Statutory Audit for Fuel Dealers Indeed, there are threshold limits for statutory audit for fuel dealers. The threshold limit is determined by the turnover. If the turnover of the fuel dealer is less than Rs. 25 crores, then the statutory audit is not mandatory. If the turnover of the fuel dealer is between Rs.… Read More »
Agency’s Cash Position The agency’s cash position at the end of the reporting period is $10 million. This is the amount of cash that the agency has on hand, in its bank accounts, and in other liquid assets. It is a measure of the agency’s financial strength and its ability to meet its obligations.… Read More »
Bookkeeping is Mandatory for Schools Yes, bookkeeping is mandatory for schools, colleges, universities, and professional schools in India. Properly maintained books of accounts are essential to ensure transparency, accuracy, compliance with tax regulations. 1. Legal Requirement: The Income Tax Act of India requires educational institutions to maintain books of accounts and other documents related… Read More »
Balance Sheet for Automotive Repair Yes, drafting a balance sheet is mandatory for automotive repair services in India. A balance sheet serves as a vital financial document, offering a momentary glimpse into a company’s financial standing at a particular instance. It consists of three main sections: assets, liabilities, and owner’s equity. 1. Legal Compliance:… Read More »
Finalizing the accounts for organizations Finalizing the accounts for organizations, charitable, and social service entities in India involves several steps to ensure accurate financial reporting and compliance with applicable regulations. 1. Data Compilation and Reconciliation: The first step is to gather all financial data, including income, expenses, donations, and grants received. Reconcile bank statements,… Read More »
Statutory Audit of Engineering Projects Discrepancies or non-compliance found in the statutory audit of engineering projects can be handled and rectified in the following ways: 1. Identify the discrepancy or non-compliance: The first step is to identify the specific discrepancy or non-compliance. You can do this by reviewing the audit report and understanding the… Read More »
Account Finalization Impact on Tax Reporting Account Finalization Impact on Tax Reporting, plays a crucial role in determining the accurate tax reporting for educational institutions such as schools, colleges, universities, and professional schools in India. It involves the completion of financial statements, reconciliations, and adjustments to ensure the financial data is accurate and in… Read More »
Bookkeeping for Social Service Bookkeeping for Social Service, Organizations, charitable, and social service entities in India should diligently record various financial transactions in their bookkeeping for social service. Some key transactions include: 1. Donations and Contributions: You must record any funds or assets received as donations or contributions. These could be in the form of… Read More »
Balance Sheet Threshold for Organizations The threshold limit for balance sheet reporting varies for different types of organizations in India. Non-profit organizations, including charitable and social service entities, have specific requirements based on their annual income and activities. For organizations, charitable trusts, and social service entities in India, the threshold limit for balance sheet… Read More »
Provisions for Taxes Provisions for taxes are liabilities that are recognized when a company has a present obligation as a result of a past event and it is probable that an outflow of resources will be required to settle the obligation. are typically recorded in the balance sheet as a liability and they are… Read More »
