Financials Compliances
Financials Compliances Yes, physiotherapists subjected to tax audits by the Income Tax Department (ITD). The ITD may audit the accounts of physiotherapists if they have reason to believe that the physiotherapist has evaded tax or has not complied with the Income Tax Act.
The ITD may also audit the accounts of physiotherapists if they have a turnover of more than Rs. 2 crores. This is because Section 44AB of the Income Tax Act requires the accounts of businesses with a turnover of more than Rs. 2 crores to be audited.
If the ITD audits the accounts of a physiotherapist, they will review the physiotherapist’s financial records and tax returns. They may also ask the physiotherapist questions about their business activities.
If the ITD finds that the physiotherapist has evaded tax or has not complied with the Income Tax Act, they may levy penalties and interest charges. They may also demand that the physiotherapist pay additional tax.
If you are a physiotherapist, it is important to keep your financial records accurate and to comply with the Income Tax Act. This will help to reduce the chances of being audited by the ITD.
Here are some tips for avoiding tax audits for physiotherapists:
- Keep your financial records accurate and up-to-date.
- File your income tax returns on time.
- Pay your taxes in full amount and on time.
- Do not claim deductions or exemptions that you are not entitled to.
- Be aware of the tax laws and regulations that apply to your business.
- If you have any questions about tax, consult with a tax advisor.
To visit: https://www.mca.gov.in/
For further details access our website: https://vibrantfinserv.com