Due Dates of Statutory Audit In India, companies are required to complete their due date of statutory audit by the 30th of September in the financial year following the one under audit. For example, the due date for the statutory audit of the financial year 2022-23 is 30th September 2023. However, there are some… Read More »
Accounting Period for Books and Stationery The typical accounting period for books and stationery traders is 12 months. This is the same as the standard accounting period for most businesses. However, some stationery trader may choose to use a different accounting period, such as a fiscal year that ends on June 30th or September… Read More »
Deadlines for ITR Filing for Books and Stationery Traders The deadlines for ITR filing for books and stationery traders vary depending on their income and filing status. 1. Individuals with income up to ₹5 lakh: The deadline for filing ITR is July 31, 2023. 2. Individuals with income between ₹5 lakh and ₹10 lakh: The… Read More »
Penalty of Late Filing for Statutory Audit Yes, there are penalty of late filing for statutory audit. The penalty is levied under Section 271B of the Income Tax Act, 1961. The penalty is 0.5% of the total sales, turnover, or gross receipts, whichever is less, or up to a maximum of Rs. 1,50,000. The… Read More »
Financial Records The way the Financial Records and books of accounts are maintained for inventory in a particular sector depends on the specific needs of the business. However, there are some general principles that apply to most sectors. The inventory accounts are typically maintained in a separate ledger. This ledger will track the quantity… Read More »
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 »