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.
