Balance Sheet for Traders and Stores Yes, there are threshold limits for balance sheet drafts for traders and stores. The threshold limit is determined by the turnover of the business. Businesses with a turnover of less than INR 25 lakhs are not required to submit a balance sheet draft. Businesses with a turnover of… Read More »
Bookkeeping for Books and Stationery There are several methods to manage returns and exchanges within the realm of bookkeeping for books and stationery. The best approach will vary depending on the specific business and its policies. One common approach is to create a separate account for returns and exchanges. This account can be used… Read More »
Balance Sheet Draft for Traders and Stores A balance sheet draft for traders and stores is a document that summarizes the assets, liabilities, and owner’s equity of a trading or retail business at a specific point in time. It is a snapshot of the company’s financial position and can use to assess its financial… Read More »
Threshold Limit for Account Finalization Yes, there is a threshold limit for account finalization for books and stationery in India. Under the Income Tax Act, 1961, businesses with a turnover of less than INR 20 lakhs not required to finalize their accounts annually. However, businesses with a turnover of more than INR 20 lakhs… Read More »
Dedline of ITR for Traders & Stores The dedline of ITR for (income tax return) Traders & Stores is July 31st of the assessment year that follows the financial year. For instance, if you’re filing for the financial year 2022-23, the due date is July 31, 2023. Yet, there are situations where the ITR… Read More »
Due Dates of Statutory Audit In India, companies are required to complete their due date of statutory audit by the 30th of September in the financial year following the one under audit. For example, the due date for the statutory audit of the financial year 2022-23 is 30th September 2023. However, there are some… Read More »
Accounting Period for Books and Stationery The typical accounting period for books and stationery traders is 12 months. This is the same as the standard accounting period for most businesses. However, some stationery trader may choose to use a different accounting period, such as a fiscal year that ends on June 30th or September… Read More »
Deadlines for ITR Filing for Books and Stationery Traders The deadlines for ITR filing for books and stationery traders vary depending on their income and filing status. 1. Individuals with income up to ₹5 lakh: The deadline for filing ITR is July 31, 2023. 2. Individuals with income between ₹5 lakh and ₹10 lakh: The… Read More »
Penalty of Late Filing for Statutory Audit Yes, there are penalty of late filing for statutory audit. The penalty is levied under Section 271B of the Income Tax Act, 1961. The penalty is 0.5% of the total sales, turnover, or gross receipts, whichever is less, or up to a maximum of Rs. 1,50,000. The… Read More »
Financial Records The way the Financial Records and books of accounts are maintained for inventory in a particular sector depends on the specific needs of the business. However, there are some general principles that apply to most sectors. The inventory accounts are typically maintained in a separate ledger. This ledger will track the quantity… Read More »
