Financial Records for Nursing Audits Here are some tips for Financial Records for Nursing Audits (RN) can manage their financial records for tax audits: 1. Keep all relevant documents: This includes all income statements, receipts, bank statements, and other documents that can use to substantiate your income and expenses. 2. Organize your documents in… Read More »
Penalty for not Filing Tax Audit Yes, there are penalties for not filing a tax audit report for editors. The specific penalties will vary depending on the circumstances, but they can include: 1. Late filing fees: The late filing fee is 1% of the unpaid tax for each month or part of a month… Read More »
Turnover for Chemists for Tax Audit The Turnover for Chemists for Tax Audit report is Rs. 10 crore for the financial year 2023-2024, if the cash receipts and payments of the chemist do not exceed 5% of the total receipts and payments, respectively. However, if the cash receipts and payments of the chemist exceed 5%… Read More »
Preparing Artist Tax Audit Preparing Artist Tax Audit, Here are the key points to consider before filing a tax audit report for artists: 1. The artist’s turnover: Artists who are self-employed and have a turnover of more than Rs. 25 crores are required to get their accounts audited by a chartered accountant. 2 The… Read More »
Tax Audit Report for Artist Whether an income from art is required to file a tax audit report depends on the turnover of the artist. According to Section 44AB of the Income Tax Act, 1961, an artist who is self-employed and has a turnover of more than Rs. 25 crores in a financial year… Read More »
Accounting Records for Tax Audit Purposes Here are some point for how travel agencies maintain their Accounting Records for Tax Audit Purposes: 1. Digital Accounting Software: Many agencies use specialized accounting software to manage their financial transactions. These software solutions often have features tailored to the travel industry, allowing them to track bookings, payments,… Read More »
Conducting Tax Audit for Tour and Travel Here are some point for key objectives of conducting tax audit for tour and travel agencies: 1. Guaranteeing Adherence to Tax Regulations: The core aim of a tax audit is to validate whether the tour and travel agencies has precisely computed, retained, and submitted the relevant taxes,… Read More »
Tax Audit Report for Physiotherapist The purpose of a tax audit report for a physiotherapist is to verify the accuracy of the physiotherapist’s financial records and to ensure that they have complied with the Income Tax Act. The tax audit report is prepared by a qualified auditor and is submitted to the tax authorities… Read More »
Audit Requirement Audit Requirement Yes, there are penalties for physiotherapists if they fail to file their tax audit report. The penalty for failure to file a tax audit report is 0.5% of the total sales, turnover or gross receipts, subject to a maximum of Rs. 1 lakh. The penalty is applicable to physiotherapists whose accounts required… Read More »
Statute of Limitations for Tax Audits of Physiotherapist The statute of limitations for tax audits of physiotherapist is 6 years from the end of the relevant assessment year. This means that the tax authorities can only audit a physiotherapist’s tax returns for a period of 6 years from the end of the year in which… Read More »
