Balance Sheet Required for Chemists Whether or not a balance sheet is required to be drafted for chemists depends on a number of factors, including the size and nature of the chemist’s business, the location of the business, and the applicable laws and regulations. In general, there is no legal requirement for chemists to… Read More »
Bookkeeping for the Engineers Bookkeeping for the Engineers, According to the Companies Act, 2013, engineers in India are exempt from maintaining books of accounts if their turnover does not exceed 1,20,000 in any of the three preceding years. However, there are also some exceptions to this rule. For example, engineers who are also directors… Read More »
Balance Sheet for the Chemist In India, Balance Sheet for the Chemist required to draft a balance sheet if their annual turnover exceeds Rs. 1 crore. This turnover limit is the threshold beyond which businesses are mandated to maintain proper accounting records, including the preparation of a balance sheet, as per the Companies Act,… Read More »
Balance Sheet for the Wholesaler There is no specific turnover limit for drafting a balance sheet for the wholesaler in India. However, the Income Tax Act, 1961 requires all taxpayers with a turnover of more than ₹25 lakhs to maintain books of accounts and prepare financial statements, including a balance sheet. The turnover limit… Read More »
Turnover Limit for Editors In India, the turnover limit for editors determining whether they need to prepare a balance sheet is specified under the Companies Act 2013. According to this Act, editors, who can be consider as professionals, are typically exempt from preparing a balance sheet if their total gross receipts or turnover doesn’t… 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 »
Turnover Limit for Books of Accounts In India, The turnover limit for books of accounts as a chemist determined by the provisions of the Income Tax Act, 1961. According to Section 44AA of the Income Tax Act, individuals engaged in professions such as accountancy, medical, legal, technical consultancy, interior decoration, and others required to… Read More »
Balance Sheet for the Physiotherapist There is no turnover limit for drafting a balance sheet for the physiotherapist. However, if the physiotherapist’s turnover exceeds Rs. 2 crores, they are required to get their accounts audited by a qualified auditor. The auditor will prepare a balance sheet as part of the audit process. If the… Read More »
Turnover Limit for Drafting Balance Sheet The turnover limit for drafting a balance sheet for online content creators in India is Rs. 2 crores. This means that online content creators with an annual turnover of more than Rs. 2 crores are require to draft a balance sheet as part of their financial statements. The… Read More »
Turnover Limit for drafting Balance sheet for Youtubers The turnover limit for drafting a balance sheet for YouTubers depends on the earnings generated from their channel activities. A balance sheet is a financial statement that provides a snapshot of a company’s financial position at a specific point in time. In the context of YouTubers,… Read More »