Tag Archives: #FinancialCompliance:

What are the key steps in the process of Account Finalization for Grocery & Merchandise Stores?

Account Finalization Here are the essential steps involved in the process of Account finalization for Grocery & Merchandise Stores: 1. Reconcile Accounts Payable: This step entails comparing the accounts payable ledger’s balance with the balance on vendor statements. Any disparities should be identified and rectified. 2. Reconcile Accounts Receivable: In this phase, the balance… Read More »

Is bookkeeping mandatory for Mall Owners?

Bookkeeping mandatory for Mall Owners It is not only recommended but often Bookkeeping mandatory for mall owners. Bookkeeping involves recording and organizing financial transactions related to the mall’s operations. That practice is crucial for several reasons: 1. Financial Transparency and Compliance: Accurate bookkeeping provides a clear record of income, expenses, and other financial activities. This… Read More »

Bookkeeping for Computer Repair & Maintenance Services

Bookkeeping for Computer Repair Yes Bookkeeping for Computer Repair it is necessary, involves maintaining accurate and organized financial records of your business transactions, including income, expenses, invoices, receipts, and other financial activities. For businesses providing computer repair and maintenance services in India, proper bookkeeping is not only advisable but also a legal requirement. Here’s why… Read More »

Is drafting balance sheet for Architectural, Engineering and Surveying Services?

Balance Sheet for Architectural Yes, drafting a balance sheet is mandatory for businesses providing Architectural, Engineering, and Surveying Services in India. In India, every business entity, including those offering professional services like architectural, engineering, and surveying services, is required to maintain proper financial records and prepare financial statements, including a balance sheet. A balance sheet… Read More »

What is the threshold limit of balance sheet for Architectural, Engineering and Surveying Services?

Limit for Balance Sheet The threshold limit for balance sheet reporting varies depending on the nature of the business. For Architectural, Engineering, and Surveying Services in India, the threshold limit determines whether the business is required to get its accounts audited under the Income Tax Act. 1.Threshold Limit Explanation: In the context of Architectural,… Read More »

How to do of account finalization for Architectural, Engineering and Surveying Services?

Finalizing the Accounts for Architectural Finalizing the accounts for Architectural, Engineering, and Surveying Services in India involves several crucial steps to ensure accurate financial reporting and compliance. Here’s a breakdown of the process: 1. Income and Expenditure Analysis: Start by categorizing your sources of income, which may include fees for architectural designs, engineering projects,… Read More »

How to do the statutory audit of computer repair and maintenance services?

Statutory Audit of Computer Repair To conduct the statutory audit of computer repair and maintenance services, follow these steps: 1. Gather Financial Records: Collect all financial documents related to your computer repair and maintenance business, such as income statements, balance sheets, cash flow statements, and relevant invoices. 2. Identify Applicable Standards: Determine the relevant… Read More »

How to do the statutory audit for Motor & Truck Rental Services?

Statutory Audit for Motor & Truck Financial compliance Statutory audit of Motor & Truck Rental Services in India involves a systematic examination of the financial records, transactions, and operations of the business to ensure compliance with legal and regulatory requirements. Here’s how it can be done: 1. Understanding the Business and Scope of… Read More »

Is a Tax Audit Report required for computer repair and maintenance services?

Tax Audit Report for Freelancers, Tax compliance and audit

Tax Audit Report for Computer Repair Yes, individuals or businesses providing Computer Repair and maintenance services may require a Tax Audit Report under certain circumstances. In India, as per the Income Tax Act, a Tax Audit is mandatory for businesses or professionals whose total turnover or gross receipts exceed the prescribed threshold limit. For… Read More »

What tax-related considerations do Doctors need to address in their bookkeeping?

Tax Related considerations for Doctors Tax Related considerations for Doctors, like any other professionals, need to pay careful attention to tax-related considerations when managing their bookkeeping. Here are some key points they should address: 1. Income Tracking: Doctors should meticulously record all sources of income, including payments from patients, insurance companies, and any… Read More »