Tax Audit for Media House

Sure. The threshold limit for tax audit for a media house is `1 crore“ for the financial year 2022-23.

This means that if the total turnover of a media house is more than 1 crore for the financial year 2022-23, then it is required to get its accounts audited by a chartered accountant.

The due date for filing the tax audit report for a media house is 31st October of the assessment year. For example, the due date for filing the tax audit report for the financial year 2022-23 is 31st October 2023.

However, there are some media houses that are exempt from the requirement of getting their accounts audited, even if their turnover exceeds the threshold limit. These media houses include:

1. Newspapers with a circulation of less than 10,000 copies per day

2. Television channels with a viewership of less than 100,000 viewers per day

3. Radio stations with a listenership of less than 100,000 listeners per day

4. If you are a media house and you are unsure whether you are required to get your accounts audited, you should consult with a chartered accountant.

Here are some additional things to keep in mind about the tax audit of media houses:

1. The tax audit report must be prepare in accordance with the Income Tax Audit Report (ITR-AAR) Form.

2. The tax audit report must be sign by a chartered accountant who is a member of the Institute of Chartered Accountants of India (ICAI).

3. The tax audit report must be submit to the Income Tax Department along with the income tax return.

To visit: https://www.mca.gov.in/

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