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 »
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 »
Chemists Need to Pay Advance Tax Whether a chemistS needs to pay advance tax depends on the following factors: The chemist’s total tax liability for the financial year Whether the chemist is a senior citizen Whether the chemist has opted for the presumptive taxation scheme If the chemist’s total tax liability for the financial… Read More »
ITR Necessary for Wholesaler ITR Necessary for Wholesaler Yes, it is generally necessary for new wholesalers in India to file their Income Tax Return (ITR), even if their income is low. Here’s why: 1. Legal Obligation: Under the Income Tax Act of India, individuals and entities with income exceeding the specified threshold are required… Read More »
ITR Form for Wholesaler or Content Creators Yes, in India, there is no specific Income Tax Return (ITR) Form for Wholesaler or Content Creators. Both wholesalers and content creators would typically use the relevant ITR forms based on the nature of their income and the type of business they are engaged in. Wholesalers, who… Read More »
Bookkeeping limit for Doctors Bookkeeping limit for Doctors In India, doctors required to start bookkeeping and maintain proper financial records if their annual gross receipts from the profession exceed Rs. 1,50,000 in any financial year. This threshold set by the Income Tax Act, and it’s important for doctors to keep accurate records of their… Read More »
Account Finalization for Architects They required to perform Account Finalization for Architects in India if their gross receipts of profession exceed Rs. 50 lakhs in a financial year. This is under Section 44AB of the Income Tax Act, 1961. Account Finalization is the process of preparing the financial statements of an architect for the… Read More »
Key Financial Transactions Key financial transactions: The key financial transactions that a doctor should record include: 1. Patient payments: This includes all payments received from patients, such as fees for consultations, procedures, and tests. 2. Medical expenses: This includes all expenses incurred in providing medical care to patients, such as the cost of medications,… Read More »
Account Finalization for Doctors Yes, doctors required to perform account finalization doctors in India. Section 44AA of the Income Tax Act, 1961 requires doctors and other specified professionals to maintain books of accounts and to get them audit by a chartered accountant. The account finalization process involves preparing financial statements, such as the balance… Read More »
Account Finalization Benefits for Doctors Account Finalization Benefits for Doctors, Properly conducting account finalization in India offers several benefits to doctors, helping them manage their financial matters efficiently and comply with taxation regulations. 1. Accurate Financial Picture: Account finalization provides doctors with a clear and accurate overview of their financial status. By reconciling income… Read More »