Statutory Audit Required for Doctors In India, Statutory Audit Required for Doctors unless their gross receipts or turnover from medical practice exceed the prescribed threshold limits. Doctors and other professionals are primarily subject to tax audits under section 44AB of the Income Tax Act if they meet certain financial criteria. If a doctor’s gross… Read More »
Conducting Statutory Audit for Doctors The purpose of conducting statutory audit for doctors in India is to ensure financial transparency, accuracy, and compliance with relevant laws and regulations. A statutory audit is a mandatory examination of a doctor’s financial records, statements, and transactions by an independent Chartered Accountant. This process aims to achieve several… Read More »
Doctors Manage Financial Records for Tax Audits Doctors Manage Financial Records for Tax Audits in a meticulous manner to prepare for potential tax audits. Given the nature of their profession, accurate financial documentation is crucial. Here’s how they typically handle this: 1. Income Records: Doctors maintain a detailed record of their professional income, including… Read More »
Tax Audit Required for Law Firm Yes, Tax Audit required for Law Firm if its turnover exceeds Rs. 1 crore in any of the three preceding years. This is under Section 44AB of the Income Tax Act, 1961. The audit must conduct by a CA who is register with the Institute of Chartered Accountants of… Read More »
Are Doctors Subject to Tax Audits Are Doctors subject to tax audits:- Yes, doctors in India can be subject to tax audits under certain circumstances. Tax audits are conduct to ensure that taxpayers are accurately reporting their income, deductions, and other financial transactions. For doctors, the threshold for mandatory tax audit is applicable if their… Read More »
Financial Penalties Yes, there can be Financial Penalties for not finalizing the accounts of a law firm in India. According to the Income Tax Act of India, businesses, including law firms, are required to maintain proper books of accounts and get them audited if their turnover exceeds a specified limit. Failure to finalize the… Read More »
Tax Audit Reports for Doctors In India, a tax audit reports for doctors serves a critical purpose in ensuring transparency, accuracy, and compliance with the country’s taxation regulations. The primary goal of this audit report is to examine the financial records and transactions of doctors, specifically those who fall under the ambit of Section… Read More »
Penalties for Not Filing Tax Audit Yes, there are penalties for not filing a tax audit report for doctors in India. The penalty depends on the amount of tax that is due and the reason for the non-filing. The penalty for not filing a tax audit report is: 0.5% of the total turnover or… Read More »
Architects Need to Pay Advance Tax Architects Need to Pay Advance Tax Yes, architects in India are required to pay Advance Tax if their estimated tax liability for the financial year exceeds Rs 10,000. Advance Tax is a system through which taxpayers are required to pay their income tax liabilities in installments during the financial… Read More »
Account Finalization for Architectural Firms Account Finalization for Architectural Firms encompasses a thorough procedure involving the closure of financial records, consolidation of transactions, and generation of precise financial statements as a conclusion to a designated accounting period, typically a fiscal year. This process is essential for assessing the financial health of the architectural firm,… Read More »
