The threshold limit for statutory audit for mall owners in India is Rs. 2 crores.
This means that if the total turnover of a mall is more than Rs. 2 crores in a financial year, it is required to get its accounts audited by a chartered accountant.
The due date for submitting the statutory audit report to the Registrar of Companies (ROC) is 30th September of the following financial year.
For example, if the financial year of a mall ends on 31st March 2023, the statutory audit report must be submitted to the ROC by 30th September 2023.
However, there are some exceptions to this rule. For example, malls that are owned by the government or a public sector undertaking are not required to get their accounts audited.
Additionally, malls that are registered as societies or trusts are also exempt from statutory audit if their turnover is less than Rs. 10 crores.
If a mall fails to get its accounts audited by the due date, it could face penalties from the ROC. The penalties could include a fine of up to Rs. 1 lakh, imprisonment for up to six months, or both.
Here are some of the documents that need to be submitted for statutory audit of a mall:
-
Balance sheet
-
Profit and loss account
-
Cash flow statement
-
Notes to accounts
-
Directors’ report
-
Auditor’s report
The statutory audit report should be prepared in accordance with the Generally Accepted Accounting Principles (GAAP) in India. The auditor should also ensure that the mall has complied with all applicable laws and regulations.
To visit: https://www.mca.gov.in/
For further details access our website: https://vibrantfinserv.com