What tax deductions are available for restaurants and hotels during ITR filing?

ITR Filling Deductions for Restaurants Here are some ITR filling deductions available for restaurants and hotels: 1. Cost of goods sold: This is the cost of the food and beverages that are sold by the restaurant or hotel. It includes the cost of raw materials, packaging, and freight. 2. Employee salaries and wages: This includes… Read More »

Can restaurants and hotels claim input tax credit (ITC) under the GST regime for ITR filing?

Input Tax Credit (ITC) The answer is not always. Restaurants and hotels can claim input tax credit (ITC) under the GST regime for ITR filing if they registered under GST and charge 18% GST on their food and beverage services. However, restaurants and hotels that charge 5% GST on their food and beverage services cannot… Read More »

What is the basic purpose of bookkeeping for books and stationery traders?

Monetization Taxation

Bookkeeping for Books and Stationery Traders   The basic purpose of bookkeeping for books and stationery traders is to keep track of the financial transactions of the business. This includes recording all income and expenses, as well as the assets and liabilities of the business.   Bookkeeping can help traders and stores to: 1. Track… Read More »

How do you reconcile your bank statements with your bookkeeping records for computer-related transactions?

Threshold Limits for Book Keeping 

Bookkeeping Records for Computer-Related Transactions   Matching bank statements with bookkeeping records for computer-related transactions requires a methodical approach to guarantee precision and detect any inconsistencies. The following is a sequential manual detailing the process: 1. Gather Documents: Collect your bank statements for the period you want to reconcile, as well as your bookkeeping records… Read More »

Are there any specific ITR forms for restaurants and hotels, or do they use standard forms?

Tax Implications for Artists

Specific ITR Forms for Restaurants   There are no specific ITR forms for restaurants and hotels. However, there are some specific schedules that they may need to complete, such as Schedule C for sole proprietorships or Schedule E for partnerships and S corporations. These schedules provide additional information about the business’s income and expenses. In… Read More »

There are any threshold limit of bookkeeping for books and stationery?

Threshold Limit for Bookkeeping for Traders   There is no threshold limit for bookkeeping for traders, books and stationery in India. However, businesses with a turnover of Rs. 1,20,000 or more in any of the three preceding years are required to maintain books of accounts under the Income Tax Act, 1961. This includes records of… Read More »