Due Date Tax Audit Due Date Tax Audit, Here are the late filing penalties and deadlines for tax audit reports applicable to Real Estate Agents: Penalty: 1. If the tax audit report is not filed on or before the due date, a penalty of 0.5% of the total sales, turnover, or gross receipts of… Read More »
Track Inventory Certainly, here are some unique ways to track inventory and supplies in bookkeeping for a printing company: Use a barcode system. This is a great way to track individual items of inventory and supplies. Barcodes can be scanned to quickly and easily record inventory transactions, such as receiving new items, issuing supplies, and… Read More »
Bookkeeping for Real Estate Yes, there is a threshold limit of bookkeeping for real estate agents and managers-rentals in India. As per the Income Tax Act, 1961, all businesses with a turnover of more than INR 20 lakhs are required to maintain regular books of accounts and records. This includes real estate agents and… Read More »
Account Finalization For Manpower No, there is no threshold limit of account finalization for Manpower & Employment Agencies finalization in India. The Ministry of Labour and Employment has not set any such limit. However, manpower agencies are required to maintain certain records, such as the identity of the employer and employee, the terms of… Read More »
Financial Transactions Sure, here are some of the key financial transactions that a lodging establishment should record in bookkeeping: 1. Room revenue: This is the most important source of revenue for most lodging establishments. It includes the sale of rooms, as well as any additional charges, such as room service, minibar, and parking fees.… Read More »
Tax Audit Report for Spas For the financial year 2022-23 (assessment year 2023-24), the threshold limit governing tax audit report for Spas & Parlor Services stands at Rs. 1 crore. This implies that if your spa or parlor business achieves a total turnover exceeding Rs. 1 crore during FY 2022-23, the engagement of a… Read More »
Tax Audit Report for Grocery Here are the key components of a Tax Audit Report for Grocery & Merchandise Stores: 1. Executive Summary: This section provides an overview of the audit, including the scope, objectives, and findings. 2. Background: This section provides information about the taxpayer, including the business structure, operations, and tax filing… Read More »
Balance Sheet for Spas Balance Sheet for Spas, No, drafting a balance sheet is not mandatory for spas and parlor services in India. The Companies Act of 2013 only mandates the preparation of balance sheets for companies that are registered under the Act. Balance sheet for spas and parlor services are not considered to… Read More »
Key Financial Transactions Sure, here are the Key Financial Transactions that a spas and parlor services should record in bookkeeping: 1. Sales: This includes all revenue generated from the sale of services, products, or memberships. 2. Cost of goods sold: This includes the direct costs associated with providing the services or products sold, such… Read More »
ITR Filling for Real Estate ITR Filling for Real Estate, here are some of the tax deductions available for real estate agents during ITR filling for real estate in India: 1. Commissions paid: Real estate agents can deduct the commissions they pay to other agents or brokers in connection with the sale or purchase… Read More »
