Tag Archives: #Compliance

What are the key financial transactions that a Motor & Truck Rental Services should record?

Rental Business Finances Motor and truck rental busoness finances service providers in India should meticulously record several key financial transactions to ensure proper accounting, compliance, and financial transparency. Rental business finances transactions include: 1. Rental Income: Motor and truck Rental business finances providers need to record all income received from renting… Read More »

How to do of account finalization for School, Colleges, Universities, Professional Schools?

Account Finalization for Educational Account finalization for educational institutions like schools, colleges, universities, and professional schools in India involves several steps to ensure accurate financial reporting and compliance with regulations. Here’s a breakdown of the process: 1. Gather Financial Data and Records: Collect all financial data, including income and expenditure records, balance sheets, income… Read More »

How to do of account finalization for the Organizations, Charitable and Social Service?

Finalizing the accounts for organizations Finalizing the accounts for organizations, charitable, and social service entities in India involves several steps to ensure accurate financial reporting and compliance with applicable regulations. 1. Data Compilation and Reconciliation: The first step is to gather all financial data, including income, expenses, donations, and grants received. Reconcile bank statements,… Read More »

What are the key financial transactions that a Organizations, Charitable and Social Service should record in Bookkeeping?

Bookkeeping for Social Service Bookkeeping for Social Service, Organizations, charitable, and social service entities in India should diligently record various financial transactions in their bookkeeping for social service. Some key transactions include: 1. Donations and Contributions: You must record any funds or assets received as donations or contributions. These could be in the form of… Read More »

GST applicable on Tour & Travel Agency, and how does it affect ITR filing?

GST Applicable on Tour & Travel Agency ITR Filing GST is a consumption-based tax levied on the supply of goods and services at each stage of the supply chain. It is applicable to a wide range of industries, including the tour and travel sector. The GST Applicable on Tour & Travel Agency depends on… Read More »

What are the key financial transactions that a Architectural, Engineering and Surveying Services should record in Bookkeeping?

Architectural Engineering and Surveying Services Architectural, Engineering, and Surveying Services in India should accurately record several key financial transactions in their bookkeeping to maintain proper financial records and ensure compliance. Some essential transactions include: 1. Income from Services Rendered: Record all income received from architectural, engineering, and surveying services provided to clients. This includes… Read More »

Is statutory audit for fashion designers?

Tax Audit Report for Freelancers, Tax compliance and audit

Statutory Audit for Fashion Designer Statutory Audit for Fashion Designer requirements can vary based on the jurisdiction and specific circumstances of a business. In general, a statutory audit typically required for companies that meet certain financial thresholds or criteria set by relevant regulatory authorities. These audits aim to ensure accuracy, transparency, and compliance in… Read More »

How to do of account finalization in the Motion Picture & Video: Studios & Theatres?

Account Finalization for Motion Picture Account finalization for Motion Picture & Video, Studios & Theatres industry in India involves several crucial steps to ensure accurate financial reporting and compliance with relevant regulations. 1. Gather Financial Data and Records: The first step in account finalization is to collect all financial data and records related to… Read More »

What is the threshold limit and due date of tax audit report for Hospitals ?

Tax Audit Report for Hospitals The threshold limit for tax audit for Hospitals in India is Rs. 5 crores. This means that all hospitals with an annual turnover of more than Rs. 5 crores are required to have their books audited by a chartered accountant and to submit a tax audit report to the… Read More »

What are the key steps in the process of finalizing accounts for Wholesaler?

Finalizing Accounts for Wholesaler The process of finalizing accounts for a wholesaler in India involves several crucial steps to ensure accurate financial reporting and compliance with relevant regulations. Here’s an overview of the key steps: 1. Data Collection and Entry: The first step involves gathering all financial transactions, including sales, purchases, expenses, and other… Read More »