Statutory audit for physiotherapists
No, statutory audit is not required for physiotherapists. It is only required for companies, limited liability partnerships, and other entities that register under the Companies Act, 2013. Individuals, including physiotherapists, do not require to get audit.
To visit: https://www.incometax.gov.in
However, there are some cases where a physiotherapist may require to get audit, even if they are not a company. For example, a physiotherapist who is a director or partner in a company that is require to get audit may also be required to get audit.
If you are a physiotherapist and you are unsure whether you are required to get audit, you should consult with a tax advisor.
FAQs:
- What is a statutory audit for physiotherapists?
A statutory audit examines a physiotherapist’s financial records to ensure compliance with legal and regulatory standards. - Why do physiotherapists need a statutory audit?
Physiotherapists need a statutory audit to verify the accuracy of their financial statements and meet legal obligations. - Who conducts the statutory audit?
A licensed, independent auditor conducts the statutory audit to maintain objectivity. - When is a statutory audit require for physiotherapists?
It is require when a physiotherapist’s practice meets certain financial thresholds or operates as a company. - How long does a statutory audit take?
The duration depends on the complexity of the physiotherapy practice, but it typically takes a few weeks. - What documents are need for the audit?
You need to provide financial statements, tax returns, bank records, and other relevant business documents. - How does a statutory audit benefit a physiotherapist?
It helps ensure financial transparency, detect errors or fraud, and build trust with stakeholders. - What happens if a physiotherapist does not comply with a statutory audit?
Failure to comply can result in legal penalties or fines, depending on the jurisdiction. - How often should a physiotherapist undergo a statutory audit?
The frequency depends on legal requirements, but most practices conduct audits annually.
