Turnover Threshold for Architects There is no specific turnover threshold for architects to consider for bookkeeping in India. However, architects generally required to maintain proper books of account and get their accounts audit if their gross receipts of profession exceed Rs. 50 lakhs in a financial year. The Companies Act, 2013 (the “Act”)… Read More »
Account Finalization for Architect Account Finalization for Architect holds significant importance for architects and their professional practices. It refers to the comprehensive process of closing out projects, ensuring accurate financial records, and tying up loose ends associated with a project’s financial, contractual, and administrative aspects. This process has various implications that directly impact architects’… Read More »
Statutory Audit for Architects Ensuring a successful statutory audit for architects in India involves several key steps to maintain transparency, compliance, and accuracy in financial reporting. 1. Maintain Comprehensive Financial Records: Architects should keep well-organized records of all financial transactions, including income sources and expenses. This documentation should be up-to-date, accurate, and easily accessible.… Read More »
Bookkeeping Mandatory for Architects Bookkeeping is mandatory for architects for several important reasons: 1. Financial Management: Architects, like any other professionals or businesses, need to manage their finances effectively. It helps architects track their income, expenses, and profits. It provides a clear picture of their financial health, enabling them to make informed decisions about… Read More »
Tax Audit Required for Architects Tax Audit Required for Architects apply to professionals, including architects, under certain conditions. According to the Income Tax Act, a tax audit is mandatory for architects if their gross receipts exceed Rs 50 lakh in a financial year. This means that if an architect’s total receipts from professional services… Read More »
Section 44ADA The Presumptive Taxation Scheme under Section 44ADA of the Income Tax Act, 1961, was introduced to simplify the tax compliance process for small professionals and to reduce their tax burden. This scheme is specifically designed for individuals. Hindu Undivided Families (HUFs), and partnership firms engaged in specified professions. It allows eligible taxpayers to… Read More »
