GST Applicable on Tour & Travel Agency ITR Filing GST is a consumption-based tax levied on the supply of goods and services at each stage of the supply chain. It is applicable to a wide range of industries, including the tour and travel sector. The GST Applicable on Tour & Travel Agency depends on… Read More »
Bookkeeping for Fashion Designers According to the Income Tax Act, 1961, bookkeeping for fashion designers it is not mandatory of account if their turnover does not exceed 1,20,000 in any of the three preceding years. However, it is still advisable for fashion designers to maintain books of account even if they are not required… Read More »
Tax Deduvtion for Educational Institutions Tax Deduvtion for Educational Institutions such as schools, colleges, universities, and professional schools in India can avail certain tax deductions while filing their income tax returns (ITR). Here’s an explanation of the available tax deductions: ◘ Section 10(23C): Educational institutions can claim tax exemption under Section 10(23C) of the… Read More »
Require Documents for File ITR Here are the Require Documents for File ITR: 1. Form 16: This is provided by your employer and summarizes your salary, deductions, and taxes withheld. It’s crucial for reporting your salary income accurately. 2. Salary Slips: These documents detail your monthly earnings, allowances, and deductions. They help cross-check the information… Read More »
Penalty Tax-audit The due date and Penalty TaxAudit Reports in India for Organizations, Charitable and Social Service entities are as follows: 1. Due Date: For organizations, charitable trusts, and social service entities, the due date for filing the tax audit report is generally September 30th of the assessment year. This due date may vary… Read More »
Account Finalization for Dental and Medical Account Finalization for Dental and Medical laboratories in India involves several crucial steps to ensure accurate financial reporting and compliance with relevant regulations. Here’s a breakdown of the process: ◘ Gather Financial Data and Records: Collect all financial documents, including income statements, balance sheets, bank statements, invoices, receipts… Read More »
Considerations for Foreign Currency Transactions Absolutely, the involvement of considerations for foreign currency transactions brings about specific considerations for Tour & Travel Agencies as they prepare their Income Tax Returns (ITR). These considerations revolve around precise accounting for foreign exchange gains or losses and adhering to pertinent regulations. Here’s an overview of key points… Read More »
Statutory Audit of Fuel Dealers Indeed, here are the key regulations governing the statutory audit of fuel dealers in India: 1. The Companies Act, 2013: The Companies Act, 2013 is the primary legislation that governs the statutory audit of fuel dealers. The Act requires all fuel dealers with a turnover of more than… Read More »
Balance Sheet for Fashion Designers Creating a balance sheet for fashion designers entails showcasing the business’s financial standing at a particular moment. The balance sheet provides a snapshot of assets, liabilities and owner’s equity, helping you assess the financial health and stability of your fashion design business. Here’s a step-by-step guide on Drafting a… Read More »
Account finalization for Dental and Medical Account finalization for dental and medical laboratories in India has a significant impact on tax reporting. As the fiscal year comes to a close, these entities need to ensure accurate and comprehensive financial statements to properly reflect their income, expenses, and overall financial position. This, in turn, influences… Read More »
