Due Date of Tax Audit for Printing Services

The due date of tax audit for Printing Services is September 30, 2023 for the Financial Year (FY) 2022-23 (Assessment Year (AY) 2023-24).

This is the same due date for all businesses with an annual turnover exceeding 1 crore and any professional with receipts above Rs 50 lakh.

Nevertheless, there exist a couple of exclusions to this principle. For example, businesses that are newly incorporate or have cease to exist during the FY are not require to get their accounts audit.

Additionally, businesses that have opt for the presumptive taxation scheme are also exempt from audit.

If you are a Printing Services business and you are unsure whether you are require to get your accounts audit, you should consult with a tax advisor.

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

 

Here are some of the factors that determine whether a business is require to get its accounts audit:

1. Annual turnover:

Businesses with an annual turnover exceeding 1 crore are require to get their accounts audit.

2. Receipts:

Professionals with receipts above Rs 50 lakh are also require to get their accounts audited.

3. Nature of business:

Certain businesses, such as those involve in trading of goods or providing services to other businesses, are required to get their accounts audited even if their turnover or receipts do not exceed the prescribed limits.

4. Newly incorporated businesses:

Businesses that are newly incorporate are not require to get their accounts audited for the first two years of operation.

5. Ceased to exist businesses:

Businesses that have ceased to exist during the FY are also not require to get their accounts audited.

6. Presumptive taxation scheme:

Businesses that have opt for the presumptive taxation scheme are exempt from audit.

 

 

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