What is the threshold limit of Statutory audit due date for School, Colleges, Universities, Professional Schools?

Expense Management

Statutory audit dedline for School   The threshold limit for statutory audit dedline for School different entities in India, including schools, colleges, universities and professional schools. If an entity’s total gross receipts or turnover exceeds ₹1 crore in a financial year, they required to undergo a statutory audit. This means that if a school, college,… Read More »

What are the key financial statements audited in a Organizations, Charitable and Social Service?

 Statutory audit for mall owners

Key Financial Statements Audited   Organizations involved in charitable and social services undergo financial audits to ensure transparency and accountability. The key financial statements audited in such organizations are: 1. Income and Expenditure Statement: This statement provides a summary of the organization’s revenues and expenses during a specific period. It outlines the sources of income,… Read More »

Are there any specific deductions or allowances available for Tour & Travel Agencies?

Deductions or Allowances for Tour & Travel Agencies   Deductions or Allowances for Tour & Travel Agencies can take advantage of specific deductions and allowances aligned with their business activities. However, it’s imperative to recognize that tax regulations exhibit variations across jurisdictions, leading to disparities in these provisions based on local laws. Here are several… Read More »

What is the threshold limit and due date of tax audit report for School, Colleges, Universities, Professional Schools?

Audit for EducationalInstitutions   Tax Audit for EducationalInstitutions threshold limit and due date  for educational institutions like schools, colleges, universities and professional schools in India are as follows: Threshold Limit: Education institutions required to get a tax audit done if their total gross receipts or turnover exceed ₹1 crore in a financial year. If the… Read More »

What is the threshold limit and due date of tax audit report for Organizations, Charitable and Social Service ?

Tax Audit Report for Freelancers, Tax compliance and audit

Tax Audit Threshold Limit Tax Audit Threshold Limit, the threshold limit and due date of tax audit report for organizations, charitable and social service entities in India are as follows: Threshold Limit: Organizations, charitable institutions and social service entities can requir to get their accounts audit if their total gross receipts or turnover exceeds Rs.… Read More »

What records and documents should a Tour & Travel Agency maintain for ITR filing?

ITR Documents for Tour & Travel Agency   ITR Documents for Tour & Travel Agency should maintain a comprehensive set of records and documents to facilitate accurate and efficient Income Tax Return (ITR) filing. While specific requirements might vary based on jurisdiction and the agency’s operational intricacies. Here’s a general list of records and documents… Read More »

What compliance measures should Organizations, Charitable and Social Service follow to avoid tax audit issues?

Organizations tax Strategy   Organizations tax Strategy, Charitable and Social Service entities in India need to adhere to certain compliance measures to avoid tax audit issues. These measures help ensure proper financial reporting and transparency: ◘ Maintaining Proper Books of Accounts: Organizations must maintain accurate and up-to-date books of accounts, including records of income, expenses,… Read More »