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What compliance measures should Motion Picture & Video Studios & Theatres follow to avoid tax audit issues?

Compliance measures Motion Picture & Video: Studios & Theatres in India should follow specific compliance measures to avoid tax audit issues. These measures are crucial to ensure accurate financial reporting and adherence to tax regulations. 1. Proper Bookkeeping and Accounting Practices: Maintaining comprehensive and accurate financial records is essential. Studios and theatres should keep… Read More »

What is the penality and due date of tax audit report for Motion Picture & Video: Studios & Theatres?

Tax Audit Reports for Motion Picture The due date for filing tax audit reports for Motion Picture & Video: Studios & Theatres in India is typically September 30th of the assessment year, Which is the year following the financial year in which the audit is conducted. Failure to comply with this due date can… Read More »

Do an artist need to pay Advance Tax?

Artist Need to Pay Advance Tax Yes, artists may need to pay Advance Tax depending on their projected income for the financial year. Advance Tax is a system in which taxpayers are required to pay their taxes in installments during the year, rather than in a lump sum at the end. This is especially applicable… Read More »

What assets and liabilities would you include in a draft of your artistic career’s balance sheet, and how do you envision their impact on your artistic journey?

Artistic Career’s Balance Sheet In a draft of my artistic career’s balance sheet, I would include both tangible and intangible assets along with associated liabilities. Tangible assets could encompass physical artworks, studio equipment, and any materials I’ve invested in. Intangible assets might comprise copyrights, trademarks, and my reputation within the artistic community. Liabilities might… Read More »

How to perform a statutory audit for Law firm?

Statutory Audit for Law firm Performing a statutory audit for a law firm involves a systematic examination of its financial records, transactions, and processes to ensure compliance with applicable laws and regulations. Here’s a step-by-step guide on how to conduct a statutory audit for a law firm: 1. Understanding the Scope and Objectives: Define… Read More »

What tax deductions are available for Motion Picture & Video: Studios & Theatres during ITR filing?

Tax Deductions During ITR Filing Tax Deductions During ITR Filing in India, businesses in the Motion Picture & Video: Studios & Theatres category can avail of several tax deduction to reduce their taxable income during the income tax return (ITR) filing process. Depreciation: Motion picture studios and theatres can claim depreciation on assets like… Read More »

Are chemists required to perform Account Finalization?

Perform Account Finalization Whether or not chemists can requir to perform account finalization depends on a number of factors, including the size and nature of the chemist’s business, the location of the business, and the applicable laws and regulations. In general, there is no legal requirement for chemists to perform account finalization. However, there… Read More »

What is the purpose of a tax audit report for Wholesaler ?

Tax Audit Reports for Wholesaler The purpose of a tax audit reports for wholesaler in India is to ensure transparency, accuracy, and compliance with the tax regulations set forth by the Income Tax Act of India. This audit process involves a detailed examination of the financial records, transactions, and other relevant information of the… Read More »

Is there any penalty for not filing of tax audit report for the chemist?

Penalty for Not Filing of Tax Audit Yes, there is a penalty for not filing of tax audit report for a chemist. The penalty is as follows: Least of the following: 1. 0.5% of the total sales, turnover or gross receipts. 2. Rs 1,50,000. The penalty will be imposed by the Income Tax Department.… Read More »

Is there any penalty for not filing of tax audit report for the Wholesaler?

Tax Audit penalties for wholesaler Yes, there can Tax Audit penalties for wholesaler in India. According to the Income Tax Act of India, businesses that meet certain financial thresholds required to have their accounts audited by a chartered accountant and submit a tax audit report along with their income tax return. This requirement is… Read More »