Bookkeeping Mandatory for Doctors Yes, bookkeeping is mandatory for doctors in India. Section 44AA of the Income Tax Act, 1961 requires doctors and other specified professionals to maintain books of accounts. The books of accounts must be maintained in accordance with the prescribed format and must be supported by documentary evidence. The purpose… Read More »
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 »
Balance Sheet for Automotive Repair Yes, drafting a balance sheet is mandatory for automotive repair services in India. A balance sheet serves as a vital financial document, offering a momentary glimpse into a company’s financial standing at a particular instance. It consists of three main sections: assets, liabilities, and owner’s equity. 1. Legal Compliance:… Read More »
Drafting Balance Sheet for Organizations Yes, drafting a balance sheet is mandatory for Organizations, Charitable and Social Service entities 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 the entity’s assets, liabilities, and equity, showcasing its… Read More »
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 »
Account Finalization for Dental and Medical Account Finalization for Dental and Medical laboratories in India involves several crucial steps to ensure accurate financial reporting and compliance with relevant regulations. Here’s a breakdown of the process: ◘ Gather Financial Data and Records: Collect all financial documents, including income statements, balance sheets, bank statements, invoices, receipts… Read More »
Statutory Audit for Fashion Designers Ensuring a prosperous statutory audit for fashion designers necessitates meticulous readiness and strict adherence to pertinent financial statutes. Here’s a comprehensive step-by-step manual to assist you on this journey: 1. Engage a Qualified Auditor: Start by selecting a reputable and experienced auditor who specializes in the fashion or creative… Read More »
Bookkeeping for Hospitals Yes, bookkeeping is mandatory for hospitals in India. Bookkeeping involves maintaining accurate and organized financial records of all transactions and activities related to the hospital’s finances. This includes income, expenses, purchases, sales, payroll, and other financial transactions. Proper bookkeeping ensures transparency, accountability, and helps in making informed financial decisions. There is… Read More »
Threshold Limit of Balance Sheet Threshold Limit of Balance Sheet in India, businesses engaged in the Motion Picture & Video Studios & Theatres industry are required to prepare a balance sheet and maintain proper financial records. However, there isn’t a specific threshold limit mention in the context of this industry for preparing a balance… Read More »
Account Finalization for Hospitals Account finalization for Hospitals in India involves several steps to ensure accurate financial reporting and compliance with regulations. Here’s a breakdown of the process: ◘ Gather Financial Data and Records: Begin by collecting all financial transactions, including revenue from patient services, expenses, salaries, medical supplies and facility maintenance. Make sure… Read More »