Statutory Audit Required for Architects Yes, statutory audit requir for architects in India under certain circumstances. According to the Companies Act, 2013, any business or profession that falls under the category of a company. Whether this is a Pvt Ltd, public limited, or one-person company, required to undergo a statutory audit. This includes architectural firms… Read More »
Architectural Practice The suitable Income Tax Return (ITR) form for an Architectural Practice generally relies on the specific characteristics of their earnings and the manner in which their business is structured. Here’s how you can handle asset depreciation: 1. Understand Depreciation Methods: Familiarize yourself with different depreciation methods, such as straight-line depreciation, declining balance… Read More »
Balance Sheet Mandatory for Doctors Yes, balance sheet is mandatory for doctors in India to prepare a balance sheet if they meet certain financial thresholds. According to the Income Tax Act of India, any individual carrying on a profession, including doctors, is requir to maintain books of accounts and prepare a balance sheet if… Read More »
Account Finalization for Lawyers In India, it is not a strict necessity for lawyers to conduct account finalization; however, involving legal professionals can be beneficial in certain cases. Account finalization is primarily a financial process aimed at accurately closing the books of accounts for a given period. It involves preparing financial statements, reconciling transactions, and… Read More »
Balance Sheet for Doctors There is no specific turnover limit for drafting a balance sheet for doctors in India. However, as mentioned in my previous response, if the doctor’s total receipts for the financial year exceed Rs. 50 lakhs, then they are required to get their accounts audited. As part of the audit, the… Read More »
Presumptive Taxation Scheme Yes, architects are indeed eligible to benefit from the Presumptive Taxation Scheme under Section 44ADA of the Income Tax Act in India. This scheme is primarily designed to simplify the taxation process for professionals whose income is generated through various services, including architectural services. Under this scheme, architects can declare a… Read More »
Billing and Invoicing Billing and Invoicing, Bookkeeping plays a crucial role in the perspective of a lawyer for several reasons: 1. Compliance with Regulations: Lawyers are subject to various ethical and legal regulations regarding how they handle client funds and maintain financial records. Proper bookkeeping ensures compliance with these regulations and helps prevent any potential… Read More »
Balance Sheet of an Architect The “owner’s equity” segment within the balance sheet of a sole proprietor architect holds significant importance, serving as a vital portrayal of the business’s financial status and overall well-being. This equity section signifies the remaining claim on the business’s assets once its liabilities have been subtracted. In the context… Read More »
Balance Sheet for the Doctors While drafting a balance sheet for doctors in India, there are several crucial points to consider in order to accurately represent their financial position and adhere to relevant regulations. 1. Categorize Revenue Streams: Doctors often have diverse income sources, including medical practice, consultation fees, surgeries, and diagnostic services. Categorize… Read More »
Balance Sheet for Law Firms Drafting a balance sheet for law firms involves presenting the firm’s financial position by categorizing its assets, liabilities, and equity. Here’s a step-by-step guide on how to create a balance sheet for a law firm: 1. Gather Financial Information: Collect all relevant financial data, including the firm’s accounts, transactions,… Read More »