Tax Audit Penalty Tax Audit Penalty Indeed, here’s a unique response to your question about penalties for late filing of a tax audit: Absolutely, there are indeed penalties associated with the tardy submission of a tax audit report. The penalty amount is determined by selecting the lesser of the two following calculations: 0.5% of the total… Read More »
TaxAudit for Stationery Yes, there is a threshold limit of taxaudit for stationery. The threshold limit is Rs. 1 crore for businesses with more than 5% cash transactions and Rs. 10 crores for businesses with less than 5% cash transactions. This means that if the gross receipts or turnover of a business engaged in… Read More »
ITR Deductions for Books and Stationery Certainly, there are ITR deductions available for books and stationery stores when filing your income tax return (ITR). However, the deductions you can claim will hinge on your business’s nature and the expenses you’ve incurred. Here are potential deductions you might qualify for: 1. Books and Stationery Expenses:… Read More »
TaxAudit for Traders Sure, The due date of TaxAudit for Traders & Stores is 30th September of the subsequent year. If the turnover of the business exceeds INR 10 crores in a financial year. However, if the trader has entered into an international transaction, then the due date of tax audit is 30th November… Read More »
Scope of Taxation Audit Stores The scope of the taxation audit stores for books and stationery traders and stores in India is as follows: 1. Verification of the books of account and other relevant documents to ensure their accuracy and completeness. 2. Examination of the transactions to ensure that they are genuine and in… Read More »
Penalty ITR Late Filling for Traders Penalty ITR late filling for Traders yes ,Late filing of ITR (income tax returns) by traders and stores does incur penalties as per Section 234F of the Income Tax Act, 1961. For traders and stores, the penalty for late ITR filing is Rs. 5,000. However, there’s a concession… Read More »
Trader ITR Threshold Trader ITR Threshold: Indeed, there are threshold limits for income tax return (ITR) filing for traders and stores. The threshold limits are different for different categories of taxpayers. For traders and stores, the threshold limits for ITR filing are as follows: Individuals: If the total income of an individual trader or store… Read More »
Statutory Audit Significance Statutory Audit Significance Sure, here is a unique answer to the question. The purpose of a statutory audit for books and stationery traders is to: 1. Provide assurance to shareholders, creditors, and other stakeholders that the books and records of the trader are accurate and reliable. 2. Identify any potential financial… Read More »
Ending Stock Value Analysis The closing ending stock value analysis in a business determined by the following factors: 1. The type of business: The type of business will affect the valuation method used to determine the closing stock value. For example, a retail business may use the FIFO (first in, first out) method, while… Read More »
ITR Revenue Categorization ITR Revenue Categorization, Restaurants and hotels need to categorize their earnings as either ‘business income’ or ‘professional income’ when filing for ITR. Business income is the income that a business derives from its operations, while professional income is the income that a professional derives from their services. In general, restaurants and… Read More »
