Balance Sheet Mandatory for Freelancers Yes, drafting a balance sheet mandatory for freelancers in India under certain circumstances. A balance sheet is a financial statement that provides a snapshot of a freelancer’s financial position at a specific point in time, showcasing their assets, liabilities, and owner’s equity. Here’s an explanation with hashtags: 1.… Read More »
Tax Deductions for Architectural Tax Deductions for Architectural, engineering, and surveying services can claim certain tax deductions while filing their Income Tax Return (ITR). These deductions help reduce the taxable income and subsequently lower the tax liability. Here’s an explanation with three hashtags related to the answer: 1. ProfessionalExpensesDeduction: Professionals in architectural, engineering,… Read More »
Computer Sale and Service Here are some unique ways a company can maintain proper records of its Computer Sale and Service transactions: 1. Use a cloud-based accounting software: This software can be accessed from anywhere and allows you to easily track your sales and service transactions. It also has features that can help you… Read More »
Tax Audit Report for Freelancers The threshold limit for tax audit for FreelancersIn India, freelancers are required to undergo a tax audit if their gross receipts or turnover from freelancing activities exceed the prescribed threshold limit. For freelancers, the threshold limit for tax audit under Section 44AB of the Income Tax Act, 1961, is… Read More »
Expense Recording Methods Expense Recording Methods for Motor and truck rental service providers in India categorize and record expenses in their bookkeeping to effectively manage their business finances. They follow a systematic approach to ensure accurate accounting and compliance with taxation regulations. 1. Expense Categorization: Motor and truck rental service providers categorize expenses into… Read More »
Financial Statements Audited for Architectural In the context of financial statements audited for Architectural, Engineering, and Surveying Services in India, the key financial statements that are typically audited include: ◘ Balance Sheet: The balance sheet offers a momentary glimpse into the financial status of the company at a particular juncture. It outlines the company’s… Read More »
Balance sheet for freelancers The threshold limit of balance sheet for Freelancers in India, in terms of the balance sheet, refers to the maximum turnover or gross receipts that a freelancer can have before being required to undergo tax audit under Section 44AB of the Income Tax Act. This limit is subject to change and… Read More »
Financial Transactions for Freelancers Financial Transactions for Freelancers in India should diligently record several key financial transactions in their bookkeeping to ensure accurate financial management and compliance with tax regulations. These financial transactions for freelancers include: 1. Income from Services: Freelancers should record all the income they earn from providing services to clients. This… Read More »
Process of Accounts Finalizing for Motor The Process of Accounts Finalizing for Motor & Truck Rental Services in India involves several crucial steps to ensure accurate financial reporting and compliance with relevant regulations. Here are the key steps: 1. Gathering Financial Records and Data: The first step involves collecting all financial records, invoices, receipts,… Read More »
Fuel Equipment Depreciation There are two main depreciation methods used for Fuel Equipment Depreciation: Straight-line depreciation assumes that the cost of the equipment is depreciated evenly over its useful life. The formula is: Depreciation expense = (Cost of asset – Salvage value) / Useful life Declining balance depreciation assumes that the depreciation expense is… Read More »
