Statutory Audit Required for Editors
No, statutory audit doesn’t requir for editors in India. Statutory audit required for Editors and certain types of businesses, such as companies and trusts. However, editors are typically self-employed individuals and do not need to have their accounts audited by a statutory auditor.
However, there are some cases where editors may need to have their accounts audited. For example, if an editor is a partner in a partnership, the partnership may be required to have its accounts audited.
Additionally, if an editor receives government grants or contracts, they may be required to have their accounts audited.
If you are an editor and you are unsure whether you need to have your accounts audited, you should consult with a tax advisor.
Here are some of the factors that determine whether or not an editor needs to have their accounts audited:
1. The type of business entity:
Editors who are self-employed individuals do not need to have their accounts audited, but editors who are partners in a partnership or who receive government grants or contracts may be required to have their accounts audited.
2. The amount of turnover:
Editors with a high turnover may be required to have their accounts audited, even if they are self-employed individuals.
3. The previous compliance record:
Editors with a poor compliance record may be required to have their accounts audited.
To visit: https://www.mca.gov.in/
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