Statutory Audit Required for Doctors
In India, Statutory Audit Required for Doctors unless their gross receipts or turnover from medical practice exceed the prescribed threshold limits.
Doctors and other professionals are primarily subject to tax audits under section 44AB of the Income Tax Act if they meet certain financial criteria.
If a doctor’s gross receipts or turnover from professional services exceed ₹50 lakh in a financial year, a tax audit may be requir.
Additionally, if their gross receipts exceed ₹1 crore, they might also be liable for the presumptive taxation scheme under section 44ADA.
However, it’s important to note that tax regulations and thresholds might change, so it’s recommend to consult with a qualified chartered accountant or tax advisor for the most up-to-date and accurate information regarding requirements for doctors in India.
To visit: https://www.mca.gov.in/
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