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 get a statutory audit, they are also requir to get a statutory audit.
3. Voluntary audit:
Physiotherapists can also choose to get a statutory audit voluntarily, even if they are not requir to do so.
This can be useful for physiotherapists who want to demonstrate their financial transparency to their clients or investors.
To ensure that statutory audit is applicable for a physiotherapists, they can refer to the following sources:
1. The Companies Act, 2013:
The Companies Act, 2013 specifies the criteria for determining whether a company required to get a statutory audit.
2. The Income Tax Act, 1961:
The Income Tax Act, 1961 specifies the criteria for determining whether an individual is required to get a statutory audit.
3. The Chartered Accountants Act, 1949:
The Chartered Accountants Act, 1949 specifies the qualifications and registration requirements for chartered accountants who can conduct statutory audits.
If a professional requirements physiotherapist is unsure whether they are required to get a statutory audit, they should consult with a tax advisor or a chartered accountant.
To visit: https://www.mca.gov.in/
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