Documents Need to File ITR The Documents Need to File ITR as a fashion designer vary depending on the individual’s circumstances. There are some common documents for require filing ITR as follow: PAN card Aadhar card Bank account details Income from business or profession (Form 26AS) Income from salary (Form 16) Rent receipts (if… Read More »
Tax Audit Report for Hospitals The threshold limit for tax audit 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 and to submit a tax audit report to the… Read More »
Bookkeeping Mandatory for Wholesaler Yes, bookkeeping mandatory for wholesaler in India. Bookkeeping refers to the systematic recording of financial transactions and activities of a business. For wholesalers, maintaining accurate and up-to-date books of accounts is crucial for several reasons: 1. Compliance with Legal Requirements: Wholesalers, like all businesses, required to comply with the provisions… Read More »
Account Finalisation of Fashion Designers Account Finalisation of Fashion Designers involves the process of closing the financial books and preparing the necessary statements to accurately represent the financial position of their business. Here’s a step-by-step guide on how to perform account finalization for fashion designers: 1. Gather Financial Data: Collect all financial documents, including… Read More »
Compliance and TaxAudit Compliance and TaxAudit, To ensure compliance and avoid tax audit issues in India, hospitals should take the following measures: ◘ Accurate Record Keeping: Hospitals should maintain thorough and accurate records of their financial transactions, patient invoices, expenses, and other relevant documents. Proper record keeping ensures transparency and makes it easier to… Read More »
Book Keeping for Wholesaler There are no limits for starting book keeping for a wholesaler. However, it is important to consider the following factors before making a decision: 1. The size of the wholesale business: The larger the business, the more complex the bookkeeping will be. 2. The number of transactions: The more transactions… Read More »
Account Finalization for Hospitals Account finalization for Hospitals in India involves several steps to ensure accurate financial reporting and compliance with regulations. Here’s a breakdown of the process: ◘ Gather Financial Data and Records: Begin by collecting all financial transactions, including revenue from patient services, expenses, salaries, medical supplies and facility maintenance. Make sure… Read More »
Financial Transactions for Wholesaler A Financial Transactions for Wholesaler in India should diligently record several key financial transactions to ensure accurate accounting and compliance. These transactions are crucial for maintaining financial transparency, assessing business performance and adhering to tax regulations. Here are some of the key financial transactions that a wholesaler should record: 1.… Read More »
Penality and Dadline of Tax Audit Report The Penality and Dadline of Tax Audit Report for hospitals in India can explain as follows: ◘ Due Date: The due date for filing the tax audit report for hospitals in India is typically September 30th of the assessment year. This means that if the financial year… Read More »
Statutory Audit for Artists In the context of a Statutory Audit for Artists, distinguishing between personal and business-related expenses for artistic projects is crucial for accurate financial reporting. Personal expenses are those incurred for non-business purposes and are not deductible from the business’s taxable income. On the other hand, business-related expenses are directly associated… Read More »
