Hotel Audit threshold Limit, The stipulated deadline for the statutory audit in the Lodging–Hotels, Motels, and Resorts sector is contingent upon the annual turnover.
If the turnover surpasses INR 5 crores, a mandatory audit by a chartered accountant is imperative. The audit dossier must be lodged with the Registrar of Companies (ROC) within 30 days post the financial year’s culmination.
Variations in the statutory audit threshold are evident across diverse categories:
- Corporations: INR 1 crore
- Partnerships: INR 40 lakhs
- Trusts: INR 10 lakhs
- Societies: INR 10 lakhs
To visit: https://www.mca.gov.in/
If your lodging establishment’s annual turnover falls short of the INR 5 crores benchmark, obligatory audit isn’t binding. Yet, there exists an option for proactive voluntary auditing.
This choice holds potential advantages, encompassing:
- Enhanced financial management opportunities
- Attainment of a more precise financial performance overview
- Ensuring adherence to pertinent legal frameworks and statutes.
For further details access our website: https://vibrantfinserv.com