Statutory audit for Furniture and Appliances
The prescribed deadline of due date for the Statutory audit for Furniture and Appliances of Traders & Stores is ₹1 crore. This signifies that Furniture and Appliances Traders or Stores, generating an annual turnover exceeding ₹1 crore, are obligate to undergo an audit of their accounts conducted by a certified chartered accountant. The audit report must be duly submit to the Registrar of Companies (ROC) within 30 days subsequent to the conclusion of the financial year.
To visit: https://www.incometax.gov.in
The following are additional enterprises that are also compelled to have their accounts audited if their yearly turnover surpasses ₹1 crore:
- Banking companies
- Insurance companies
- Non-banking financial companies (NBFCs)
- Companies listed on a stock exchange
- Companies involved in the production or sale of goods or services subject to excise duty
- Companies engaged in the generation or distribution of electricity
- For those operating as Furniture and Appliances Traders or Stores with an annual turnover surpassing ₹1 crore, it is imperative to
- promptly initiate the search for a qualified chartered accountant to carry out the audit of your accounts. As the audit procedure could extend over several months, early commencement is of paramount importance.
Outlined below are some suggestions for identifying a proficient chartered accountant:
- Seek recommendations from friends, family, or colleagues.
- Obtain quotations from multiple accountants to compare.
- Verify the qualifications and experience of the accountant in auditing businesses dealing with furniture and appliances.
- Ensure that all aspects, including the audit’s scope, fees, and timeline, are documented comprehensively.
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