Billing and Invoicing Billing and Invoicing, Bookkeeping plays a crucial role in the perspective of a lawyer for several reasons: 1. Compliance with Regulations: Lawyers are subject to various ethical and legal regulations regarding how they handle client funds and maintain financial records. Proper bookkeeping ensures compliance with these regulations and helps prevent any potential… Read More »
Balance Sheet of an Architect The “owner’s equity” segment within the balance sheet of a sole proprietor architect holds significant importance, serving as a vital portrayal of the business’s financial status and overall well-being. This equity section signifies the remaining claim on the business’s assets once its liabilities have been subtracted. In the context… Read More »
Balance Sheet for the Doctors While drafting a balance sheet for doctors in India, there are several crucial points to consider in order to accurately represent their financial position and adhere to relevant regulations. 1. Categorize Revenue Streams: Doctors often have diverse income sources, including medical practice, consultation fees, surgeries, and diagnostic services. Categorize… Read More »
Balance Sheet for Law Firms Drafting a balance sheet for law firms involves presenting the firm’s financial position by categorizing its assets, liabilities, and equity. Here’s a step-by-step guide on how to create a balance sheet for a law firm: 1. Gather Financial Information: Collect all relevant financial data, including the firm’s accounts, transactions,… Read More »
Tax Audit Required for Architects Tax Audit Required for Architects apply to professionals, including architects, under certain conditions. According to the Income Tax Act, a tax audit is mandatory for architects if their gross receipts exceed Rs 50 lakh in a financial year. This means that if an architect’s total receipts from professional services… Read More »
Legal Requirement of Statutory audit Legal Requirement of Statutory audit for certain types of businesses in India. The Companies Act, 2013, which governs companies in India, specifies the criteria for businesses that are required to undergo a statutory audit. The following are the criteria for statutory audit for doctors in India: If the doctor’s… Read More »
Tax Audit Applicable for Law Firms Yes, tax audit is applicable for law firms if the turnover of the law firm exceeds Rs. 1 crore in any of the three preceding years. This is under Section 44AB of the Income Tax Act, 1961. The audit conducted by a chartered accountant who registered with the Institute… Read More »
Challenges Come for Doctors For Statutory Audit Doctors in India may face several Challenges Come for Doctors For Statutory Audit. One significant challenge is the complex nature of their income sources and expenses. Medical practitioners often have diverse revenue streams, including consultation fees, hospital affiliations, and research-related earnings. Tracking and categorizing these sources accurately… Read More »
Balance Sheet for Fashion Brand’s Ensuring accurate financial representation in the Balance Sheet for Fashion Brand’s is essential for maintaining transparency, meeting legal requirements, and making informed financial decisions. Here’s how to achieve that: 1. Thorough Documentation and Recording: Ensure that all financial transactions, including income, expenses, and liabilities, are meticulously recorded and supported… Read More »
Deductions Under Section 80C/80D/80G Deductions Under Section 80C/80D/80G for Architects, like any other taxpayers, are eligible to claim deductions under various sections of the Income Tax Act in India. The eligibility for specific deductions depends on the individual’s circumstances, the nature of their income, and the expenses they have incurred. Here’s how architects might… Read More »
