Tag Archives: #EducationalInstitutions

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 »

Is bookkeeping mandatory and any limit for starting for the School, Colleges, Universities, Professional Schools?

Bookkeeping for construction Bookkeeping for lodging establishments

Bookkeeping is Mandatory for Schools Yes, bookkeeping is mandatory for schools, colleges, universities, and professional schools in India. Properly maintained books of accounts are essential to ensure transparency, accuracy, compliance with tax regulations. 1. Legal Requirement: The Income Tax Act of India requires educational institutions to maintain books of accounts and other documents related… Read More »

How does account finalization impact tax reporting for School, Colleges, Universities, Professional Schools?

Account Finalization Impact on Tax Reporting Account Finalization Impact on Tax Reporting, plays a crucial role in determining the accurate tax reporting for educational institutions such as schools, colleges, universities, and professional schools in India. It involves the completion of financial statements, reconciliations, and adjustments to ensure the financial data is accurate and in… Read More »

What compliance measures should School, Colleges, Universities, Professional Schools follow to avoid tax audit issues?

Compliance measures Schools, colleges, universities, and professional schools in India should adhere to several compliance measures to prevent tax audit issues. These measures are essential to ensure proper tax reporting and compliance with the tax laws of the country. Here’s a breakdown of the steps they should take: 1. Maintain Accurate Records: Educational… Read More »

What are the key financial transactions that a School, Colleges, Universities, Professional Schools should record in Bookkeeping?

The completion of financial transactions

Financial Transactions Record in Bookkeeping Key Financial Transactions Record in Bookkeeping for Educational Institutions in India: 1. Tuition Fees Collection: Educational institutions should record all tuition fees collected from students. This includes regular fees, special course fees and any other charges associated with the educational program. 2. Salaries and Benefits: Recording the salaries and… Read More »

Is drafting balance sheet mandatory for School, Colleges, Universities, Professional Schools?

Balance Sheet Mandatory for Educational Institutions Yes, drafting a balance sheet is mandatory for educational institutions like schools, colleges, universities, and professional schools in India. A balance sheet is a crucial financial statement that provides a snapshot of an organization’s financial position at a specific point in time. It presents a summary of an entity’s… Read More »

What is the threshold limit of balance sheet for School, Colleges, Universities, Professional Schools?

Threshold Limit of Balance Sheet for School The threshold limit for balance sheet for School and reporting varies for different types of educational institutions in India. Educational institutions are generally exempted from filing income tax returns if their total income falls below a certain threshold. Please note that tax laws and regulations may have… Read More »

What are the key financial statements audited in a School, Colleges, Universities, Professional Schools?

Statutory Audit for Educational In Statutory Audit for Educational Institute such as schools, colleges, universities, and professional schools in India, several key financial statements are audited to ensure transparency and financial accountability. 1. Income and Expenditure Statement: This statement provides a comprehensive overview of the institution’s revenue sources and how funds can utiliz. It… Read More »

What is the threshold limit and due date of tax audit report for School, Colleges, Universities, Professional Schools?

Audit for EducationalInstitutions Tax Audit for EducationalInstitutions threshold limit and due date for educational institutions like schools, colleges, universities and professional schools in India are as follows: Threshold Limit: Education institutions required to get a tax audit done if their total gross receipts or turnover exceed ₹1 crore in a financial year. If the… Read More »

How are the private educational institutions taxed as per Income tax Act?

How are the private educational institutions taxed Private educational institution in India are subject to specific tax regulations based on their legal status and income nature, as outlined in the Income Tax Act, 1961. Here’s a general overview of the tax treatment for private educational institutions: Trusts and Societies: Many private educational institutions establish themselves… Read More »