Dedline of Tax Audit Report for School The dedline of tax audit report for school, colleges, universities, and professional schools in India typically falls on September 30th of the assessment year, which is the year following the financial year in which the audit is being conducted. For instance, for the financial year 2022-2023, the… Read More »
Compliance measures Schools, colleges, universities, and professional schools in India should adhere to several compliance measures to prevent tax audit issues. These measures are essential to ensure proper tax reporting and compliance with the tax laws of the country. Here’s a breakdown of the steps they should take: 1. Maintain Accurate Records: Educational… Read More »
Account Finalization Implications for Tax Reporting Account finalization has significant implications for tax reporting in India, particularly for Organizations, Charitable, and Social Service entities. Here’s an explanation of the Account Finalization Implications for Tax Reporting: 1. Account Finalization: Account finalization refers to the completion of financial statements at the end of… Read More »
Tax Audit Report Process The Tax Audit Report process closely aligns with the financial reporting and accounting practices for engineers, ensuring transparency, accuracy, and compliance in the financial records of engineering projects. When engineers undertake projects, they incur expenses, generate revenues and manage various financial aspects. Similarly, the Tax Audit Report evaluates these financial… Read More »
Financial Transactions Record in Bookkeeping Key Financial Transactions Record in Bookkeeping for Educational Institutions in India: 1. Tuition Fees Collection: Educational institutions should record all tuition fees collected from students. This includes regular fees, special course fees and any other charges associated with the educational program. 2. Salaries and Benefits: Recording the salaries and… Read More »
Current Balance Sheet The current balance sheet can be compared to previous reporting periods to see how the company’s assets, liabilities, and equity have changed over time. This information can be helpful for investors, creditors, and other stakeholders to assess the company’s financial health and performance. Here are some specific things to look… Read More »
Drafting Balance Sheet for Organizations Yes, drafting a balance sheet is mandatory for Organizations, Charitable and Social Service entities in India. A balance sheet is a crucial financial statement that provides a snapshot of an organization’s financial position at a specific point in time. It presents the entity’s assets, liabilities, and equity, showcasing its… Read More »
Balance Sheet Mandatory for Educational Institutions Yes, drafting a balance sheet is mandatory for educational institutions like schools, colleges, universities, and professional schools in India. A balance sheet is a crucial financial statement that provides a snapshot of an organization’s financial position at a specific point in time. It presents a summary of an entity’s… Read More »
Lease obligations Lease obligations Certainly, various lease commitments require disclosure within a company’s financial statements. These disclosures are required by various accounting standards, such as IFRS 16, ASC 842, and MCA 116. Some of the key lease obligation that need to be disclosed include: The total amount of lease liabilities The maturity analysis of… Read More »
Threshold Limit of Balance Sheet for School The threshold limit for balance sheet for School and reporting varies for different types of educational institutions in India. Educational institutions are generally exempted from filing income tax returns if their total income falls below a certain threshold. Please note that tax laws and regulations may have… Read More »
