ITR Deductions for Dental and Medical ITR Deductions for Dental and Medical to reduce their taxable income and overall tax liability. Three key deductions that they might consider are: ◘ Business Expenses Deduction: Dental and Medical Laboratories can claim deductions for various business expenses incurred during the financial year. This includes expenses related to… Read More »
Challenges During Statutory Audits for Fashion Designers Fashion designers, like professionals in any other industry, encounter specific challenges during statutory audits for Fashion Designers. Statutory audits are comprehensive examinations of a company’s financial records and operations to ensure compliance with relevant laws and regulations. In the context of fashion designers, several challenges may arise… Read More »
Account Finalization of Hospitals Account Finalization of Hospitals, it involves reconciling all financial transactions, ensuring accuracy of financial statements, and calculating the net profit or loss for the financial year. This process is essential as it directly influences the tax liability of the hospital. Tax reporting for hospitals involves several aspects, including income, expenses,… Read More »
Account Finalization for Motion Picture Account finalization for Motion Picture & Video, Studios & Theatres industry in India involves several crucial steps to ensure accurate financial reporting and compliance with relevant regulations. 1. Gather Financial Data and Records: The first step in account finalization is to collect all financial data and records related to… Read More »
Avoid Tax Audit Issues Dental and Medical Laboratories in India should adhere to several compliance measures to avoid tax audit issues. These measures are essential to ensure accurate financial reporting and adherence to tax regulations. 1. Proper Bookkeeping and Accounting: Maintaining accurate and up-to-date financial records is crucial. Dental and Medical Laboratories should keep… Read More »
Tax Audit Applicable for Fashion Designers If you’re a fashion designer, the Tax Audit Applicable for Fashion Designers depends on various factors. Tax audits are typically conducted to ensure accurate reporting of income, expenses, and compliance with tax regulations. As a fashion designer, you might be subject to a tax audit if your income… Read More »
Balance Sheet Mandatory for Hospitals Yes, drafting a balance sheet is mandatory for hospitals in India. A balance sheet is a financial statement that provides a snapshot of a hospital’s financial position at a specific point in time. It presents the hospital’s assets, liabilities, and owner’s equity. ◘ Legal Requirement: As per the Companies… Read More »
Threshold Limit of Balance Sheet Threshold Limit of Balance Sheet in India, businesses engaged in the Motion Picture & Video Studios & Theatres industry are required to prepare a balance sheet and maintain proper financial records. However, there isn’t a specific threshold limit mention in the context of this industry for preparing a balance… Read More »
Balance Sheet for Dental and Medical The threshold limit of balance sheet for dental and medical reporting varies based on the type of entity and its turnover. For Dental and Medical Laboratories in India, if the turnover exceeds ₹1 crore during the financial year, they are requir to get their accounts audit under Section… Read More »
Separate personal and business expenses Distinguishing between Separate personal and business expenses holds immense importance in upholding precise financial records and guaranteeing a seamless tax audit procedure for your fashion design enterprise. Presented below is an exclusive, step-by-step manual to assist you in accomplishing this objective: 1. Maintain Separate Bank Accounts: Open distinct bank… Read More »