Bookkeeping Mandatory for Architects Bookkeeping is mandatory for architects for several important reasons: 1. Financial Management: Architects, like any other professionals or businesses, need to manage their finances effectively. It helps architects track their income, expenses, and profits. It provides a clear picture of their financial health, enabling them to make informed decisions about… Read More »
Statutory Audits for Architects Statutory audits for architects in India can present several challenges due to the unique nature of their profession. Firstly, architects often work on multiple projects simultaneously, leading to complex financial records that must be meticulously organize and presented during the audit process. Secondly, the assessment of revenue and expenses can be… Read More »
Balance Sheet Drafting a balance sheet for doctors in India involves summarizing their financial position, which includes assets, liabilities, and equity. Here’s a step-by-step guide: 1. Gather Financial Information: Collect all financial statements, including income statements and cash flow statements, to have a comprehensive overview of the doctor’s financial situation. 2. List Assets: Begin with… Read More »
Financial Representation Ensuring accurate financial representation in the balance sheet for doctors in India involves a series of steps to reflect their financial position accurately. Here’s how: 1. Comprehensive Income Documentation: Doctors should maintain meticulous records of their income sources, including consultations, procedures, and any other professional services. This documentation helps ensure that all earned… Read More »
Statutory Audit Required for Architects Yes, statutory audit requir for architects in India under certain circumstances. According to the Companies Act, 2013, any business or profession that falls under the category of a company. Whether this is a Pvt Ltd, public limited, or one-person company, required to undergo a statutory audit. This includes architectural firms… Read More »
Architectural Practice The suitable Income Tax Return (ITR) form for an Architectural Practice generally relies on the specific characteristics of their earnings and the manner in which their business is structured. Here’s how you can handle asset depreciation: 1. Understand Depreciation Methods: Familiarize yourself with different depreciation methods, such as straight-line depreciation, declining balance… Read More »
Balance Sheet Mandatory for Doctors Yes, balance sheet is mandatory for doctors in India to prepare a balance sheet if they meet certain financial thresholds. According to the Income Tax Act of India, any individual carrying on a profession, including doctors, is requir to maintain books of accounts and prepare a balance sheet if… Read More »
Account Finalization for Lawyers In India, it is not a strict necessity for lawyers to conduct account finalization; however, involving legal professionals can be beneficial in certain cases. Account finalization is primarily a financial process aimed at accurately closing the books of accounts for a given period. It involves preparing financial statements, reconciling transactions, and… Read More »
Balance Sheet for Doctors There is no specific turnover limit for drafting a balance sheet for doctors in India. However, as mentioned in my previous response, if the doctor’s total receipts for the financial year exceed Rs. 50 lakhs, then they are required to get their accounts audited. As part of the audit, the… Read More »
Presumptive Taxation Scheme Yes, architects are indeed eligible to benefit from the Presumptive Taxation Scheme under Section 44ADA of the Income Tax Act in India. This scheme is primarily designed to simplify the taxation process for professionals whose income is generated through various services, including architectural services. Under this scheme, architects can declare a… Read More »
