Tax Audit Report for Law Firm Yes, there is a penalty for not filing a tax audit report for law firm. According to Section 271B of the Income Tax Act, 1961, a law firm that required to get its accounts audited but fails to do so is liable to a penalty of: 0.5% of… Read More »
ITR Form for the Chemists The applicable Income Tax Return (ITR) form for chemists would depend on the nature of their income and the type of business they are engaged in. Chemists, often engaged in retail sales of pharmaceutical products, may need to consider the following options: 1. Form ITR-3: This form typically… Read More »
Chemists Need to Pay Advance Tax Whether a chemistS needs to pay advance tax depends on the following factors: The chemist’s total tax liability for the financial year Whether the chemist is a senior citizen Whether the chemist has opted for the presumptive taxation scheme If the chemist’s total tax liability for the financial… Read More »
Bookkeeping Mandatory for Editors Yes, Bookkeeping Mandatory for Editors, especially if they are running their own business or earning income as freelancers. Bookkeeping involves the systematic recording and organizing of financial transactions related to their editing services. Here’s why it’s essential: 1. Accurate Financial Records: Bookkeeping helps editors keep track of their income and… Read More »
Applicable ITR Form for Lawyer The applicable Income Tax Return (ITR) form for a lawyer depends on the nature of their income, the type of legal practice they can engag in, and their sources of income. Generally, a lawyer would likely need to file their return using the ITR-3 or ITR-4 form. 1. ITR-3… Read More »
Account Finalization for Lawyer Account finalization involving working with a lawyer typically pertains to the conclusion of legal matters associated with a person or entity’s financial affairs, such as estate settlement, business dissolution, or bankruptcy. The process involves several key steps and considerations to ensure a smooth and legally compliant closure. Here’s a breakdown… Read More »
ITR Filling Documents for Lawyer ITR Filling Documents for Lawyer, As a lawyer filing your Income Tax Return (ITR), you’ll need to gather several important documents to accurately report your income and claim deductions. Here’s a breakdown of the filing requirements you should have: 1. Form 16: If you are employed by a law… Read More »
Applicable ITR Form for Artists The applicable ITR form for artists, including those involved in creative fields like music, visual arts, writing, and performance, would typically etermined by the nature of their income and the way they are earning. 1.Form ITR-3: Artists who earn income through their creative work as well as other sources,… Read More »
Financial Records for Tax Audits Managing financial records for tax audits is crucial for artists to ensure accurate reporting and compliance with tax regulations. Here’s how artists can effectively manage their financial records: 1. Documenting Income Sources: Artists should maintain a detailed record of all income sources, including art sales, exhibitions, workshops, and any online… Read More »
Statutory Audit Requirements for Law Firm Entities that are subject to statutory audit requirements for a law firm can vary based on jurisdiction and regulations. In general, statutory audit requirements often apply to entities that meet certain financial and operational thresholds. While I can’t provide an exhaustive list, I can give you a general… Read More »