Tax Audit Report for Hospitals
The threshold limit for tax audit for Hospitals in India is Rs. 5 crores. This means that all hospitals with an annual turnover of more than Rs. 5 crores are required to have their books audited by a chartered accountant and to submit a tax audit report to the Income Tax Department.
The due date of the tax audit report for hospitals is 30th September of the following financial year. For example, the due date of the tax audit report for the financial year 2023-24 is 30th September 2024.
However, there is a new amendment in the Income Tax Act, 1961 that came into effect from 01.04.2022. As per this amendment, the threshold limit for tax audit for all businesses, including Hospitals, has been increased to Rs. 10 crores. It means that businesses with an annual turnover of more than Rs. 10 crores will now be required to get their books audited by a chartered accountant.
The due date of the tax audit report for businesses with an annual turnover of more than Rs. 10 crores is 30th September of the following financial year. For example, the due date of the tax audit report for the financial year 2023-24 is 30th September 2024.
The tax audit report is a document that is prepared by a chartered accountant to assess the accuracy of the financial statements of a business and to ensure that they are compliant with the tax laws. The auditor will also report on any areas of concern.
The tax audit report is mandatory for businesses that meet the threshold limit. It is important to comply with the tax audit requirements to avoid penalties and to ensure that the business is compliant with the tax laws.
To visit: https://www.mca.gov.in/
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