Audit Requirement for Chemist Yes, statutory Audit Requirement for Chemist if their turnover is more than Rs. 10 crore (or Rs. 5 crore, if the cash receipts and payments exceed 5% of the total receipts and payments). The Companies Act, 2013 mandates that all companies (including private limited companies, limited liability partnerships, and one-person… Read More »
Filing Tax Audit Report Filing a tax audit report is a crucial process that requires careful attention to detail. Here are some key points to consider before filing a tax audit report: 1. Applicability of Tax Audit: Understand whether your business or entity falls under the purview of tax audit requirements. Different jurisdictions have… Read More »
ITR for wholesaler Whether or not a ITR for wholesaler in India depends on a number of factors, including the wholesaler’s income, the type of business, and the location of the business. Here are the general income tax filing requirements for wholesalers in India: 1. Individual wholesalers: Individual wholesalers who are resident in India… Read More »
Financial Record for Tax Audits Here are some tips on how a chemist can manage their financial record for tax audits: 1. Keep all financial records in one place: This will make it easier to find the records when you need them. 2. Organize your records chronologically: This will make it easier to track… Read More »
Tax Audit Report for Law Firm Yes, there is a penalty for not filing a tax audit report for law firm. According to Section 271B of the Income Tax Act, 1961, a law firm that required to get its accounts audited but fails to do so is liable to a penalty of: 0.5% of… Read More »
ITR Form for the Chemists The applicable Income Tax Return (ITR) form for chemists would depend on the nature of their income and the type of business they are engaged in. Chemists, often engaged in retail sales of pharmaceutical products, may need to consider the following options: 1. Form ITR-3: This form typically… Read More »
Chemists Need to Pay Advance Tax Whether a chemistS needs to pay advance tax depends on the following factors: The chemist’s total tax liability for the financial year Whether the chemist is a senior citizen Whether the chemist has opted for the presumptive taxation scheme If the chemist’s total tax liability for the financial… Read More »
Bookkeeping Mandatory for Editors Yes, Bookkeeping Mandatory for Editors, especially if they are running their own business or earning income as freelancers. Bookkeeping involves the systematic recording and organizing of financial transactions related to their editing services. Here’s why it’s essential: 1. Accurate Financial Records: Bookkeeping helps editors keep track of their income and… Read More »
Applicable ITR Form for Lawyer The applicable Income Tax Return (ITR) form for a lawyer depends on the nature of their income, the type of legal practice they can engag in, and their sources of income. Generally, a lawyer would likely need to file their return using the ITR-3 or ITR-4 form. 1. ITR-3… Read More »
Account Finalization for Lawyer Account finalization involving working with a lawyer typically pertains to the conclusion of legal matters associated with a person or entity’s financial affairs, such as estate settlement, business dissolution, or bankruptcy. The process involves several key steps and considerations to ensure a smooth and legally compliant closure. Here’s a breakdown… Read More »
