Statutory Audit Applicable for Law Firms Yes, Statutory audit is applicable for law firms if their turnover exceeds Rs. 40 lakhs in any of the three preceding years. This is under Rule 24 of the Limited Liability Partnership Rules, 2009. The audit must be conduct by a chartered accountant who registered with the Institute… Read More »
Balance Sheet for the Wholesalers Before drafting a balance sheet forthe wholesalers in India, several crucial points need to be considered to ensure accurate financial reporting and compliance with accounting standards. These points are essential for presenting a comprehensive and transparent view of the wholesaler’s financial position. 1. Inventory Valuation: One of the key… Read More »
Statutory Audit is Applicable for Wholesaler To determine whether a statutory audit is applicable for wholesaler in India, you need to consider certain factors. A statutory audit is a legally requir examination of a company’s financial records to ensure accuracy and compliance with the law. Here’s how you can assess the applicability of… Read More »
Wholesaler Statutory Audit Challenges Wholesaler Statutory Audit Challenges in India often encounter several challenges when undergoing a statutory audit. 1. Voluminous Transactions: Wholesalers typically deal with a high volume of transactions, involving purchases, sales, and inventory management. During a statutory audit, reconciling and verifying these transactions can be time-consuming and complex. Auditors need to… Read More »
Bookkeeping Concepts and Stages Accurate accounting closing relies on several key bookkeeping concepts and stages to ensure financial records are precise and up-to-date. Here’s an explanation of these concepts and stages: 1. Double-Entry Bookkeeping: This foundational concept ensures that every financial transaction has at least two entries: a debit and a credit. Debits and… Read More »
Fashion Designer Need to Pay Advance Tax Yes, a fashion designer may need to pay Advance Tax depending on their income and tax liability. Advance Tax is a system in which taxpayers are required to pay their taxes in instalments throughout the financial year, rather than waiting until the end of the year. It… Read More »
Intellectual Properties Yes Intellectual Properties, When constructing a balance sheet for my artistic career, assigning value to my intellectual property (IP) and creative rights involves careful consideration of various factors. Intellectual property includes copyrights, trademarks, patents, and other intangible assets that contribute to the value of my creative works. 1. Evaluation of IP Portfolio:… Read More »
Statutory Aaudit Mandatory for Wholesaler In India, a Statutory Aaudit Mandatory for Wholesaler various types of businesses to ensure transparency, accuracy, and compliance with financial reporting standards. For wholesalers, the requirement for a statutory audit depends on specific conditions, making it essential to consider these factors: 1. Turnover Threshold: Wholesalers are generally subject… Read More »
Financial Record for Tax Audit Maintaining accurate financial record for Tax Audit is essential for all businesses, even for ventures like a fashion design enterprise that must prepare for potential tax audits. Here’s how your fashion design business could handle this process: 1. Organized Bookkeeping: Maintain accurate and organized financial records from the start.… Read More »
Financial Transactions and Records To ensure that your financial transactions and records accurately reflect your artistic endeavors for the purpose of a statutory audit, you should follow these steps: 1. Maintain Detailed Records: Keep thorough and organized records of all financial transactions related to your artistic activities. This includes income from sales, commissions, exhibitions,… Read More »