45. What are the key financial transactions that a Automobile Dealers should record Bookkeeping?

Inventory Management

Automobile Dealers Should Record Bookkeeping Automobile Dealers should record Bookkeeping Of course, here are some essential financial transactions that an automotive dealer should document in their bookkeeping: 1. Vehicle sales and purchases: This includes the sale of both new and used vehicles, as well as the purchase of vehicles for resale. 2. Inventory: Automobile dealers… Read More »

45. Dealership Taxation: What compliance measures should Automobile Dealers follow to avoid tax audit issues?

Dealership Taxation   Sure, here are some compliance measures that automobile dealership taxation should follow to avoid tax audit issues: 1. Keep accurate records: This includes all of your income and expenses, as well as any other relevant documents. The IRS can request to see your records for up to six years, so it’s important… Read More »

45. What is the threshold limit of balance sheet for Automobile Dealer?

Balance Sheet for Automobile Dealer   The threshold limit of balance sheet for automobile dealer is not defined by any law or regulation. However, there are some industry standards that are commonly used. For example, the National Automobile Dealers Association (NADA) recommends that automobile dealers have a minimum net worth of 250,000 and a minimum… Read More »

Are there any threshold limit of statutory audit for Printing Services?

Industry Standards

Statutory Audit for Printing Services   Yes, there are threshold limits for statutory audit for printing services in India. The threshold limit is determined by the turnover of the printing company. If the turnover of the printing company is less than INR 25 lakhs, it is not require to have a statutory audit.  The turnover… Read More »

30. Bookkeeping for media House: What are the key financial transactions that a Media House should record in Bookkeeping?

Bookkeeping for media House

Bookkeeping for media House   Here are some of the key financial transactions that a Bookkeeping for media House: 1. Revenue: This includes all of the money that the media house generates from its sales of products or services, such as advertising, subscriptions, or merchandise. 2. Cost of goods sold: This is the cost of… Read More »

30. What is the threshold limit and due date of tax audit report for Manpower & Employment Agencies?

Tax Audit Report The threshold limit for Tax audit report for Manpower & Employment Agencies in India is Rs. 10 crore for the financial year 2023-24, if the cash transactions do not exceed 5% of the total transactions. This is an increase from the previous threshold limit of Rs. 5 crore, which was applicable for… Read More »