Tax Audit Report required for Motor Yes, a Tax Audit Report required for Motor, businesses engaged in providing motor and truck rental services in India under certain conditions. As per the Income Tax Act, 1961, businesses are required to get their accounts audited if their total turnover or gross receipts in a financial year… Read More »
Penalties for Late Filing of Statutory Audit Yes, there are penalties for late filing of statutory audit. The penalty depends on the amount of turnover of the entity. If the turnover is less than Rs. 50 crores, the penalty is 0.5% of the turnover, up to a maximum of Rs. 1,50,000. If the turnover… Read More »
Statutory Audit Limit for Computer The threshold limit of statutory audit for Computer Sales & Services companies is Rs. 10 crores in terms of turnover for the financial year 2023-2024. This is according to the Companies Act, 2013. However, there are some exceptions to this rule. For example, a Computer Sales & Services company… Read More »
Agency’s Total Liabilities The agency’s total liabilities are the sum of all of its debts and obligations. This includes things like accounts payable, accrued expenses, and long-term debt. The agency’s total liabilities can be found on its balance sheet. The agency’s total liabilities can be a good indicator of its financial health. A high… Read More »
Statutory Audit Requirements Ensuring compliance with relevant statutory audit requirements in engineering processes and practices involves several steps to maintain transparency and accountability. Here’s a detailed explanation: 1. Documentation and Records: Maintain comprehensive records of all engineering activities, processes, and decisions. This includes design plans, technical specifications, project timelines, and communication records. Having accurate… Read More »
Account Finalization for Educational Account finalization for educational institutions like schools, colleges, universities, and professional schools in India involves several steps to ensure accurate financial reporting and compliance with regulations. Here’s a breakdown of the process: 1. Gather Financial Data and Records: Collect all financial data, including income and expenditure records, balance sheets, income… Read More »
Dedline of Statutory Audit for Fuel Dealers The Dedline of Statutory Audit for Fuel Dealers must be completed by September 30th of the subsequent financial year. For example, the statutory audit for the financial year 2023-2024 must be completed by 30th September 2024. However, there are some exceptions to this rule. For example, if… Read More »
Bookkeeping Mandatory for Organizations Yes, bookkeeping is mandatory for organizations, charitable, and social service entities in India. Proper bookkeeping involves maintaining accurate and organized records of financial transactions, income, expenses, assets, and liabilities. It helps ensure transparency, accountability, and compliance with legal and taxation requirements. ◘ Legal Compliance: The Income Tax Act, 1961, and… Read More »
Intangible Assets for Balance Sheet Yes, there are a number of intangible assets listed for balance sheet, such as trademarks, goodwill, and intellectual property. These assets are important to the company’s operations and can contribute significantly to its value. Here is a more detailed answer that you can use: 1. Intangible assets represent valuable… Read More »
BookkeepingPractices Help Engineers Proper bookkeepingpractices help engineers effectively track project expenses and budgets. Here’s how: 1. Accuracy and Accountability: Maintaining accurate and detailed financial records allows engineers to account for every expenditure related to a project. By categorizing expenses correctly, they can ensure that the budget remains aligned with the project’s goals. This transparency… Read More »