Tag Archives: #TaxCompliance

What compliance measures should Dental and Medical Laboratories follow to avoid tax audit issues?

Avoid Tax Audit Issues Dental and Medical Laboratories in India should adhere to several compliance measures to avoid tax audit issues. These measures are essential to ensure accurate financial reporting and adherence to tax regulations. 1. Proper Bookkeeping and Accounting: Maintaining accurate and up-to-date financial records is crucial. Dental and Medical Laboratories should keep… Read More »

GST Regulations

GST Regulations Here are some key for GST Regulations: 1. GST Compliance: Goods and Services Tax (GST) is a significant tax regime in India that applies to the supply of goods. Wholesalers must ensure they are correctly calculating and collecting GST on their sales. They should maintain accurate records of GST collected and paid,… Read More »

What is the limit for starting book writing for the Wholesaler?

Book Keeping for Wholesaler There are no limits for starting book keeping for a wholesaler. However, it is important to consider the following factors before making a decision: 1. The size of the wholesale business: The larger the business, the more complex the bookkeeping will be. 2. The number of transactions: The more transactions… Read More »

How does a Wholesaler manage financial records for tax audits?

Financial Records for Tax audit A wholesaler in India manages their financial records for tax audit through a structured process to ensure compliance with tax regulations. They follow these steps to maintain accurate records and be prepared for a potential tax audit: 1. Accounting Software or Systems: Wholesalers usually employ accounting software or systems… Read More »

What is the threshold limit and due date of tax audit report for Motion Picture & Video Studios & Theatres?

Tax Audit Report for Motion Picture The threshold limit for tax audit for Motion Picture & Video Studios & Theatres in India is Rs. 1 crore in case the cash receipts do not exceed 5% of the total receipts. If the cash receipts exceed 5% of the total receipts, then the threshold limit is… Read More »

What compliance measures should Motion Picture & Video Studios & Theatres follow to avoid tax audit issues?

Compliance measures Motion Picture & Video: Studios & Theatres in India should follow specific compliance measures to avoid tax audit issues. These measures are crucial to ensure accurate financial reporting and adherence to tax regulations. 1. Proper Bookkeeping and Accounting Practices: Maintaining comprehensive and accurate financial records is essential. Studios and theatres should keep… Read More »

What is the purpose of a tax audit report for Wholesaler ?

Tax Audit Reports for Wholesaler The purpose of a tax audit reports for wholesaler in India is to ensure transparency, accuracy, and compliance with the tax regulations set forth by the Income Tax Act of India. This audit process involves a detailed examination of the financial records, transactions, and other relevant information of the… Read More »

Do wholesaler need to file an income tax return (ITR)?

Tax Deductions for Furniture & Appliances

ITR for wholesaler Whether or not a ITR for wholesaler in India depends on a number of factors, including the wholesaler’s income, the type of business, and the location of the business. Here are the general income tax filing requirements for wholesalers in India: 1. Individual wholesalers: Individual wholesalers who are resident in India… Read More »

How does a chemists manage financial record for tax audits?

Financial Record for Tax Audits Here are some tips on how a chemist can manage their financial record for tax audits: 1. Keep all financial records in one place: This will make it easier to find the records when you need them. 2. Organize your records chronologically: This will make it easier to track… Read More »

Is there any penalty for not filing of tax audit report for the law firm?

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 »