Turnover Limit for Books of Accounts In India, The turnover limit for books of accounts as a chemist determined by the provisions of the Income Tax Act, 1961. According to Section 44AA of the Income Tax Act, individuals engaged in professions such as accountancy, medical, legal, technical consultancy, interior decoration, and others required to… Read More »
Chemists Claim Deductions Under Section 80C/80D/80G Yes, a Chemists Claim Deductions Under Section 80C/80D/80G, etc., subject to the following conditions: 1. Section 80C: The maximum deduction under Section 80C is Rs. 1.5 lakh in a financial year. This deduction is available for investments made in various savings schemes, such as PPF, ELSS, NSC, LIC, etc.,… Read More »
Preparing Artist Tax Audit Preparing Artist Tax Audit, Here are the key points to consider before filing a tax audit report for artists: 1. The artist’s turnover: Artists who are self-employed and have a turnover of more than Rs. 25 crores are required to get their accounts audited by a chartered accountant. 2 The… Read More »
Statutory Audit is Mandatory for Chemists Statutory audit is not mandatory for chemists. It is mandatory for companies, irrespective of their nature of business and sales turnover. However, there are some cases where statutory audit required for chemists. For example, if a chemist is involve in the manufacture or sale of chemicals that regulated… Read More »
Chemist Financial Management Chemist Financial Management, like any other business, should maintain accurate financial records to ensure compliance, track expenses, and make informed financial decisions. Key financial transactions that a chemist should record include: 1. Sales and Invoicing: Chemists need to record all sales transactions, whether they involve prescription medications, over-the-counter drugs, or other… Read More »
Drafting Balance Sheet for Chemists Drafting a balance sheet for chemists involves several crucial considerations to accurately represent their financial position. Here are the important points to keep in mind: 1. Inventory Valuation: Chemists typically hold a significant amount of inventory, including medicines and other pharmaceutical products. It’s crucial to value this inventory accurately.… Read More »
Tax Audit Report for Artist Whether an income from art is required to file a tax audit report depends on the turnover of the artist. According to Section 44AB of the Income Tax Act, 1961, an artist who is self-employed and has a turnover of more than Rs. 25 crores in a financial year… Read More »
Penalty for Not Filing Tax Audit Report for Artist Yes, there is a penalty for not filing a tax audit report for an artist. The penalty depends on the amount of tax that is due and the reason for not filing the report. If the artist does not file the tax audit report and… Read More »
Artistic Value Assessment Artistic Value Assessment, When preparing a balance sheet draft for your artistic endeavors, you would need to consider both your assets and liabilities. Here’s a breakdown of what you might include: Assets: 1. Artistic Creations: This includes the value of your completed artworks, whether they’re paintings, sculptures, digital designs, or any other… Read More »
Audit Process for Coal The audit process for coal, oil, liquefied petroleum, and wood dealers differs in a few key ways. ♦ The nature of the business: Coal, oil, liquefied petroleum, and wood dealers all deal in different types of fuels, which have different characteristics and risks. For example, coal is a solid fuel… Read More »
