including those in the Engineering and Surveying Services sector in India. Bookkeeping involves maintaining accurate and up-to-date financial records of all transactions, income, expenses, assets, and liabilities related to the business. It helps in proper financial management, tax compliance, and making informed business decisions.… Read More »
Finalization of Accounts for Performance During the finalization of accounts for performance assessment, several financial ratios are analyzed to gain insights into the financial health and operational efficiency of a company. Three key ratios that are commonly examined include: 1. Profitability Ratios: These ratios assess the company’s ability to generate profits relative to its… Read More »
Statutory Audit for Freelancers The threshold limit and due date for statutory audit are important considerations for freelancers in India. In India, freelancers determine their eligibility for statutory audit based on their annual turnover. Under the provisions of the Income Tax Act, freelancers must undergo a statutory audit if their annual turnover exceeds Rs. 1… Read More »
Finalizing the Accounts for Architectural Finalizing the accounts for Architectural, Engineering, and Surveying Services in India involves several crucial steps to ensure accurate financial reporting and compliance. Here’s a breakdown of the process: 1. Income and Expenditure Analysis: Start by categorizing your sources of income, which may include fees for architectural designs, engineering projects,… Read More »
Deductions of ITR filling for Freelancers In India can avail of several tax Deductions of ITR filling for Freelancers. These deductions help reduce the taxable income, leading to lower tax liability. Here are some key deductions available: 1. Business Expenses: Freelancers can claim deductions for business-related expenses incurred during their work. This includes costs… Read More »
Account Finalization for the Freelancers Account finalization for the freelancers in India involves the process of preparing and organizing financial records to accurately report income, expenses, and tax liabilities. Here’s a step-by-step explanation with relevant hashtags: 1. Maintain Detailed Records: Freelancers should maintain meticulous records of all financial transactions, including income earned from clients,… Read More »
Balance Sheet for Computer Repair Drafting a balance sheet for computer repair and maintenance services involves summarizing the financial position of your business at a specific point in time. It showcases your assets, liabilities, and owner’s equity. Here’s how to do it: 1. Assets: List the resources owned by your computer repair and… Read More »
Tax Audit Report for Architecturals The penalty and due date of the tax audit report for Architecturals, Engineering, and Surveying Services in India are as follows: ◘ Due Date: The due date for filing the tax audit reports for businesses providing Architectural, Engineering, and Surveying Services in India is generally September 30th of… Read More »
Finalizing Accounts for Freelancers Finalizing accounts for freelancers in India as it directly affects their tax reporting. When freelancers finalize their accounts, they are essentially completing the process of organizing and summarizing their financial transactions for a specific period. This involves calculating their total income, deducting eligible expenses, and arriving at the net profit… Read More »
