42. Media House Audit Consequences: Could you outline the potential consequences of a delayed filing for the statutory audit pertaining to Media House?

Statutory Audit Pertaining to Media House Here are some of the potential consequences of a delayed filing for the statutory audit pertaining to Media House: 1. Penalty: The Income Tax Act, 1961 (ITA) imposes a penalty of 0.5% of the total sales, turnover or gross receipts, whichever is higher, or Rs. 1,50,000, whichever is less,… Read More »

47. What is the threshold limit of Statutory audit due date for Diagnostic Centre?

Threshold Limit of Statutory Audit   Sure, The threshold limit of statutory audit for a diagnostic centre is Rs. 40 lakhs in terms of turnover or Rs. 25 lakhs in terms of gross receipts in a financial year. If the turnover or gross receipts of a diagnostic centre exceeds the threshold limit, then it is… Read More »

45. Is drafting balance sheet mandatory for Automobile Dealers?

Balance sheet for Hotels

Balance Sheet Mandatory for Automobile   The necessity of preparing a balance sheet mandatory for automobile dealers is not a simple matter to determine. It depends on the specific circumstances of the dealership and the jurisdiction in which it operates. In the United States, there is no federal law that requires automobile dealers to have… Read More »

What is the threshold limit and due date of tax audit report for Diagnostic Centre?

Tax Audit Report for Diagnostic    The Tax Audit Report for Diagnostic center to be required to get its accounts audited is `₹1.5 crores** for the financial year 2022-23 (assessment year 2023-24). The due date for filing the tax audit report is **31st October“ of the assessment year. Visit for more information: https://www.mca.gov.in/ Here are… Read More »

What is the threshold limit of Statutory audit due date for Automobile Dealers?

Statutory audit for Grocery and Merchandise, Statutory audit for Furniture and Appliances

Statutory Audit Threshold for Automobile The statutory audit threshold for automobile dealers stands at Rs. 2 crore in a financial year. This means that if the turnover of an automobile dealer exceeds Rs. 2 crore in a financial year, then they are required to get their accounts audited by a chartered accountant or a cost… Read More »

47. What compliance measures should Diagnostic Centre follow to avoid tax audit issues?

Compliance measures   Compliance measures, here is a revised version of the provided text: Outlined below are essential compliance measures that diagnostic centers must adhere to in order to prevent potential tax audit complications.   Establish and Execute a Robust Compliance Risk Management Program:  Devise a comprehensive program to identify and assess all tax-related compliance… Read More »