The annual turnover threshold for Statutory Audit limit for Restaurants or hotels is ₹1 crore. This means that all restaurants or hotels with an annual turnover of more than ₹ 1 crore are required to get their accounts audited by a chartered accountant before the 30th September of the following year.
Here are some other factors that may also trigger a statutory audit for restaurants or hotels:
- If the restaurant or hotel is a limited company
- If the restaurant or hotel is a public limited company
- If the restaurant or hotel is a subsidiary of a company that is already under statutory audit
- If the restaurant or hotel is a non-profit organization that receives more than ₹ 50 lakhs in donations in a financial year.
To visit: https://www.mca.gov.in/
For further details access our website: https://vibrantfinserv.com