#LawFirmFinance Archives - Knowledge Base

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 »

RCM is applicable on law firm. Any service is given to a person who is unregistered. Then who has the liability to repay?

RCM is applicable on law firm In the case of a law firm providing services to an unregistered person, the liability to pay Goods and Services Tax (GST) under Reverse Charge Mechanism (RCM) would fall on the recipient of the service, which is the unregistered person. The law firm will need to issue an invoice… Read More »