Knowledge Base | Vibrant Finserv - Page 46 of 250

How to do of account finalization for Architectural, Engineering and Surveying Services?

Finalizing the Accounts for Architectural Finalizing the accounts for Architectural, Engineering, and Surveying Services in India involves several crucial steps to ensure accurate financial reporting and compliance. Here’s a breakdown of the process: 1. Income and Expenditure Analysis: Start by categorizing your sources of income, which may include fees for architectural designs, engineering projects,… Read More »

Deductions of ITR filling for Freelancers

Deductions of ITR filling for Freelancers In India can avail of several tax Deductions of ITR filling for Freelancers. These deductions help reduce the taxable income, leading to lower tax liability. Here are some key deductions available: 1. Business Expenses: Freelancers can claim deductions for business-related expenses incurred during their work. This includes costs… Read More »

How to do account finalization for the Freelancers?

Account Finalization for the Freelancers Account finalization for the freelancers in India involves the process of preparing and organizing financial records to accurately report income, expenses, and tax liabilities. Here’s a step-by-step explanation with relevant hashtags: 1. Maintain Detailed Records: Freelancers should maintain meticulous records of all financial transactions, including income earned from clients,… Read More »

How to draft a balance sheet for computer repair and maintenance services ?

Balance Sheet for Computer Repair Drafting a balance sheet for computer repair and maintenance services involves summarizing the financial position of your business at a specific point in time. It showcases your assets, liabilities, and owner’s equity. Here’s how to do it: 1. Assets: List the resources owned by your computer repair and… Read More »

What is the penalty and due date of tax audit report for Architecturals, Engineering and Surveying Services?

Tax Audit Report for Architecturals The penalty and due date of the tax audit report for Architecturals, Engineering, and Surveying Services in India are as follows: ◘ Due Date: The due date for filing the tax audit reports for businesses providing Architectural, Engineering, and Surveying Services in India is generally September 30th of… Read More »

How does account finalization impact tax reporting for Freelancers?

Finalizing Accounts for Freelancers Finalizing accounts for freelancers in India as it directly affects their tax reporting. When freelancers finalize their accounts, they are essentially completing the process of organizing and summarizing their financial transactions for a specific period. This involves calculating their total income, deducting eligible expenses, and arriving at the net profit… Read More »

What compliance measures for Architectural, Engineering and Surveying Services follow to avoid tax audit issues?

Compliance Measures for Architectural Compliance measures for Architectural, Engineering, and Surveying Services to avoid tax audit issues in India can be outlined as follows: ◘ Proper Record Keeping: Maintain comprehensive and accurate records of financial transactions, invoices, receipts, and expenses. This documentation serves as crucial evidence during tax audits and ensures transparency in your… Read More »

How to do the statutory audit of computer repair and maintenance services?

Statutory Audit of Computer Repair To conduct the statutory audit of computer repair and maintenance services, follow these steps: 1. Gather Financial Records: Collect all financial documents related to your computer repair and maintenance business, such as income statements, balance sheets, cash flow statements, and relevant invoices. 2. Identify Applicable Standards: Determine the relevant… Read More »

What is the penalty and due date of tax audit report for Freelancers?

Penalty for not filing of tax audit report

Tax Audit Report Penalty & Dedline Tax Audit Report Penalty & Dedline, if a freelancer in India has a turnover of more than Rs. 1 crore in a financial year, they are required to get their accounts audited by a chartered accountant. The due date for filing the tax audit report for freelancers is 30th… Read More »

What are the key components of Tax Audit Report for computer repair and maintenance services?

Key Components of Tax Audit Report The Tax Audit Report for computer repair and maintenance services in India comprises several key components that require accurate and comprehensive addressing. 1. Business and Financial Information: The report begins with essential details about the business, such as its name, address, PAN (Permanent Account Number), and a brief… Read More »