Real Estate Industry

Sure, The threshold limit for statutory audit due date for real Real Estate Industry in India is ₹ 25 lakhs.

This means that if the total gross receipts of a real estate agent in a financial year is more than ₹ 25 lakhs, then they are require to get their accounts audit by a chartered accountant.

The statutory audit report must be file with the Income Tax Department within 30th September of the following financial year.

Here are some exceptions to the ₹ 25 lakhs threshold limit:

Real estate agents who are register with the Real Estate Regulatory Authority (RERA) are require to get their accounts audit irrespective of their gross receipts.

Real estate agents who are also involve in other businesses, such as property development or construction, are require to get their accounts audited if the total gross receipts of all their businesses together is more than ₹ 25 lakhs.

If a real estate agent fails to get their accounts audit when require, they may face penalties from the Income Tax Department. The penalties can be up to ₹ 25,000 or 1% of the total gross receipts, whichever is higher.

To visit: https://www.mca.gov.in/

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