Direct Answer Financial modelling for a UAE business means building linked forecasts of costs, profit and cash flow from clear assumptions, so you can see whether the business can fund itself, repay a...
Quick answer: It depends on your turnover and the nature of your supplies, not on working from home. A home-based business must register for GST once its aggregate turnover crosses ₹40 lakh for goods...
Quick answer: Yes, but only in specific cases. GST registration is PAN-based and state-wise, so one person with one PAN needs a separate registration in every state where business is carried out...
Quick answer: A proprietorship needs a tax audit under Section 44AB when business turnover exceeds ₹1 crore (or ₹10 crore if cash receipts and payments are each within 5%), or professional receipts...
Quick answer: Tax audit applicability for business depends on annual turnover, gross receipts, cash transaction limits, and the conditions of presumptive taxation. Under Section 44AB, businesses...
Quick answer: Clause 44 of Form 3CD in a tax audit asks for a breakup of your total expenditure for the year based on whether the supplier was registered under GST or not. You must report the total...
Quick answer: If your tax audit report is not filed by the due date, you can face a penalty under Section 271B of 0.5% of turnover or ₹150,000, whichever is lower. A delayed audit also delays your...
Quick answer: A loan from director should be recorded in a separate unsecured loan account under borrowings from related parties, with a written declaration that the money is not borrowed from others...
Depositing cash from your own sales into a business bank account is legal and completely normal. A notice usually arrives only when the cash deposited does not match what your books, GST returns, and...