ITR Penaltie for Registered Nurses Yes, there are penaltie for Registered Nurses (RNs) if they fail to file their Income Tax Return (ITR) on time. The penalties for late filing of ITR in India are as follows: 1. A late filing penalty of 5% of the tax due or a minimum of Rs. 2,000,… Read More »
Applicable ITR Form for Architect The Applicable ITR Form for Architect generally relies on the specific characteristics of their earnings and the manner in which their business structured. Architects can have income from various sources such as professional fees, consultancy services, and potentially rental income or capital gains if they have property investments. The… Read More »
Effective Bookkeeping Effective bookkeeping plays a crucial role in the financial management of architectural projects by providing accurate, organized, and timely financial information that aids in informed decision-making and overall project success. Here’s how effective bookkeeping contributes to the financial management of architectural projects: 1. Accurate Financial Records: Effective bookkeeping ensures that all financial… Read More »
Financial Indicators A balance sheet serves as a Financial indicators snapshot of a company at a specific point in time, detailing its assets, liabilities, and shareholders’ equity. It provides valuable insights into an architect’s firm’s liquidity and ability to meet short-term obligations through the examination of key components: 1. Current Assets: The balance sheet… Read More »
ITR form for Doctors There is no specific ITR form for doctors. However, there are certain ITR forms that are more commonly used by doctors. These include: 1. ITR-1: This is the simplest ITR form and is used by individuals with a simple income. Doctors who have a total income of less than Rs.… Read More »
Turnover Threshold for Architects There is no specific turnover threshold for architects to consider for bookkeeping in India. However, architects generally required to maintain proper books of account and get their accounts audit if their gross receipts of profession exceed Rs. 50 lakhs in a financial year. The Companies Act, 2013 (the “Act”)… Read More »
Bookkeeping limit for Doctors Bookkeeping limit for Doctors In India, doctors required to start bookkeeping and maintain proper financial records if their annual gross receipts from the profession exceed Rs. 1,50,000 in any financial year. This threshold set by the Income Tax Act, and it’s important for doctors to keep accurate records of their… Read More »
Importance of Proper Bookkeeping Importance of Proper Bookkeeping is of paramount importance for architects and architectural firms. It serves as the foundation for their financial stability, strategic decision-making, and overall success. Here’s Importance of proper bookkeeping in this context: 1. Financial Management: Architectural projects often involve complex budgeting, expenses, and revenue streams. Accurate bookkeeping… Read More »
Account Finalization for Architects They required to perform Account Finalization for Architects in India if their gross receipts of profession exceed Rs. 50 lakhs in a financial year. This is under Section 44AB of the Income Tax Act, 1961. Account Finalization is the process of preparing the financial statements of an architect for the… Read More »
Account Finalization for Architect Account Finalization for Architect holds significant importance for architects and their professional practices. It refers to the comprehensive process of closing out projects, ensuring accurate financial records, and tying up loose ends associated with a project’s financial, contractual, and administrative aspects. This process has various implications that directly impact architects’… Read More »
