Due Dates of Statutory Audit In India, companies are required to complete their due date of statutory audit by the 30th of September in the financial year following the one under audit. For example, the due date for the statutory audit of the financial year 2022-23 is 30th September 2023. However, there are some… Read More »
Penalty of Late Filing for Statutory Audit Yes, there are penalty of late filing for statutory audit. The penalty is levied under Section 271B of the Income Tax Act, 1961. The penalty is 0.5% of the total sales, turnover, or gross receipts, whichever is less, or up to a maximum of Rs. 1,50,000. The… Read More »
Statutory Audit Significance Statutory Audit Significance Sure, here is a unique answer to the question. The purpose of a statutory audit for books and stationery traders is to: 1. Provide assurance to shareholders, creditors, and other stakeholders that the books and records of the trader are accurate and reliable. 2. Identify any potential financial… Read More »
Statutory Audit for Tour and Travel Agencies The core objective of a Statutory Audit for Tour and Travel Agencies is to verify and establish the precision and dependability of the financial statements presented by tour and travel agencies. It verifies that the financial data presented, such as revenue, expenses, and profits, is consistent and… Read More »
Statutory Audit for Contractual Service Provider The objective behind performing a statutory audit for a contractual service provider is to guarantee transparency, accountability, and adherence to pertinent laws and regulations. A statutory audit involves an independent and thorough examination of the financial records, transactions, and operations of a company or entity to assess the… Read More »
Challenges Come for Physiotherapist for Statutory Audit There are a few challenges come for physiotherapist for statutory audit: 1. Cost: Statutory audits can be expensive, especially for small businesses. The cost of a statutory audit will vary depending on the size and complexity of the business, but it can easily cost upwards of Rs. 50,000.… Read More »
Statutory Audit for a Physiotherapist The applicability of statutory audit for a physiotherapist depends on the following factors: 1. Turnover: If the physiotherapist’s turnover exceeds Rs. 2 crores, they are required to get a statutory audit. 2. Nature of business: If the physiotherapist is a director or partner in a company that required to… Read More »
Conducting Statutory Audit for Physiotherapist The purpose of conducting statutory audit for physiotherapist is to verify the accuracy of the physiotherapist’s financial records and to ensure that they have complied with the Income Tax Act. Statutory audit conducted by a qualified auditor and submitted to the tax authorities along with the physiotherapist’s income tax… Read More »
Statute of Limitations for Tax Audits of Physiotherapist The statute of limitations for tax audits of physiotherapist is 6 years from the end of the relevant assessment year. This means that the tax authorities can only audit a physiotherapist’s tax returns for a period of 6 years from the end of the year in which… Read More »
Statutory Audit Applicable for Online Content Creators Determining whether a statutory audit is applicable for online content creators involves considering specific criteria and financial thresholds. Here’s how to assess the situation: 1. Revenue Threshold: The primary factor in deciding if a content creator audit is needed is the revenue generated by the online content… Read More »
