Statutory Audit for wholesaler The purpose of conducting a statutory audit for a wholesaler in India is to ensure financial transparency, regulatory compliance, and accuracy in financial reporting. A statutory audit is a legally required examination of a company’s financial records and statements by an independent auditor. It serves several important purposes: 1. Financial… Read More »
Financial Statements Audited The key financial statements audited in a Motion Picture & Video Studios & Theatres business in India are the Income Statement, Balance Sheet, and Cash Flow Statement. 1. Income Statement: This financial statement provides a summary of the business’s revenues and expenses over a specific period, typically a year. It shows… Read More »
Financial Records for Tax audit A wholesaler in India manages their financial records for tax audit through a structured process to ensure compliance with tax regulations. They follow these steps to maintain accurate records and be prepared for a potential tax audit: 1. Accounting Software or Systems: Wholesalers usually employ accounting software or systems… Read More »
Tax Audit Report for Motion Picture The threshold limit for tax 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… Read More »
Wholesaler Subjected to Tax Audits Wholesaler Subjected to Tax Audits Yes, wholesalers in India indeed subjected to tax audits under certain circumstances. A tax audit is mandatry when a wholesale business crosses certain specified turnover thresholds as per the provisions of the Income Tax Act, 1961. Currently, the threshold for businesses is set at… Read More »
Balance Sheet for Law Firm Drafting a Balance Sheet for Law Firm is not typically mandatory for law firms as part of their core legal operations. A balance sheet is a financial statement that provides a snapshot of a company’s financial position, showing its assets, liabilities, and shareholders’ equity at a specific point in time.… Read More »
Compliance measures Motion Picture & Video: Studios & Theatres in India should follow specific compliance measures to avoid tax audit issues. These measures are crucial to ensure accurate financial reporting and adherence to tax regulations. 1. Proper Bookkeeping and Accounting Practices: Maintaining comprehensive and accurate financial records is essential. Studios and theatres should keep… Read More »
Tax Audit Reports for Motion Picture The due date for filing tax audit reports for Motion Picture & Video: Studios & Theatres in India is typically September 30th of the assessment year, Which is the year following the financial year in which the audit is conducted. Failure to comply with this due date can… Read More »
Artist Need to Pay Advance Tax Yes, artists may need to pay Advance Tax depending on their projected income for the financial year. Advance Tax is a system in which taxpayers are required to pay their taxes in installments during the year, rather than in a lump sum at the end. This is especially applicable… Read More »
Artistic Career’s Balance Sheet In a draft of my artistic career’s balance sheet, I would include both tangible and intangible assets along with associated liabilities. Tangible assets could encompass physical artworks, studio equipment, and any materials I’ve invested in. Intangible assets might comprise copyrights, trademarks, and my reputation within the artistic community. Liabilities might… Read More »