Financial Compliances Financial Compliances yes, drafting a balance sheet is mandatory for a wholesaler in India. A balance sheet offers a glimpse into a business’s financial standing, comprising three key elements assets, liabilities, and owner’s equity at a specific moment. It consists of three main components: assets, liabilities, and owner’s equity. 1. Assets represent… Read More »
Statutory Audit for Law firm Performing a statutory audit for a law firm involves a systematic examination of its financial records, transactions, and processes to ensure compliance with applicable laws and regulations. Here’s a step-by-step guide on how to conduct a statutory audit for a law firm: 1. Understanding the Scope and Objectives: Define… Read More »
Perform Account Finalization Whether or not chemists can requir to perform account finalization depends on a number of factors, including the size and nature of the chemist’s business, the location of the business, and the applicable laws and regulations. In general, there is no legal requirement for chemists to perform account finalization. However, there… Read More »
Audit Requirement for Chemist Yes, statutory Audit Requirement for Chemist if their turnover is more than Rs. 10 crore (or Rs. 5 crore, if the cash receipts and payments exceed 5% of the total receipts and payments). The Companies Act, 2013 mandates that all companies (including private limited companies, limited liability partnerships, and one-person… Read More »
Bookkeeping Mandatory for Lawyers Yes, bookkeeping is mandatory for lawyers in India. According to the Bar Council of India’s Rules, advocates are required to maintain proper books of accounts and records of their financial transactions related to their practice. These records should include details of fees received, expenses incurred, and any other financial transactions.… Read More »
Statutory Audit Required for Registered Nurses No, statutory audit not required for Registered Nurses (RNs) in India. Statutory audit is a legal requirement for certain types of businesses, but it is not requir for individuals or professionals, such as RNs. However, there are some situations where an RN may choose to get a statutory… Read More »
Chemists Required to File Tax Audit Whether an income as a chemists required to file tax audit report depends on the following factors: 1. The chemist’s turnover 2. The chemist’s cash receipts and payments 3. The nature of the chemist’s business 4. The complexity of the chemist’s financial transactions 5. The risk of tax… Read More »
Bookkeeping Mandatory for Chemists Yes, Bookkeeping Mandatory for Chemists, especially if they are running a business or involved in any financial transactions. Bookkeeping involves recording and organizing financial transactions, which is crucial for maintaining accurate financial records and ensuring compliance with tax regulations and other legal requirements. Here’s why bookkeeping is essential for chemists:… Read More »
Statutory Audit for Architects Ensuring a successful statutory audit for architects in India involves several key steps to maintain transparency, compliance, and accuracy in financial reporting. 1. Maintain Comprehensive Financial Records: Architects should keep well-organized records of all financial transactions, including income sources and expenses. This documentation should be up-to-date, accurate, and easily accessible.… Read More »
Statutory Audits for Architects Statutory audits for architects in India can present several challenges due to the unique nature of their profession. Firstly, architects often work on multiple projects simultaneously, leading to complex financial records that must be meticulously organize and presented during the audit process. Secondly, the assessment of revenue and expenses can be… Read More »