Balance Sheet Drafting a balance sheet for doctors in India involves summarizing their financial position, which includes assets, liabilities, and equity. Here’s a step-by-step guide: 1. Gather Financial Information: Collect all financial statements, including income statements and cash flow statements, to have a comprehensive overview of the doctor’s financial situation. 2. List Assets: Begin with… Read More »
Balance Sheet for Doctors There is no specific turnover limit for drafting a balance sheet for doctors in India. However, as mentioned in my previous response, if the doctor’s total receipts for the financial year exceed Rs. 50 lakhs, then they are required to get their accounts audited. As part of the audit, the… Read More »
Doctors Manage Financial Records for Tax Audits Doctors Manage Financial Records for Tax Audits in a meticulous manner to prepare for potential tax audits. Given the nature of their profession, accurate financial documentation is crucial. Here’s how they typically handle this: 1. Income Records: Doctors maintain a detailed record of their professional income, including… Read More »
