The Threshold Limit of Statutory Audit The threshold limit of Statutory audit due date for Hospitals in India is Rs. 5 crores. This means that all hospitals with an annual turnover of more than Rs. 5 crores are required to have their books audited by a chartered accountant. Statutory audit due date for hospitals… Read More »
GST Regulations Here are some key for GST Regulations: 1. GST Compliance: Goods and Services Tax (GST) is a significant tax regime in India that applies to the supply of goods. Wholesalers must ensure they are correctly calculating and collecting GST on their sales. They should maintain accurate records of GST collected and paid,… Read More »
Bookkeeping for the Motion Picture Effective bookkeeping for the Motion Picture & Video: Studios & Theatres industry in India is crucial for maintaining financial transparency, complying with tax regulations, and making informed business decisions. Here are some strategies to ensure accurate and organized bookkeeping: 1. Categorize Income and Expenses Properly: Start by creating specific… Read More »
Financial Statements Audit In hospitals in India, three key Financial Statements Audit are audited: ◘ Income Statement: Also known as the Profit and Loss (P&L) statement, this Financial Statements Audit provides a summary of the hospital’s revenues, expenses, and profits or losses over a specific period. It offers insights into the hospital’s financial performance,… Read More »
Bookkeeping mandatory for Dental Yes, bookkeeping is mandatory for Dental and Medical Laboratories in India. Bookkeeping involves maintaining accurate and organized financial records of the business transactions, which is crucial for ensuring transparency, accountability, and compliance with taxation and regulatory requirements. Proper bookkeeping helps in tracking income, expenses, assets, and liabilities associated with the… Read More »
Record Expenses in Bookkeeping Wholesalers in India categorize and record expenses in their bookkeeping by following a systematic approach to accurately track their financial transactions. Here’s how they typically manage it: 1. Expense Categories: Wholesalers usually categorize their expenses into different categories based on their nature. Common expense categories include raw materials, transportation, salaries,… Read More »
Documents Need to File ITR The Documents Need to File ITR as a fashion designer vary depending on the individual’s circumstances. There are some common documents for require filing ITR as follow: PAN card Aadhar card Bank account details Income from business or profession (Form 26AS) Income from salary (Form 16) Rent receipts (if… Read More »
Tax Audit Report for Hospitals The threshold limit for tax audit for Hospitals in India is Rs. 5 crores. This means that all hospitals with an annual turnover of more than Rs. 5 crores are required to have their books audited by a chartered accountant and to submit a tax audit report to the… Read More »
Bookkeeping Mandatory for Wholesaler Yes, bookkeeping mandatory for wholesaler in India. Bookkeeping refers to the systematic recording of financial transactions and activities of a business. For wholesalers, maintaining accurate and up-to-date books of accounts is crucial for several reasons: 1. Compliance with Legal Requirements: Wholesalers, like all businesses, required to comply with the provisions… Read More »
Account Finalisation of Fashion Designers Account Finalisation of Fashion Designers involves the process of closing the financial books and preparing the necessary statements to accurately represent the financial position of their business. Here’s a step-by-step guide on how to perform account finalization for fashion designers: 1. Gather Financial Data: Collect all financial documents, including… Read More »