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What are the key financial transactions for Hospitals should record in Bookkeeping?

Financial Transactions for Hospitals Financials Transactions for Hospitals in India should diligently record various financial transactions in their bookkeeping to ensure accurate financial reporting and compliance. Here are some key Financials Transaction they should record: 1. Patient Services Revenue: Hospitals should record all revenues generated from patient services, including consultations, surgeries, diagnostic tests, and… Read More »

How to ensure that Statutory audit for the Fashion Designers?

Statutory Audit for Fashion Designers Ensuring a prosperous statutory audit for fashion designers necessitates meticulous readiness and strict adherence to pertinent financial statutes. Here’s a comprehensive step-by-step manual to assist you on this journey: 1. Engage a Qualified Auditor: Start by selecting a reputable and experienced auditor who specializes in the fashion or creative… Read More »

What is the applicable ITR form for engineers?

ITR Form for Engineers The applicable ITR form for engineers will depend on their sources of income and the total income. The following are the ITR forms that are commonly used by engineers: 1. ITR-1 (Sahaj): This form is for individuals with total income up to Rs. 50 lakh. It is the simplest form… Read More »

How does account finalization impact tax reporting for Motion Picture & Video: Studios & Theatres?

Account Finalization Impact Tax Reporting Account finalization impact Tax Reporting plays a crucial role in determining the accurate tax reporting for businesses in the Motion Picture & Video Studios & Theatres sector in India. 1. Tax Liabilities: Account finalization impact tax reporting involves compiling and reconciling all financial transactions, including revenue, expenses and assets,… Read More »

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

Tax Audit Threshold The Tax Audit threshold limit and due date of tax audit report for Dental and Medical Laboratories in India depend on their total sales, turnover and professional income. If their gross receipts exceed ₹1 crore in a financial year, they required to get their accounts audit under Section 44AB of the Income… Read More »

Is bookkeeping mandatory and any limit for starting for the hospitals?

Bookkeeping for Hospitals Yes, bookkeeping is mandatory for hospitals in India. Bookkeeping involves maintaining accurate and organized financial records of all transactions and activities related to the hospital’s finances. This includes income, expenses, purchases, sales, payroll, and other financial transactions. Proper bookkeeping ensures transparency, accountability, and helps in making informed financial decisions. There is… Read More »

Is statutory audit for fashion designers?

Tax Audit Report for Freelancers, Tax compliance and audit

Statutory Audit for Fashion Designer Statutory Audit for Fashion Designer requirements can vary based on the jurisdiction and specific circumstances of a business. In general, a statutory audit typically required for companies that meet certain financial thresholds or criteria set by relevant regulatory authorities. These audits aim to ensure accuracy, transparency, and compliance in… Read More »

What is the penalty and due date of tax audit report for Dental and Medical Laboratories?

Tax Audit Reports of Dental and Medical The penalty and due date for tax audit reports of Dental and Medical Laboratories in India can be understood as follows: 1. Due Date: The due date for filing the tax audit report for Dental and Medical Laboratories in India is generally September 30th of the assessment… Read More »

What is the threshold limit of Statutory audit due date for Motion Picture & Video: Studios & Theatres?

Threshold Limit for Statutory Audit The threshold limit for statutory audit for Motion Picture & Video Studios & Theatres in India is Rs. 1 crore in case the cash receipts do not exceed 5% of the total receipts. If the cash receipts exceed 5% of the total receipts, then the threshold limit is Rs.… Read More »

What is the threshold limit of balance sheet for Hospitals?

Balance Sheet Threshold for Hospitals The balance sheet threshold limit for hospitals in India is a financial benchmark that determines whether a hospital required to prepare and file a balance sheet. In general, all businesses, including hospitals, are required to prepare and file balance sheets if their total income exceeds a specified threshold limit.… Read More »