Due Date of Tax Audit
Panalty and Due Date of Tax Audit, The penalty for filing a late tax audit report for spas and parlor services is 0.5% of the total sales, turnover, or gross receipts.
The due date for filing the tax audit report is 30 September of the assessment year following the financial year in which the turnover exceeds the prescribed limits.
For example, if the turnover of a spa or parlor service exceeds ₹1 crore in the financial year 2022-23, the tax audit report for that year must be filed by 30 September 2023.
If the tax audit report is filed after the dedline, a penalty of 0.5% of the total turnover will be levied. The maximum penalty that can be levied is ₹5 lakh.
To visit: https://www.incometax.gov.in
There are a few exceptions to the requirement of filing a tax audit report for spas and parlor services. These exceptions include:
1. Spas and parlor services that are locate in rural areas with a population of less than 10,000
2. Spas and parlor services that are own and operate by a person who is not a resident of India
3. Spas and parlor services that have a turnover of less than ₹10 lakh in the financial year
