The threshold limit for statutory audit dedline for School different entities in India, including schools, colleges, universities and professional schools.
If an entity’s total gross receipts or turnover exceeds ₹1 crore in a financial year, they required to undergo a statutory audit.
This means that if a school, college, university, or professional school has gross receipts or turnover exceeding ₹1 crore, they must conduct a statutory audit.
The due date for filing the income tax return, along with the audited financial statements, is typically on or before the 30th of September of the assessment year.
Therefore, if your financial year ends on March 31st, the statutory audit should complete and the income tax return should file with audit financial statements by the 30th of September of every assessment year.
Please note that tax laws and regulations are subject to change and it’s important to consult the latest guidelines and information from the relevant authorities to ensure accurate compliance.
To visit: https://www.mca.gov.in/
For further details access our website: https://vibrantfinserv.com