Balance Sheet Mandatory for Hospitals Yes, drafting a balance sheet is mandatory for hospitals in India. A balance sheet is a financial statement that provides a snapshot of a hospital’s financial position at a specific point in time. It presents the hospital’s assets, liabilities, and owner’s equity. ◘ Legal Requirement: As per the Companies… Read More »
Threshold Limit of Balance Sheet Threshold Limit of Balance Sheet in India, businesses engaged in the Motion Picture & Video Studios & Theatres industry are required to prepare a balance sheet and maintain proper financial records. However, there isn’t a specific threshold limit mention in the context of this industry for preparing a balance… Read More »
Balance Sheet for Dental and Medical The threshold limit of balance sheet for dental and medical reporting varies based on the type of entity and its turnover. For Dental and Medical Laboratories in India, if the turnover exceeds ₹1 crore during the financial year, they are requir to get their accounts audit under Section… Read More »
Separate personal and business expenses Distinguishing between Separate personal and business expenses holds immense importance in upholding precise financial records and guaranteeing a seamless tax audit procedure for your fashion design enterprise. Presented below is an exclusive, step-by-step manual to assist you in accomplishing this objective: 1. Maintain Separate Bank Accounts: Open distinct bank… Read More »
The Threshold Limit of Statutory Audit The threshold limit of Statutory audit due date for Hospitals in India is Rs. 5 crores. This means that all hospitals with an annual turnover of more than Rs. 5 crores are required to have their books audited by a chartered accountant. Statutory audit due date for hospitals… Read More »
GST Regulations Here are some key for GST Regulations: 1. GST Compliance: Goods and Services Tax (GST) is a significant tax regime in India that applies to the supply of goods. Wholesalers must ensure they are correctly calculating and collecting GST on their sales. They should maintain accurate records of GST collected and paid,… Read More »
Bookkeeping for the Motion Picture Effective bookkeeping for the Motion Picture & Video: Studios & Theatres industry in India is crucial for maintaining financial transparency, complying with tax regulations, and making informed business decisions. Here are some strategies to ensure accurate and organized bookkeeping: 1. Categorize Income and Expenses Properly: Start by creating specific… Read More »
Financial Statements Audit In hospitals in India, three key Financial Statements Audit are audited: ◘ Income Statement: Also known as the Profit and Loss (P&L) statement, this Financial Statements Audit provides a summary of the hospital’s revenues, expenses, and profits or losses over a specific period. It offers insights into the hospital’s financial performance,… Read More »
Bookkeeping mandatory for Dental Yes, bookkeeping is mandatory for Dental and Medical Laboratories in India. Bookkeeping involves maintaining accurate and organized financial records of the business transactions, which is crucial for ensuring transparency, accountability, and compliance with taxation and regulatory requirements. Proper bookkeeping helps in tracking income, expenses, assets, and liabilities associated with the… Read More »
Record Expenses in Bookkeeping Wholesalers in India categorize and record expenses in their bookkeeping by following a systematic approach to accurately track their financial transactions. Here’s how they typically manage it: 1. Expense Categories: Wholesalers usually categorize their expenses into different categories based on their nature. Common expense categories include raw materials, transportation, salaries,… Read More »
