Statutory Audit for automotive repair The threshold limit for statutory audit for automotive repair services in India is Rs. 1 crore. This means that businesses with an annual turnover of more than Rs. 1 crore are required to have their books audited by a chartered accountant. The statutory audit is a mandatory requirement for… Read More »
Bookkeeping Mandatory for Artists Yes, bookkeeping is indeed mandatory for artists, just as it is for any other individuals or businesses earning income. Bookkeeping involves maintaining accurate and organized financial records of your income, expenses, and transactions. For artists, this is essential for several reasons: 1. Tax Compliance: Proper bookkeeping ensures that artists accurately… Read More »
TaxAuditReport for MotorTruck In India, the threshold limit and due date of TaxAuditReport for MotorTruck Rental Services are important considerations. Threshold Limit: The threshold limit for tax audit under Section 44AB of the Income Tax Act, 1961, for businesses providing Motor & Truck Rental Services is applicable when the gross receipts or turnover from… Read More »
What is the total value of the company’s assets as of the balance sheet date? The balance sheet is a vital financial document that offers a snapshot of a company’s financial standing at a particular moment. One of the key components of the balance sheet is the total value of the company’s assets. This figure… Read More »
Financial statements for Audit The key Financial statements for Audit in an Automotive Repair Services business in India include the Income Statement, the Balance Sheet, and the Cash Flow Statement. 1. Income Statement: This statement provides a summary of the revenue earned and expenses incurred during a specific period, typically a year. For an… Read More »
Bookkeeping for the Engineers Bookkeeping for the Engineers, According to the Companies Act, 2013, engineers in India are exempt from maintaining books of accounts if their turnover does not exceed 1,20,000 in any of the three preceding years. However, there are also some exceptions to this rule. For example, engineers who are also directors… Read More »
Balance Sheet for the Chemist In India, Balance Sheet for the Chemist required to draft a balance sheet if their annual turnover exceeds Rs. 1 crore. This turnover limit is the threshold beyond which businesses are mandated to maintain proper accounting records, including the preparation of a balance sheet, as per the Companies Act,… Read More »
Eligibility for ITR Yes, motor and truck rental services are Eligibility for ITR filing in India. When you provide motor and truck rental services, the income earned from these services is considered as business income and needs to be reported in your ITR. This income should be reported under the relevant head, which… Read More »
ITR for Automotive Repair Services When filing your ITR for Automotive Repair Services, there are several tax deductions you can consider. 1. Business Expenses Deduction: You can claim deductions for various business-related expenses incurred in providing automotive repair services. This includes expenses such as tools, equipment, spare parts, and salaries of technicians. These expenses… Read More »
Account Finalization Process During the account finalization process for a computer business, various expense categories come into play to ensure accurate financial reporting: 1. Operational Costs: These include expenses related to day-to-day business operations, such as rent, utilities, office supplies, and employee salaries. 2. Inventory Costs: For a computer business, costs associated with purchasing… Read More »
