Tax Audit Requirements Yes, there is a penalty for not filing a Tax Audit Requirements for the Registered Nurses (RNs) in India. The penalty is 0.5% of the turnover or gross receipts, subject to a maximum of Rs. 1,50,000. The tax audit report required for RNs who meet the following criteria: 1. Turnover or gross… 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 »
Penalty for Not Filing Tax Audit Report for Artist Yes, there is a penalty for not filing a tax audit report for an artist. The penalty depends on the amount of tax that is due and the reason for not filing the report. If the artist does not file the tax audit report and… Read More »
Records Management Records Management for each type of fuel sold by fuel dealers holds significance for various reasons: 1. Tax Compliance: Different types of fuel may have distinct tax regulations. By maintaining separate records, fuel dealers can easily trace income and expenses for each fuel type, ensuring compliance with relevant tax rules. 2. Inventory Management:… 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 »
ITR Filling Penalties ITR Filling Penalties Yes, there are penalties for physiotherapists if they fail to file their ITR on time. The penalties for late filing of ITR vary depending on the amount of tax due and the reason for the delay. The following are the ITR Filling Penalties for physiotherapists: If the tax… Read More »
Documentation for Content Creators For the account finalization of online content creators, several essential pieces of documentation typically require to ensure accurate financial reporting and compliance with tax regulations. These documents help provide a clear picture of the content creators’ income, expenses, and other financial activities throughout the reporting period. 1. Income Records: Online content… Read More »
Balance Sheet Mandatory for Online Content Creators No, Drafting a balance sheet is not mandatory for all online content creators. A balance sheet is a financial statement which provides a snapshot of a company’s financial position at a specific point in time. It includes assets, liabilities, and equity. However, for many individual online content creators,… Read More »
Bookkeeping Limit Bookkeeping Limit in India, online content creators required to start bookkeeping when their gross receipts or turnover from their online activities exceed ₹2,50,000 in a financial year. This limit outlined in Section 44ADA of the Income Tax Act, which one specifically designed for professionals, including digital content creators. Once the gross receipts… Read More »
Financial Record Keeping Financial Record Keeping, Online content creators should maintain detailed records of various financial transactions to ensure accurate reporting and tax compliance. These transactions include: 1. Earnings: Record all sources of income, such as ad revenue, sponsorships, affiliate marketing earnings, and direct payments for services rendered. Keep track of payment dates, amounts, and… Read More »
