Tax Audit Report for Artist
Whether an income from art is required to file a tax audit report depends on the turnover of the artist.
According to Section 44AB of the Income Tax Act, 1961, an artist who is self-employed and has a turnover of more than Rs. 25 crores in a financial year is required to get their accounts audited by a chartered accountant.
If the artist’s turnover is less than Rs. 25 crores, they are not required to get their accounts audited. However, they may still choose to get their accounts audited if they want to do so.
Here are some of the benefits of getting your accounts audited, even if you are not required to do so:
- It can help you to ensure that your accounts are accurate and complete.
- It can help you to identify any areas where you may be able to save money on taxes.
- It can help you to avoid penalties for non-compliance with tax laws.
- It can give you peace of mind knowing that your accounts have been reviewed by a qualified professional.
To visit: https://www.mca.gov.in/
For further details access our website: https://vibrantfinserv.com