Bookkeeping for Computer Repair Yes Bookkeeping for Computer Repair it is necessary, involves maintaining accurate and organized financial records of your business transactions, including income, expenses, invoices, receipts, and other financial activities. For businesses providing computer repair and maintenance services in India, proper bookkeeping is not only advisable but also a legal requirement. Here’s why… Read More »
Tax Audit for Construction Yes, there is a threshold limit of tax audit for construction companies that deal with works and materials. Under Section 44AB of the Income Tax Act, 1961, a construction company is require to get its accounts audit if its total turnover or gross receipts in business for the year exceeds Rs.… Read More »
Subcontracted or outsourced repair work Managing bookkeeping for subcontracted or outsourced repair work involves several steps to ensure accurate financial tracking and compliance. Here’s how you can handle it: 1. Documentation and Tracking: S tart by maintaining thorough documentation of all subcontracted or outsourced repair work. Keep records of agreements, contracts, invoices, and any… Read More »
Tax Audit Report for Architectural Tax Audit Report for Architectural In India, for businesses engaged in providing architectural, engineering, and surveying services, the threshold limit for tax audit under Section 44AB of the Income Tax Act is Rs. 1 crore. This means that if the total gross receipts or turnover from these professional services… Read More »
ITR latefilling for Computer Sales ITR latefilling for Computer Sales & Services businesses does indeed incur penalties. The penalty amount varies based on the tax due and the delay period. 🕒 If the filing is delayed up to 30 days, the is 5% of the tax due. ⏳ Beyond the initial 30 days and up… Read More »
Financial transactions Key financial transactions in computer repair and maintenance services typically include: 1. Income Generation: Computer repair and maintenance businesses generate income through services provided to clients. This income should be reported accurately in your financial records and tax returns. It’s important to categorize the income… Read More »
Tax Audit Report for Construction Works Tax Audit Report for Construction Works Certainly, there exist consequences when it comes to the delayed submission of documentation regarding construction works and materials. The specific penalties are contingent on the governing jurisdiction, encompassing: 1. Daily Fine for Late Submission: A monetary penalty levied for each day beyond… Read More »
Accounting standards In the computer repair and maintenance sector, ensuring compliance with relevant accounting standards is crucial to maintain accurate financial records and uphold transparency. Three key measures to achieve this are: 1. Proper Expense Categorization: One important step is to accurately categorize expenses related to the business. This includes differentiating between operational… Read More »
Bookkeeping for Construction In the realm of the construction industry, bookkeeping serves a vital purpose by meticulously recording and monitoring all financial dealings associated with a construction project, spanning from the initial planning phases to the project’s ultimate completion. This encompassing role includes diligently tracking expenditures, incoming revenue, and profit margins. The act of… Read More »
ITR for Computer Sales & Services ITR for Computer Sales & Services is July 31 of the assessment year. For example, the due date for filing ITR for the financial year 2022-23 is July 31, 2023. However, there are some taxpayers who are allowed to file their ITRs after the due date. These taxpayers… Read More »