Dedline of Statutory Audit for Fuel Dealers The Dedline of Statutory Audit for Fuel Dealers must be completed by September 30th of the subsequent financial year. For example, the statutory audit for the financial year 2023-2024 must be completed by 30th September 2024. However, there are some exceptions to this rule. For example, if… Read More »
Bookkeeping Mandatory for Organizations Yes, bookkeeping is mandatory for organizations, charitable, and social service entities in India. Proper bookkeeping involves maintaining accurate and organized records of financial transactions, income, expenses, assets, and liabilities. It helps ensure transparency, accountability, and compliance with legal and taxation requirements. ◘ Legal Compliance: The Income Tax Act, 1961, and… Read More »
Intangible Assets for Balance Sheet Yes, there are a number of intangible assets listed for balance sheet, such as trademarks, goodwill, and intellectual property. These assets are important to the company’s operations and can contribute significantly to its value. Here is a more detailed answer that you can use: 1. Intangible assets represent valuable… Read More »
BookkeepingPractices Help Engineers Proper bookkeepingpractices help engineers effectively track project expenses and budgets. Here’s how: 1. Accuracy and Accountability: Maintaining accurate and detailed financial records allows engineers to account for every expenditure related to a project. By categorizing expenses correctly, they can ensure that the budget remains aligned with the project’s goals. This transparency… Read More »
Statutory Audit for Fuel Dealers Indeed, there are threshold limits for statutory audit for fuel dealers. The threshold limit is determined by the turnover. If the turnover of the fuel dealer is less than Rs. 25 crores, then the statutory audit is not mandatory. If the turnover of the fuel dealer is between Rs.… Read More »
Agency’s Cash Position The agency’s cash position at the end of the reporting period is $10 million. This is the amount of cash that the agency has on hand, in its bank accounts, and in other liquid assets. It is a measure of the agency’s financial strength and its ability to meet its obligations.… Read More »
Bookkeeping is Mandatory for Schools Yes, bookkeeping is mandatory for schools, colleges, universities, and professional schools in India. Properly maintained books of accounts are essential to ensure transparency, accuracy, compliance with tax regulations. 1. Legal Requirement: The Income Tax Act of India requires educational institutions to maintain books of accounts and other documents related… Read More »
Balance Sheet for Automotive Repair Yes, drafting a balance sheet is mandatory for automotive repair services in India. A balance sheet serves as a vital financial document, offering a momentary glimpse into a company’s financial standing at a particular instance. It consists of three main sections: assets, liabilities, and owner’s equity. 1. Legal Compliance:… Read More »
Finalizing the accounts for organizations Finalizing the accounts for organizations, charitable, and social service entities in India involves several steps to ensure accurate financial reporting and compliance with applicable regulations. 1. Data Compilation and Reconciliation: The first step is to gather all financial data, including income, expenses, donations, and grants received. Reconcile bank statements,… Read More »
Statutory Audit of Engineering Projects Discrepancies or non-compliance found in the statutory audit of engineering projects can be handled and rectified in the following ways: 1. Identify the discrepancy or non-compliance: The first step is to identify the specific discrepancy or non-compliance. You can do this by reviewing the audit report and understanding the… Read More »
