Threshold Limit of Statutory Audit for Dental The threshold limit of statutory audit for dental and medical laboratories is Rs. 1 crore in India. This means that dental and medical laboratories with a turnover of less than Rs. 1 crore are not required to have their accounts audited. However, they are still required to… Read More »
Balance Sheet for Motion Picture & Video Balance Sheet for Motion Picture & Video, every business entity, including Motion Picture & Video Studios & Theatres, is required to prepare and maintain financial statements, which include a balance sheet, as per the provisions of the Companies Act, 2013. A balance sheet provides a snapshot of a… Read More »
Financial Statements for Dental and Medical The key financial statements for Dental and Medical Laboratories in India include: 1. Income Statement (Profit and Loss Statement): This financial statement presents the revenues earned and expenses incurre by the dental and medical laboratory during a specific period, typically a year. It shows the laboratory’s net income… Read More »
Financial Transactions for Motion Picture Key financial transactions for Motion Picture & Video: Studios & Theatres should record in bookkeeping in India include: 1. Revenue from Ticket Sales: Studios and theatres should record the revenue generated from ticket sales as a primary source of income. This includes both physical ticket sales and online bookings. It’s… Read More »
Financial Transactions for Hospitals Financials Transactions for Hospitals in India should diligently record various financial transactions in their bookkeeping to ensure accurate financial reporting and compliance. Here are some key Financials Transaction they should record: 1. Patient Services Revenue: Hospitals should record all revenues generated from patient services, including consultations, surgeries, diagnostic tests, and… Read More »
Statutory Audit for Fashion Designers Ensuring a prosperous statutory audit for fashion designers necessitates meticulous readiness and strict adherence to pertinent financial statutes. Here’s a comprehensive step-by-step manual to assist you on this journey: 1. Engage a Qualified Auditor: Start by selecting a reputable and experienced auditor who specializes in the fashion or creative… Read More »
ITR Form for Engineers The applicable ITR form for engineers will depend on their sources of income and the total income. The following are the ITR forms that are commonly used by engineers: 1. ITR-1 (Sahaj): This form is for individuals with total income up to Rs. 50 lakh. It is the simplest form… Read More »
Account Finalization Impact Tax Reporting Account finalization impact Tax Reporting plays a crucial role in determining the accurate tax reporting for businesses in the Motion Picture & Video Studios & Theatres sector in India. 1. Tax Liabilities: Account finalization impact tax reporting involves compiling and reconciling all financial transactions, including revenue, expenses and assets,… Read More »
Tax Audit Threshold The Tax Audit threshold limit and due date of tax audit report for Dental and Medical Laboratories in India depend on their total sales, turnover and professional income. If their gross receipts exceed ₹1 crore in a financial year, they required to get their accounts audit under Section 44AB of the Income… Read More »
Bookkeeping for Hospitals Yes, bookkeeping is mandatory for hospitals in India. Bookkeeping involves maintaining accurate and organized financial records of all transactions and activities related to the hospital’s finances. This includes income, expenses, purchases, sales, payroll, and other financial transactions. Proper bookkeeping ensures transparency, accountability, and helps in making informed financial decisions. There is… Read More »
