Statutory Audit for Freelancers
The threshold limit and due date for statutory audit are important considerations for freelancers in India.
In India, freelancers determine their eligibility for statutory audit based on their annual turnover.
Under the provisions of the Income Tax Act, freelancers must undergo a statutory audit if their annual turnover exceeds Rs. 1 crore.
It’s essential to note that turnover refers to the total gross receipts from freelance services rendered during the financial year.
The due date for the statutory audit of freelancer in India is typically the same as the due date for filing their income tax return (ITR).
Individual freelancers, who do not need to undergo audit under any other law, usually have to file their Income Tax Return (ITR) by July 31st of the assessment year.
However, the government can extend this due date, and it’s crucial to stay vigilant about any updates or notifications concerning the deadline.
In summary, freelancers in India need to be aware of the Rs. 1 crore turnover threshold for statutory audit, and they should ensure that their audit is completed and the ITR is filed by the due date, which is usually July 31st of the assessment year.
Staying informed about any changes in the threshold limit or due dates is essential to maintain compliance with tax regulations.
To visit: https://www.mca.gov.in/
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