Is drafting balance sheet for Architectural, Engineering and Surveying Services?

Small Business

Balance Sheet for Architectural Yes, drafting a balance sheet is mandatory for businesses providing Architectural, Engineering, and Surveying Services in India. In India, every business entity, including those offering professional services like architectural, engineering, and surveying services, is required to maintain proper financial records and prepare financial statements, including a balance sheet. A balance sheet… Read More »

What are the key financial statements audited for Freelancers?

Financial Statements Audited for Freelancers Financial Statements Audited for Freelancers in India typically have a simplified financial structure compared to traditional businesses, which reflects in the key financial statements audited for them. The main financial statements audited for freelancers in India are: ◘ Income Statement: This statement provides a summary of the freelancer’s revenues and… Read More »

How are construction works in progress represented on a balance sheet?

Small Business

Balance Sheet for Construction Balance Sheet for Construction in process (CIP) denotes the expenses linked with an ongoing development of a long-term asset. It is recorded as a non-current asset on the balance sheet, under the property, plant, and equipment (PP&E) section. The CIP account has a debit balance, and the amount in the account… Read More »

What is the threshold limit of balance sheet for Architectural, Engineering and Surveying Services?

Balance sheet for Hotels

Limit for Balance Sheet   The threshold limit for balance sheet reporting varies depending on the nature of the business. For Architectural, Engineering, and Surveying Services in India, the threshold limit determines whether the business is required to get its accounts audited under the Income Tax Act. 1.Threshold Limit Explanation: In the context of Architectural,… Read More »

What compliance measures should Freelancers follow to avoid tax audit issues?

Tax Audit Report for Freelancers, Tax compliance and audit

Tax Audit Report for Freelancers   Tax Audit Report for Freelancers in India should adhere to several compliance measures to steer clear of tax audit issues. These steps help ensure accurate reporting and maintain transparency in their financial dealings.   There are following steps for Tax Audit Report for Freelancers: 1. Maintain Accurate Records: Freelancers… Read More »

What are the key objectives of a statutory audit for computer repair and maintenance services?

Statutory Audit for Computer Repair   The key objectives of a statutory audit for computer repair and maintenance services are as follows: 1. Accuracy and Compliance: The primary objective of a statutory audit is to ensure the accuracy and compliance of financial records and statements related to computer repair and maintenance services. This involves verifying… Read More »

Is bookkeeping mandatory for Architectural, Engineering and Surveying Services?

Bookkeeping challenge

Bookkeeping Mandatory for Architectural   Yes, bookkeeping is mandatory for Architectural, including those in the  Engineering and Surveying Services sector in India. Bookkeeping involves maintaining accurate and up-to-date financial records of all transactions, income, expenses, assets, and liabilities related to the business. It helps in proper financial management, tax compliance, and making informed business decisions.… Read More »

What is the threshold limit and due date of Statutory audit for Freelancers?

Statutory Audit for Freelancers The threshold limit and due date for statutory audit are important considerations for freelancers in India. In India, freelancers determine their eligibility for statutory audit based on their annual turnover. Under the provisions of the Income Tax Act, freelancers must undergo a statutory audit if their annual turnover exceeds Rs. 1… Read More »