Tour and Travel Agency’s Statutory Audit Certainly! play a pivotal role in the context of a tour and travel agency’s statutory audit. They are a set of processes, procedures, and safeguards designed to ensure the accuracy, reliability, and compliance of financial and operational activities. Here’s why internal controls are crucial during a statutory audit… Read More »
Statutory Audit for Computer Sales and Services Company The extent of the statutory audit for computer sales and services company encompasses the following objectives: 1. Thoroughly examine the accuracy and fairness of the company’s financial statements. 2. Evaluate the sufficiency of the company’s internal controls in detecting and preventing fraud and errors. 3. Review… Read More »
Assets on The Balance Sheet The assets on the balance sheet for computer sales and services company can be classified into the following categories: 1. Current assets: These are assets that can be converted into cash or cash equivalents within one year. They include cash and cash equivalents, accounts receivable, inventory, and prepaid expenses.… Read More »
Revenue Recognition Yes, here are some tips on how to ensure accurate Revenue recognition for computer sales and services during account finalization: 1. Identify the performance obligations: A performance obligation entails a commitment to deliver a separate and identifiable product or service to a customer. In the context of computer sales and services, the… Read More »
Purpose of Account Finalization In the context of computer sales and services, the purpose of account finalization is to ensure that all financial transactions related to the business’s computer sales and services have been accurately recorded, verified, and balanced. This process involves reviewing and reconciling various financial records, such as invoices, receipts, purchase orders,… Read More »
ITR Filling for Restaurants or Hotels The due date of ITR filling for restaurants or hotels depends on their turnover. For restaurants or hotels with a turnover of up to 1.5 crore rupees, the due date for filing ITR is 31st July of the following year. For or hotels with a turnover of more… Read More »
ITR Penalties for Restaurants or Hotels Yes, there are ITR penalties for restaurants or hotels if they fail to file their Income Tax Returns (ITR) on time. The penalties vary depending on the amount of tax due and the length of the delay. For individuals, the penalty for late filing of ITR is 5%… Read More »
ITR Filling Deductions for Restaurants Here are some ITR filling deductions available for restaurants and hotels: 1. Cost of goods sold: This is the cost of the food and beverages that are sold by the restaurant or hotel. It includes the cost of raw materials, packaging, and freight. 2. Employee salaries and wages: This includes… Read More »
Input Tax Credit (ITC) The answer is not always. Restaurants and hotels can claim input tax credit (ITC) under the GST regime for ITR filing if they registered under GST and charge 18% GST on their food and beverage services. However, restaurants and hotels that charge 5% GST on their food and beverage services cannot… Read More »
Bookkeeping for Books and Stationery Traders The basic purpose of bookkeeping for books and stationery traders is to keep track of the financial transactions of the business. This includes recording all income and expenses, as well as the assets and liabilities of the business. Bookkeeping can help traders and stores to: 1. Track… Read More »
