Tax Audit Requirements
Yes, there is a penalty for not filing a Tax Audit Requirements for the Registered Nurses (RNs) in India. The penalty is 0.5% of the turnover or gross receipts, subject to a maximum of Rs. 1,50,000.
The tax audit report required for RNs who meet the following criteria:
1. Turnover or gross receipts of Rs. 1.5 crore or more in the previous financial year.
2. Total income of Rs. 60 lakh or more in the previous financial year.
3. Any unexplained investment or expenditure of Rs. 2 lakh or more in the previous financial year.
If an RN is required to get a tax audit done but does not do so, they could be liable for a penalty of 0.5% of their turnover or gross receipts, subject to a maximum of Rs. 1,50,000. The penalty imposed under Section 271B of the Income Tax Act, 1961.
In addition to the penalty, the RN could also be subject to other consequences, such as:
1. Prosecution by the Income Tax Department.
2. Imprisonment for a term of 3 months to 2 years.
3. A fine of up to Rs. 20,000.
It is important for RNs to be aware of the requirements for tax audit and to take steps to ensure that they are compliant with the law. If you are an RN and you are unsure whether or not you are required to get a tax audit done, you should consult with a tax advisor.
To visit: https://www.mca.gov.in/
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