What tax deductions are available for Organizations, Charitable and Social Service during ITR filing?

Why TDS is deducted?

Tax Deductions for Organizations Charitable Tax Deductions for Organizations Charitable, and Social Service entities in India can avail various while filing their Income Tax Return (ITR). These deductions help reduce their taxable income, resulting in lower tax liability. Here are some key deductions available: 1. Section 11: Charitable and Religious Trusts (Section11) – Under this… Read More »

Can you explain the concept of GST (Goods and Services Tax) and its implications for tour and travel agencies during a tax audit?

GST for for Tour and Travel   GST for for Tour and Travel, GST (Goods and Services Tax) is a comprehensive form of indirect taxation imposed on the provision of goods and services at every stage of their production or distribution. It has replaced multiple cascading taxes like VAT, service tax, and excise duty, streamlining… Read More »

Can Engineer Pay Advance Tax

Engineer Pay Advance Tax   Yes, Engineer can pay advance tax, like any other professionals or individuals, may need to pay Advance Tax depending on their income and tax liability. Advance Tax is a system of paying income tax in installments throughout the financial year, rather than paying it all at once during the end… Read More »

Is drafting balance sheet mandatory for Dental and Medical Laboratories?

Balance Sheet threshold

Balance Sheet Mandatory for Dental   Yes, drafting a balance sheet is mandatory for Dental and Medical Laboratories in India. The balance sheet holds significant importance as a financial statement, offering an instant view of a company’s financial stance at a particular moment. It encompasses three primary elements: assets, liabilities, and equity. Here’s why drafting… Read More »

What are the key financial transactions that a Architectural, Engineering and Surveying Services should record in Bookkeeping?

Architectural, Engineering and Surveying Services

Architectural Engineering and Surveying Services   Architectural, Engineering, and Surveying Services in India should accurately record several key financial transactions in their bookkeeping to maintain proper financial records and ensure compliance. Some essential transactions include: 1. Income from Services Rendered: Record all income received from architectural, engineering, and surveying services provided to clients. This includes… Read More »

What is the threshold limit of Statutory audit due date for Dental and Medical Laboratories?

Audit Date of Employment Agency

Threshold Limit of Statutory Audit for Dental   The threshold limit of statutory audit for dental and medical laboratories is Rs. 1 crore in India. This means that dental and medical laboratories with a turnover of less than Rs. 1 crore are not required to have their accounts audited. However, they are still required to… Read More »

Is drafting balance sheet for Motion Picture & Video Studios & Theatres?

Balance Sheet for Motion Picture & Video Balance Sheet for Motion Picture & Video, every business entity, including Motion Picture & Video Studios & Theatres, is required to prepare and maintain financial statements, which include a balance sheet, as per the provisions of the Companies Act, 2013. A balance sheet provides a snapshot of a… Read More »

What are the key financial statements for Dental and Medical Laboratories?

Statutory audit for Grocery and Merchandise, Statutory audit for Furniture and Appliances

Financial Statements for Dental and Medical   The key financial statements for Dental and Medical Laboratories in India include: 1. Income Statement (Profit and Loss Statement): This financial statement presents the revenues earned and expenses incurre by the dental and medical laboratory during a specific period, typically a year. It shows the laboratory’s net income… Read More »

What are the key financial transactions that a Motion Picture & Video Studios & Theatres should record in Bookkeeping?

Financial Transactions for Motion Picture Key financial transactions for Motion Picture & Video: Studios & Theatres should record in bookkeeping in India include: 1. Revenue from Ticket Sales: Studios and theatres should record the revenue generated from ticket sales as a primary source of income. This includes both physical ticket sales and online bookings. It’s… Read More »