Are there any special considerations for foreign currency transactions in the ITR for Tour & Travel Agencies?

Considerations for Foreign Currency Transactions   Absolutely, the involvement of  considerations for foreign currency transactions brings about specific considerations for Tour & Travel Agencies as they prepare their Income Tax Returns (ITR). These considerations revolve around precise accounting for foreign exchange gains or losses and adhering to pertinent regulations. Here’s an overview of key points… Read More »

What are the key regulations governing the statutory audit of fuel dealers?

Statutory audit for Grocery and Merchandise, Statutory audit for Furniture and Appliances

Statutory Audit of Fuel Dealers   Indeed, here are the key regulations governing the statutory audit of fuel dealers in India:   1. The Companies Act, 2013: The Companies Act, 2013 is the primary legislation that governs the statutory audit of fuel dealers. The Act requires all fuel dealers with a turnover of more than… Read More »

What tax deductions are available for Organizations, Charitable and Social Service during ITR filing?

Tax Deducted at Source

Tax Deductions for Organizations Charitable Tax Deductions for Organizations Charitable, and Social Service entities in India can avail various while filing their Income Tax Return (ITR). These deductions help reduce their taxable income, resulting in lower tax liability. Here are some key deductions available: 1. Section 11: Charitable and Religious Trusts (Section11) – Under this… Read More »

Can you explain the concept of GST (Goods and Services Tax) and its implications for tour and travel agencies during a tax audit?

GST for for Tour and Travel   GST for for Tour and Travel, GST (Goods and Services Tax) is a comprehensive form of indirect taxation imposed on the provision of goods and services at every stage of their production or distribution. It has replaced multiple cascading taxes like VAT, service tax, and excise duty, streamlining… Read More »

Can Engineer Pay Advance Tax

Engineer Pay Advance Tax   Yes, Engineer can pay advance tax, like any other professionals or individuals, may need to pay Advance Tax depending on their income and tax liability. Advance Tax is a system of paying income tax in installments throughout the financial year, rather than paying it all at once during the end… Read More »

Is drafting balance sheet mandatory for Dental and Medical Laboratories?

Balance Sheet threshold

Balance Sheet Mandatory for Dental   Yes, drafting a balance sheet is mandatory for Dental and Medical Laboratories in India. The balance sheet holds significant importance as a financial statement, offering an instant view of a company’s financial stance at a particular moment. It encompasses three primary elements: assets, liabilities, and equity. Here’s why drafting… Read More »

What are the key financial transactions that a Architectural, Engineering and Surveying Services should record in Bookkeeping?

Architectural, Engineering and Surveying Services

Architectural Engineering and Surveying Services   Architectural, Engineering, and Surveying Services in India should accurately record several key financial transactions in their bookkeeping to maintain proper financial records and ensure compliance. Some essential transactions include: 1. Income from Services Rendered: Record all income received from architectural, engineering, and surveying services provided to clients. This includes… Read More »