Purpose of Conducting Statutory Audit for Chemists The Purpose of Conducting Statutory Audit for Chemists is to: 1. For assessing the accuracy and fairness of the financial statements: The auditor will review the financial statements and supporting documents to ensure that they are accurate and reflect the true financial position of the chemist. 2. Enhance… Read More »
Statutory Audit is Applicable for Editors To determine whether a statutory audit is applicable for editors, several factors need to be considered. A statutory audit is typically required for businesses that meet certain financial thresholds or legal requirements. Here’s how to assess whether an editor needs a statutory audit: 1. Annual Revenue: Editors should… Read More »
Statutory Audits for Chemists Statutory audits for chemists can present unique challenges due to the nature of their business operations. One of the main challenges is the intricate inventory management of chemicals, reagents, and equipment. Chemists must maintain accurate records of their inventory to ensure compliance with regulations and proper valuation. This involves tracking… Read More »
Documents Need to File ITR fro Artist Documents Need to File ITR fro Artist filing Income Tax Return (ITR) in India, there are several important documents you need to gather and include in your filing. These documents help provide a comprehensive view of your income, expenses, and financial activities. Here’s a breakdown of the… Read More »
Draft a Balance Sheet for Editors Here are some following steps which explain how to draft a balance sheet for editors: 1. Gather your financial records: This includes your income statements, balance sheets, and cash flow statements for the past year. 2. Categorize your assets and liabilities: Assets are resources owned by the business,… Read More »
Turnover for Chemists for Tax Audit The Turnover for Chemists for Tax Audit report is Rs. 10 crore for the financial year 2023-2024, if the cash receipts and payments of the chemist do not exceed 5% of the total receipts and payments, respectively. However, if the cash receipts and payments of the chemist exceed 5%… Read More »
Turnover Limit for Books of Accounts In India, The turnover limit for books of accounts as a chemist determined by the provisions of the Income Tax Act, 1961. According to Section 44AA of the Income Tax Act, individuals engaged in professions such as accountancy, medical, legal, technical consultancy, interior decoration, and others required to… Read More »
Chemists Claim Deductions Under Section 80C/80D/80G Yes, a Chemists Claim Deductions Under Section 80C/80D/80G, etc., subject to the following conditions: 1. Section 80C: The maximum deduction under Section 80C is Rs. 1.5 lakh in a financial year. This deduction is available for investments made in various savings schemes, such as PPF, ELSS, NSC, LIC, etc.,… Read More »
Preparing Artist Tax Audit Preparing Artist Tax Audit, Here are the key points to consider before filing a tax audit report for artists: 1. The artist’s turnover: Artists who are self-employed and have a turnover of more than Rs. 25 crores are required to get their accounts audited by a chartered accountant. 2 The… Read More »
Statutory Audit is Mandatory for Chemists Statutory audit is not mandatory for chemists. It is mandatory for companies, irrespective of their nature of business and sales turnover. However, there are some cases where statutory audit required for chemists. For example, if a chemist is involve in the manufacture or sale of chemicals that regulated… Read More »