Penality and Dadline of Tax Audit Report The Penality and Dadline of Tax Audit Report for hospitals in India can explain as follows: ◘ Due Date: The due date for filing the tax audit report for hospitals in India is typically September 30th of the assessment year. This means that if the financial year… Read More »
Statutory Audit for Artists In the context of a Statutory Audit for Artists, distinguishing between personal and business-related expenses for artistic projects is crucial for accurate financial reporting. Personal expenses are those incurred for non-business purposes and are not deductible from the business’s taxable income. On the other hand, business-related expenses are directly associated… Read More »
Wholesaler Subjected to Tax Audits Wholesaler Subjected to Tax Audits Yes, wholesalers in India indeed subjected to tax audits under certain circumstances. A tax audit is mandatry when a wholesale business crosses certain specified turnover thresholds as per the provisions of the Income Tax Act, 1961. Currently, the threshold for businesses is set at… Read More »
Tax Audit Reports for Motion Picture The due date for filing tax audit reports for Motion Picture & Video: Studios & Theatres in India is typically September 30th of the assessment year, Which is the year following the financial year in which the audit is conducted. Failure to comply with this due date can… Read More »
Penalty for Not Filing of Tax Audit Yes, there is a penalty for not filing of tax audit report for a chemist. The penalty is as follows: Least of the following: 1. 0.5% of the total sales, turnover or gross receipts. 2. Rs 1,50,000. The penalty will be imposed by the Income Tax Department.… Read More »
Tax Audit penalties for wholesaler Yes, there can Tax Audit penalties for wholesaler in India. According to the Income Tax Act of India, businesses that meet certain financial thresholds required to have their accounts audited by a chartered accountant and submit a tax audit report along with their income tax return. This requirement is… Read More »
Tax Audit Report for Law Firm Yes, there is a penalty for not filing a tax audit report for law firm. According to Section 271B of the Income Tax Act, 1961, a law firm that required to get its accounts audited but fails to do so is liable to a penalty of: 0.5% of… Read More »
Editors Can File Tax Audits Yes Editors Can File Tax Audits, editors can be subjected to tax audits, especially if they are self-employed or have their own freelance editing business. A tax audit is a process conducted by tax authorities to verify the accuracy of a taxpayer’s financial information and ensure compliance with tax… 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 »
Income Tax Return for Editors Income Tax Return for Editors Yes, editors typically need to file an income tax return (ITR) if their income exceeds the specified threshold set by the tax authorities. An income tax return is a formal declaration of an individual’s income earn during a financial year and the taxes paid… Read More »