Financial statements for Audit The key Financial statements for Audit in an Automotive Repair Services business in India include the Income Statement, the Balance Sheet, and the Cash Flow Statement. 1. Income Statement: This statement provides a summary of the revenue earned and expenses incurred during a specific period, typically a year. For an… Read More »
Bookkeeping for the Engineers Bookkeeping for the Engineers, According to the Companies Act, 2013, engineers in India are exempt from maintaining books of accounts if their turnover does not exceed 1,20,000 in any of the three preceding years. However, there are also some exceptions to this rule. For example, engineers who are also directors… Read More »
Balance Sheet for the Chemist In India, Balance Sheet for the Chemist required to draft a balance sheet if their annual turnover exceeds Rs. 1 crore. This turnover limit is the threshold beyond which businesses are mandated to maintain proper accounting records, including the preparation of a balance sheet, as per the Companies Act,… Read More »
Eligibility for ITR Yes, motor and truck rental services are Eligibility for ITR filing in India. When you provide motor and truck rental services, the income earned from these services is considered as business income and needs to be reported in your ITR. This income should be reported under the relevant head, which… Read More »
ITR for Automotive Repair Services When filing your ITR for Automotive Repair Services, there are several tax deductions you can consider. 1. Business Expenses Deduction: You can claim deductions for various business-related expenses incurred in providing automotive repair services. This includes expenses such as tools, equipment, spare parts, and salaries of technicians. These expenses… Read More »
Account Finalization Process During the account finalization process for a computer business, various expense categories come into play to ensure accurate financial reporting: 1. Operational Costs: These include expenses related to day-to-day business operations, such as rent, utilities, office supplies, and employee salaries. 2. Inventory Costs: For a computer business, costs associated with purchasing… Read More »
Tax Audit Report for Computer Repair Yes, individuals or businesses providing Computer Repair and maintenance services may require a Tax Audit Report under certain circumstances. In India, as per the Income Tax Act, a Tax Audit is mandatory for businesses or professionals whose total turnover or gross receipts exceed the prescribed threshold limit. For… Read More »
ITR Penalties for Motor & Truck Rental Yes, there can be penalties for Motor & Truck Rental Services if they fail to file their Income Tax Return (ITR) on time in India. 1. Late Filing Penalty: If Motor & Truck Rental Services fail to file their ITR by the due date, they may incur… Read More »
Bookkeeping for Automotive Repair Services Bookkeeping for Automotive Repair Services in India should diligently record various financial transactions in their bookkeeping to ensure accurate financial reporting and compliance with tax regulations. Here are some key transactions that they should record: 1. Income from Repairs: Record all income generated from providing automotive repair services. This… Read More »
Tax Audit for Computer Sales The primary objective of conducting a tax audit for computer sales and services businesses is to ensure that the businesses are complying with all applicable tax laws and regulations. This includes ensuring that the businesses are correctly reporting their income, deductions, and credits, and that they are paying the… Read More »