Audit Requirement for Chemist Yes, statutory Audit Requirement for Chemist if their turnover is more than Rs. 10 crore (or Rs. 5 crore, if the cash receipts and payments exceed 5% of the total receipts and payments). The Companies Act, 2013 mandates that all companies (including private limited companies, limited liability partnerships, and one-person… Read More »
ITR Form for the Chemists The applicable Income Tax Return (ITR) form for chemists would depend on the nature of their income and the type of business they are engaged in. Chemists, often engaged in retail sales of pharmaceutical products, may need to consider the following options: 1. Form ITR-3: This form typically… Read More »
Turnover for Chemists for Tax Audit The Turnover for Chemists for Tax Audit report is Rs. 10 crore for the financial year 2023-2024, if the cash receipts and payments of the chemist do not exceed 5% of the total receipts and payments, respectively. However, if the cash receipts and payments of the chemist exceed 5%… Read More »
