Statutory Audit for Law firm Performing a statutory audit for a law firm involves a systematic examination of its financial records, transactions, and processes to ensure compliance with applicable laws and regulations. Here’s a step-by-step guide on how to conduct a statutory audit for a law firm: 1. Understanding the Scope and Objectives: Define… Read More »
Tax Deductions During ITR Filing Tax Deductions During ITR Filing in India, businesses in the Motion Picture & Video: Studios & Theatres category can avail of several tax deduction to reduce their taxable income during the income tax return (ITR) filing process. Depreciation: Motion picture studios and theatres can claim depreciation on assets like… Read More »
Perform Account Finalization Whether or not chemists can requir to perform account finalization depends on a number of factors, including the size and nature of the chemist’s business, the location of the business, and the applicable laws and regulations. In general, there is no legal requirement for chemists to perform account finalization. However, there… Read More »
Tax Audit Reports for Wholesaler The purpose of a tax audit reports for wholesaler in India is to ensure transparency, accuracy, and compliance with the tax regulations set forth by the Income Tax Act of India. This audit process involves a detailed examination of the financial records, transactions, and other relevant information of the… Read More »
Penalty for Not Filing of Tax Audit Yes, there is a penalty for not filing of tax audit report for a chemist. The penalty is as follows: Least of the following: 1. 0.5% of the total sales, turnover or gross receipts. 2. Rs 1,50,000. The penalty will be imposed by the Income Tax Department.… Read More »
Tax Audit penalties for wholesaler Yes, there can Tax Audit penalties for wholesaler in India. According to the Income Tax Act of India, businesses that meet certain financial thresholds required to have their accounts audited by a chartered accountant and submit a tax audit report along with their income tax return. This requirement is… Read More »
Audit Requirement for Chemist Yes, statutory Audit Requirement for Chemist if their turnover is more than Rs. 10 crore (or Rs. 5 crore, if the cash receipts and payments exceed 5% of the total receipts and payments). The Companies Act, 2013 mandates that all companies (including private limited companies, limited liability partnerships, and one-person… Read More »
Filing Tax Audit Report Filing a tax audit report is a crucial process that requires careful attention to detail. Here are some key points to consider before filing a tax audit report: 1. Applicability of Tax Audit: Understand whether your business or entity falls under the purview of tax audit requirements. Different jurisdictions have… Read More »
ITR for wholesaler Whether or not a ITR for wholesaler in India depends on a number of factors, including the wholesaler’s income, the type of business, and the location of the business. Here are the general income tax filing requirements for wholesalers in India: 1. Individual wholesalers: Individual wholesalers who are resident in India… Read More »
Financial Record for Tax Audits Here are some tips on how a chemist can manage their financial record for tax audits: 1. Keep all financial records in one place: This will make it easier to find the records when you need them. 2. Organize your records chronologically: This will make it easier to track… Read More »