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What are the key financial documents that engineers should maintain and update regularly for accurate bookkeeping?

Bookkeeping for construction Bookkeeping for lodging establishments

Financial Documents for Accurate Bookkeeping Engineers should maintain and update regularly the following key financial documents for accurate bookkeeping: 1. Invoices: Liability records show all the liabilities that the business owes. They play a crucial role in tracking liabilities and managing debt. 2. Receipts: Receipts are documents that provide proof of payment. They are… Read More »

What is the applicable income tax return for Tour & Travel Agency?

ITR for Tour & Travel Agency The suitable income tax return form (ITR) for Tour & Travel Agency generally hinges on the legal structure and the precise intricacies of the agency’s financial operations. In many jurisdictions, businesses file their income tax returns using forms that can design for different types of entities. Generally,… Read More »

What are the key financial transactions that a Dental and Medical Laboratories should record in Bookkeeping?

Bookkeeping record for Medical Laboratories Key financial transactions that Bookkeeping record for Medical Laboratories Laboratories should record in India include: 1. Income from Services Rendered: Dental and medical laboratories should meticulously record all income generated from services provided. This includes charges for tests, diagnostics, and other medical services offered to patients or healthcare facilities.… Read More »

Is it necessary to conduct Account Finalization for fashion designers?

Account Finalization for Fashion Designers Account finalization for fashion designers refers to the financial procedure of reconciling and formally closing a company’s books of accounts at the conclusion of a designated period, typically a fiscal year. This process is primarily relevant for businesses and organizations to accurately assess their financial health, prepare financial statements,… Read More »

What is the threshold limit of Statutory audit due date for School, Colleges, Universities, Professional Schools?

Statutory audit dedline for School The threshold limit for statutory audit dedline for School different entities in India, including schools, colleges, universities and professional schools. If an entity’s total gross receipts or turnover exceeds ₹1 crore in a financial year, they required to undergo a statutory audit. This means that if a school, college,… Read More »

What are the key financial statements audited in a Organizations, Charitable and Social Service?

Key Financial Statements Audited Organizations involved in charitable and social services undergo financial audits to ensure transparency and accountability. The key financial statements audited in such organizations are: 1. Income and Expenditure Statement: This statement provides a summary of the organization’s revenues and expenses during a specific period. It outlines the sources of income,… Read More »

What steps and processes are involved in reconciling discrepancies and variances during the account finalization process?

Financial Reconciliation Financial Reconciliation discrepancies and variances during the account finalization process involves several crucial steps and processes to ensure accuracy and integrity in financial reporting. 1. Identification of Discrepancies: The first step is to identify any discrepancies or differences between various financial records, statements and supporting documents. This could include discrepancies in balances,… Read More »

Are there any specific deductions or allowances available for Tour & Travel Agencies?

Deductions or Allowances for Tour & Travel Agencies Deductions or Allowances for Tour & Travel Agencies can take advantage of specific deductions and allowances aligned with their business activities. However, it’s imperative to recognize that tax regulations exhibit variations across jurisdictions, leading to disparities in these provisions based on local laws. Here are several… Read More »

What is the process of account finalisation for the fashion designers?

Account Finalisation for Fashion Designers The process of Account Finalisation for Fashion Designers refers to the steps taken to conclude and complete the financial activities and reporting for a specific period, usually at the end of a fiscal year. Accounting procedure involves several key tasks that ensure the accuracy and completeness of a company’s… Read More »

What is the threshold limit and due date of tax audit report for School, Colleges, Universities, Professional Schools?

Audit for EducationalInstitutions Tax Audit for EducationalInstitutions threshold limit and due date for educational institutions like schools, colleges, universities and professional schools in India are as follows: Threshold Limit: Education institutions required to get a tax audit done if their total gross receipts or turnover exceed ₹1 crore in a financial year. If the… Read More »