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Is there any penalty for not filing of tax audit report for the physiotherapist?

Tax Audit Prevention

Audit Requirement

Audit Requirement Yes, there are penalties for physiotherapists if they fail to file their tax audit report.

The penalty for failure to file a tax audit report is 0.5% of the total sales, turnover or gross receipts, subject to a maximum of Rs. 1 lakh.

The penalty is applicable to physiotherapists whose accounts required to audited under Section 44AB of the Income Tax Act, 1961.

Section 44AB requires the accounts of businesses with a turnover of more than Rs. 2 crores to be audit.

The penalty for failure to file a tax audit report is in addition to any other penalties that may be imposed for non-compliance with the Income Tax Act.

For example, if a physiotherapist fails to file their ITR.

They may be liable to a penalty of up to Rs. 5,000.

It is important to note that the penalty for failure to file a tax audit report is not automatic.

The tax authorities will only impose the penalty if they find that the physiotherapist has willfully failed to file the report.

If you are a physiotherapist whose accounts are required to be audited, you should make sure that you file your tax audit report on time to avoid penalties.

You can find more information about tax audit requirements on the Income Tax website.

 

Here are some additional tips for avoiding penalties for failure to file a tax audit report:

  1. Make sure that you understand the requirements for tax audit under Section 44AB.
  2. Get your accounts audited by a qualified auditor.
  3. File your tax audit report on time.
  4. Keep good records of your business transactions.
  5. If you have any questions about tax audit, consult with a tax advisor.

 

To visit: https://www.mca.gov.in/

 

For further details access our website: https://vibrantfinserv.com

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