Balance Sheet of Physiotherapist Here are some important points to consider before drafting a balance sheet for a physiotherapist: 1. The assets and liabilities of the physiotherapist: The balance sheet should list all of the assets and liabilities of the physiotherapist. Assets are things that the physiotherapist owns, such as cash, equipment, and accounts… Read More »
Challenges Come for Physiotherapist for Statutory Audit There are a few challenges come for physiotherapist for statutory audit: 1. Cost: Statutory audits can be expensive, especially for small businesses. The cost of a statutory audit will vary depending on the size and complexity of the business, but it can easily cost upwards of Rs. 50,000.… Read More »
Statutory Audit for a Physiotherapist The applicability of statutory audit for a physiotherapist depends on the following factors: 1. Turnover: If the physiotherapist’s turnover exceeds Rs. 2 crores, they are required to get a statutory audit. 2. Nature of business: If the physiotherapist is a director or partner in a company that required to… Read More »
Finalization Benefits for Physiotherapist Here are some of the finalization benefits for Physiotherapist can gain from properly conducting account finalization: 1. Accuracy: Proper account finalization ensures that your financial records are accurate. This is important for a number of reasons, including: It helps you to track your financial performance and make informed financial decisions.… Read More »
Balance Sheet for the Physiotherapist Here are some tips on how to ensure accurate financial representation in a balance sheet for the physiotherapist: 1. Use a reliable accounting software: Using a reliable accounting software can help you to track your financial transactions accurately and efficiently. There are many accounting software options available, so you… Read More »
Conducting Statutory Audit for Physiotherapist The purpose of conducting statutory audit for physiotherapist is to verify the accuracy of the physiotherapist’s financial records and to ensure that they have complied with the Income Tax Act. Statutory audit conducted by a qualified auditor and submitted to the tax authorities along with the physiotherapist’s income tax… Read More »
Tax Audit Report for Physiotherapist The purpose of a tax audit report for a physiotherapist is to verify the accuracy of the physiotherapist’s financial records and to ensure that they have complied with the Income Tax Act. The tax audit report is prepared by a qualified auditor and is submitted to the tax authorities… Read More »
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… Read More »
Audit Requirement Audit Requirement Yes, there are penalties for physiotherapists if they fail to file their tax audit report. The penalty for failure to file a tax audit report is 0.5% of the total sales, turnover or gross receipts, subject to a maximum of Rs. 1 lakh. The penalty is applicable to physiotherapists whose accounts required… Read More »
Tax Implications for Physiotherapists Tax Implications for Physiotherapists Yes, physiotherapists need to file an income tax return (ITR) if their gross total income exceeds the basic exemption limit. The basic exemption limit for individuals below 60 years is Rs. 2.5 lakh, for individuals above 60 years but below 80 years is Rs. 3 lakh, and… Read More »
