#MotorTruckRental Archives - Knowledge Base

How are the revenues from the Motor and Truck Rental Services reflected in the balance sheet draft?

Balance Sheet for Motor and Truck We typically reflect revenues from Motor & Truck Rental Services in the Balance Sheet for Motor and Truck in India as follows: 1. Income Category: The company considers the revenues generated from Motor & Truck Rental Services as part of its operating income. We include them under the… Read More »

Is a Tax Audit Report required for Motor & Truck Rental Services?

Tax Audit Report for Freelancers, Tax compliance and audit

Tax Audit Report required for Motor Yes, a Tax Audit Report required for Motor, businesses engaged in providing motor and truck rental services in India under certain conditions. As per the Income Tax Act, 1961, businesses are required to get their accounts audited if their total turnover or gross receipts in a financial year… Read More »