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 »
Balance Sheet Mandatory for Doctors Yes, balance sheet is mandatory for doctors in India to prepare a balance sheet if they meet certain financial thresholds. According to the Income Tax Act of India, any individual carrying on a profession, including doctors, is requir to maintain books of accounts and prepare a balance sheet if… Read More »
Tax Audit Applicable for Law Firms Yes, tax audit is applicable for law firms if the turnover of the law firm exceeds Rs. 1 crore in any of the three preceding years. This is under Section 44AB of the Income Tax Act, 1961. The audit conducted by a chartered accountant who registered with the Institute… Read More »
Financial Penalties Yes, there can be Financial Penalties for not finalizing the accounts of a law firm in India. According to the Income Tax Act of India, businesses, including law firms, are required to maintain proper books of accounts and get them audited if their turnover exceeds a specified limit. Failure to finalize the… Read More »
Necessary for New Doctors to File ITR Yes, it is generally necessary for new doctors in India to file an Income Tax Return (ITR) even if their income is low. The reason for this is that the Income Tax Act of India has specific provisions that require individuals, including doctors, to file an ITR if… Read More »
