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What are the key principles and steps involved in bookkeeping that contribute to the accurate and organized process of account finalization?

Organized Accounting Process Organized Accounting Process, Bookkeeping is a fundamental aspect of maintaining accurate financial records for any business or individual. It involves systematically recording financial transactions and organizing them in a way that facilitates the process of account finalization. There are several key principles and steps that contribute to the accuracy and organization of… Read More »

What is the applicable ITR form for fashion designers?

ITR Filing for Fashion Designers ITR filing for Fashion designers typically need to file their income tax returns using Form ITR-4 (Sugam) if they are running their design business as a sole proprietorship or as a partnership firm. Form ITR-4 is meant for individuals and Hindu Undivided Families (HUFs) who have opted for the presumptive… Read More »

What is the tounover limit for drafting a balance sheet for the Wholesaler?

Turnover Limit for drafting Balance sheet

Balance Sheet for the Wholesaler There is no specific turnover limit for drafting a balance sheet for the wholesaler in India. However, the Income Tax Act, 1961 requires all taxpayers with a turnover of more than ₹25 lakhs to maintain books of accounts and prepare financial statements, including a balance sheet. The turnover limit… Read More »

What methodologies and principles do you follow to classify and categorize different assets and liabilities appropriately within the balance sheet?

Methodologies and Principles Some of the most common include: 1. The liquidity principle: This principle states that assets classified and categorized based on their liquidity, meaning how easily they can convert into cash. Assets that are more liquid are typically listed first on the balance sheet, while assets that are less liquid are listed… Read More »

Is statutory audit applicable for the Law firm?

Statutory Audit Applicable for Law Firms Yes, Statutory audit is applicable for law firms if their turnover exceeds Rs. 40 lakhs in any of the three preceding years. This is under Rule 24 of the Limited Liability Partnership Rules, 2009. The audit must be conduct by a chartered accountant who registered with the Institute… Read More »

What are the important points to consider before drafting a balance sheet for the Wholesaler?

Balance Sheet for the Wholesalers Before drafting a balance sheet forthe wholesalers in India, several crucial points need to be considered to ensure accurate financial reporting and compliance with accounting standards. These points are essential for presenting a comprehensive and transparent view of the wholesaler’s financial position. 1. Inventory Valuation: One of the key… Read More »

How to ensure that Statutory audit is applicable for the Wholesaler or not?

Statutory Audit is Applicable for Wholesaler To determine whether a statutory audit is applicable for wholesaler in India, you need to consider certain factors. A statutory audit is a legally requir examination of a company’s financial records to ensure accuracy and compliance with the law. Here’s how you can assess the applicability of… Read More »

What are the challenges come for Wholesaler for statutory audit?

Wholesaler Statutory Audit Challenges Wholesaler Statutory Audit Challenges in India often encounter several challenges when undergoing a statutory audit. 1. Voluminous Transactions: Wholesalers typically deal with a high volume of transactions, involving purchases, sales, and inventory management. During a statutory audit, reconciling and verifying these transactions can be time-consuming and complex. Auditors need to… Read More »

What are the key bookkeeping concepts and stages for accurate accounting closing?

Bookkeeping Concepts and Stages Accurate accounting closing relies on several key bookkeeping concepts and stages to ensure financial records are precise and up-to-date. Here’s an explanation of these concepts and stages: 1. Double-Entry Bookkeeping: This foundational concept ensures that every financial transaction has at least two entries: a debit and a credit. Debits and… Read More »

Do a fashion designer need to pay Advance Tax?

Fashion Designer Need to Pay Advance Tax Yes, a fashion designer may need to pay Advance Tax depending on their income and tax liability. Advance Tax is a system in which taxpayers are required to pay their taxes in instalments throughout the financial year, rather than waiting until the end of the year. It… Read More »