As per the present tax laws of India, professionals with gross receipt of Rs. 25 lakh and business with gross receipt of Rs. 1 Crore are required to undertake statutory tax audit every financial year. Statutory tax audit means audit prescribed under section 44AB of Income tax act 1961. It has to be conducted by … Read More » "How to prepare for statutory tax audit or Section 44AB Audit"
All businesses in India are required to register under The Shops and Establishment Act with their respective authorities depending on the place of business. Shops and Establishment Act is enacted to regulate the conditions of work and employment such as working hours, holidays, leave, opening and closing hours, rest interval of employees, and payment of … Read More » "How to get registration under Shops and Establishment Act"
Balance sheet of a business or company consists of assets, liabilities and stockholder’s equity. Working capital for a particular period represents the difference between current assets and current liabilities for that particular period. Working capital will determine the capacity of a business to pay off its current liabilities with current asset or cash and assets … Read More » "How to calculate working capital"