Tag Archives: #FinancialTransparency

What are some effective ways for bookkeeping for the Motion Picture & Video: Studios & Theatres?

Key financial transactions for Mall owners

Bookkeeping for the Motion Picture Effective bookkeeping for the Motion Picture & Video: Studios & Theatres industry in India is crucial for maintaining financial transparency, complying with tax regulations, and making informed business decisions. Here are some strategies to ensure accurate and organized bookkeeping: 1. Categorize Income and Expenses Properly: Start by creating specific… Read More »

Is bookkeeping mandatory and any limit for starting for the Dental and Medical Laboratories?

Bookkeeping mandatory for Dental Yes, bookkeeping is mandatory for Dental and Medical Laboratories in India. Bookkeeping involves maintaining accurate and organized financial records of the business transactions, which is crucial for ensuring transparency, accountability, and compliance with taxation and regulatory requirements. Proper bookkeeping helps in tracking income, expenses, assets, and liabilities associated with the… Read More »

Are Wholesaler required to perform account finalization?

Wholesaler Compliance Yes, Wholesaler Compliance in India are required to perform account finalization. Account finalization refers to the process of preparing and completing financial statements at the end of a financial year to accurately represent the financial position and performance of a business. This process is crucial for wholesalers as it ensures transparency, compliance with… Read More »

Is statutory audit applicable for the Law firm?

Statutory Audit Applicable for Law Firms Yes, Statutory audit is applicable for law firms if their turnover exceeds Rs. 40 lakhs in any of the three preceding years. This is under Rule 24 of the Limited Liability Partnership Rules, 2009. The audit must be conduct by a chartered accountant who registered with the Institute… Read More »

What is the purpose of conducting a statutory audit for a Wholesaler?

Statutory Audit for wholesaler The purpose of conducting a statutory audit for a wholesaler in India is to ensure financial transparency, regulatory compliance, and accuracy in financial reporting. A statutory audit is a legally required examination of a company’s financial records and statements by an independent auditor. It serves several important purposes: 1. Financial… Read More »

Is balance sheet drafting mandatory for law firm?

Balance Sheet for Law Firm Drafting a Balance Sheet for Law Firm is not typically mandatory for law firms as part of their core legal operations. A balance sheet is a financial statement that provides a snapshot of a company’s financial position, showing its assets, liabilities, and shareholders’ equity at a specific point in time.… Read More »

Do wholesaler need to file an income tax return (ITR)?

Tax Deductions for Furniture & Appliances

ITR for wholesaler Whether or not a ITR for wholesaler in India depends on a number of factors, including the wholesaler’s income, the type of business, and the location of the business. Here are the general income tax filing requirements for wholesalers in India: 1. Individual wholesalers: Individual wholesalers who are resident in India… Read More »

Why is a statutory audit necessary for Law firm?

Statutory Audit Necessary for Law Firm A statutory audit is necessary for a law firm for several important reasons: 1. Legal Compliance: Law firms, like any other business, are subject to various laws and regulations related to financial reporting and transparency. A statutory audit ensures that the law firm’s financial statements are accurate, complete,… Read More »

Is balance sheet mandatory to draft for Doctors?

Balance Sheet Mandatory for Doctors Yes, balance sheet is mandatory for doctors in India to prepare a balance sheet if they meet certain financial thresholds. According to the Income Tax Act of India, any individual carrying on a profession, including doctors, is requir to maintain books of accounts and prepare a balance sheet if… Read More »

What is requirement of bookkeeping in the perspective of Lawyer?

Billing and Invoicing Billing and Invoicing, Bookkeeping plays a crucial role in the perspective of a lawyer for several reasons: 1. Compliance with Regulations: Lawyers are subject to various ethical and legal regulations regarding how they handle client funds and maintain financial records. Proper bookkeeping ensures compliance with these regulations and helps prevent any potential… Read More »