Statutory Audit for automotive repair
The threshold limit for statutory audit for automotive repair services in India is Rs. 1 crore. This means that businesses with an annual turnover of more than Rs. 1 crore are required to have their books audited by a chartered accountant.
The statutory audit is a mandatory requirement for businesses that meet the threshold limit.
It is a process of examining the financial records of a business to ensure that they are accurate and compliant with the law.
The auditor will also report on the financial health of the business and any areas of concern.
The statutory audit due date for automotive repair services is 30th September of the following financial year. For example, the statutory audit due date for the financial year 2022-23 is 30th September 2023.
If a business fails to have its books audited by the statutory audit due date, they may be liable for penalties. The penalties can be significant, so it is important to comply with the statutory audit requirements.
Here are some of the benefits of having a statutory audit for automotive repair services:
• It can help to ensure that the financial records of the business are accurate.
• It can help to identify any areas of non-compliance with the law.
• It can help to improve the financial health of the business.
• It can help to reduce the risk of fraud.
• It can help to improve the creditworthiness of the business.
If you are an automotive repair service business with an annual turnover of more than Rs. 1 crore, you are required to have your books audited by a chartered accountant. It is important to comply with this requirement to avoid penalties and to safeguard the financial health of your business.
For further details access our website: https://vibrantfinserv.com
To visit: https://www.mca.gov.in/
