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 exceed ₹1 crore during the financial year.
This turnover threshold is a key factor in determining the applicability of provisions related to financial reporting and balance sheet preparation.
To put it simply, if an editor’s gross receipts or turnover from their professional work remains below ₹1 crore in a financial year, they are generally not requir to draft a balance sheet as per the Companies Act 2013.
However, it’s important to note that this exemption might be subject to change based on updates in the law or regulations.
To visit: https://www.mca.gov.in/
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