Tax Audit Report Whether a tax audit report is require for grocery and merchandise stores depends on the following factors: 1. The size of the business: I f the business has a turnover of more than INR 1 crore, it is require to get its accounts audited by a chartered accountant. 2. The type of… Read More »
Balance sheet for freelancers The threshold limit of balance sheet for Freelancers in India, in terms of the balance sheet, refers to the maximum turnover or gross receipts that a freelancer can have before being required to undergo tax audit under Section 44AB of the Income Tax Act. This limit is subject to change and… Read More »
Tax Audit Report for Automotive The due date for filing the tax audit report for Automotive Repair Services in India is generally September 30th of the assessment year. In case the taxpayer is required to get their accounts audited under the Income Tax Act due to crossing the prescribed turnover threshold, they must ensure… Read More »
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 »
Dedline of Tax Audit Report for School The dedline of tax audit report for school, colleges, universities, and professional schools in India typically falls on September 30th of the assessment year, which is the year following the financial year in which the audit is being conducted. For instance, for the financial year 2022-2023, the… Read More »
Tax Audit Criteria for Engineer The key criteria that determine whether an engineer is required to undergo a Tax Audit Report are as follows: 1. Gross receipts or turnover of the business: If the gross receipts or turnover of the business exceeds Rs. 1 crore, then a tax audit is required. 2. Cash transactions:… Read More »
Audit for EducationalInstitutions Tax Audit for EducationalInstitutions threshold limit and due date for educational institutions like schools, colleges, universities and professional schools in India are as follows: Threshold Limit: Education institutions required to get a tax audit done if their total gross receipts or turnover exceed ₹1 crore in a financial year. If the… Read More »
GST for for Tour and Travel GST for for Tour and Travel, GST (Goods and Services Tax) is a comprehensive form of indirect taxation imposed on the provision of goods and services at every stage of their production or distribution. It has replaced multiple cascading taxes like VAT, service tax, and excise duty, streamlining… Read More »
Tax Audit Reports of Dental and Medical The penalty and due date for tax audit reports of Dental and Medical Laboratories in India can be understood as follows: 1. Due Date: The due date for filing the tax audit report for Dental and Medical Laboratories in India is generally September 30th of the assessment… Read More »
Tax Audit Report for Hospitals The threshold limit for tax audit for Hospitals in India is Rs. 5 crores. This means that all hospitals with an annual turnover of more than Rs. 5 crores are required to have their books audited by a chartered accountant and to submit a tax audit report to the… Read More »