Preparing Artist Tax Audit
Preparing Artist Tax Audit, Here are the key points to consider before filing a tax audit report for artists:
1. The artist’s turnover:
Artists who are self-employed and have a turnover of more than Rs. 25 crores are required to get their accounts audited by a chartered accountant.
2 The type of business:
The type of business that the artist is engaged in may also affect whether they are required to get their accounts audited.
For example, artists who are engaged in the sale of goods are generally required to get their accounts audited, while artists who are engaged in the provision of services may not be required to get their accounts audited.
3. The artist’s tax liability:
The artist’s tax liability may also affect whether they are required to get their accounts audited. For example, artists who have a high tax liability may be more likely to be required to get their accounts audited.
4. The artist’s compliance history:
The artist’s compliance history may also affect whether they are required to get their accounts audited. For example, artists who have a history of non-compliance with tax laws may be more likely to be required to get their accounts audited.
If an artist is unsure whether they are required to get their accounts audited, they should consult with a chartered accountant.
Here are some also additional things to keep in mind:
- The tax audit report must be filed within six months of the end of the financial year.
- The tax audit report must be signed by a chartered accountant.
- The tax audit report must be submitted to the Income Tax Department.
- If an artist fails to file the tax audit report on time, they may be subject to penalties.
To visit: https://www.mca.gov.in/
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