Tag Archives: #Compliance

What documentation is typically required for account finalization of Wholesaler?

Account Finalization Documentation For the Account Finalization Documentation, a wholesaler in India typically needs to provide specific documentation to ensure accurate financial reporting and compliance. This documentation helps in presenting a clear picture of the business’s financial transactions and ensures that all legal and tax requirements are met. Three key types of documentation required… Read More »

Is balance sheet drafting mandatory for law firm?

Balance Sheet for Law Firm Drafting a Balance Sheet for Law Firm is not typically mandatory for law firms as part of their core legal operations. A balance sheet is a financial statement that provides a snapshot of a company’s financial position, showing its assets, liabilities, and shareholders’ equity at a specific point in time.… Read More »

Is there any penalty for not filing of tax audit report for the chemist?

Penalty for Not Filing of Tax Audit Yes, there is a penalty for not filing of tax audit report for a chemist. The penalty is as follows: Least of the following: 1. 0.5% of the total sales, turnover or gross receipts. 2. Rs 1,50,000. The penalty will be imposed by the Income Tax Department.… Read More »

Are editors subjected to tax audits?

Editors Can File Tax Audits Yes Editors Can File Tax Audits, editors can be subjected to tax audits, especially if they are self-employed or have their own freelance editing business. A tax audit is a process conducted by tax authorities to verify the accuracy of a taxpayer’s financial information and ensure compliance with tax… Read More »

What documentation should editors maintain to support their ITR filing?

Income Tax Documentation Editors should maintain a comprehensive set of Income Tax documentation to support their Income Tax Return (ITR) filing. This documentation helps verify their income sources, deductions, and ensures compliance with tax regulations. Key documents include: 1. Income Records: Editors should keep records of payments received from clients, publishers, or employers for… Read More »

Do editors need to file an income tax return (ITR)?

Income Tax Return for Editors Income Tax Return for Editors Yes, editors typically need to file an income tax return (ITR) if their income exceeds the specified threshold set by the tax authorities. An income tax return is a formal declaration of an individual’s income earn during a financial year and the taxes paid… Read More »

What is the purpose of conducting a statutory audit for a Doctors?

Conducting Statutory Audit for Doctors The purpose of conducting statutory audit for doctors in India is to ensure financial transparency, accuracy, and compliance with relevant laws and regulations. A statutory audit is a mandatory examination of a doctor’s financial records, statements, and transactions by an independent Chartered Accountant. This process aims to achieve several… Read More »

Is Law firm required to file tax audit report?

Tax Audit Required for Law Firm Yes, Tax Audit required for Law Firm if its turnover exceeds Rs. 1 crore in any of the three preceding years. This is under Section 44AB of the Income Tax Act, 1961. The audit must conduct by a CA who is register with the Institute of Chartered Accountants of… Read More »

Is there any penalty for not filing of tax audit report for the editors?

Penalty for not Filing Tax Audit Yes, there are penalties for not filing a tax audit report for editors. The specific penalties will vary depending on the circumstances, but they can include: 1. Late filing fees: The late filing fee is 1% of the unpaid tax for each month or part of a month… Read More »

What are the key points to be consider before filing tax audit report for the artists?

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 »