Knowledge Base | Vibrant Finserv

What is the threshold limit and due date of tax audit report for Mall Owners ?

Threshold Due Date of Tax Audit

Threshold Due Date of Tax Audit and Limit, The threshold limit for tax audit for mall owners in India is Rs. 1 crore.

This means that if the total turnover of a mall is more than Rs. 1 crore in a financial year, it is required to get its accounts audited by a chartered accountant.

The due date for submitting the tax audit report to the Income Tax Department is 31st October of the following financial year.

For example, if the financial year of a mall ends on 31st March 2023, the tax audit report must be submitted to the Income Tax Department by 31st October 2023.

However, there are some exceptions to this rule. For example, malls that are owned by the government or a public sector undertaking are not required to get their accounts audited.

Additionally, malls that are registered as societies or trusts are also exempt from tax audit if their turnover is less than Rs. 5 crores.

If a mall fails to get its accounts audited by the due date, it could face penalties from the Income Tax Department. The penalties could include a fine of up to Rs. 25,000, imprisonment for up to six months, or both.

Here are some of the documents that need to be submitted for tax audit of a mall:

The tax audit report should be prepared in accordance with the Income Tax Act, 1961. The auditor should also ensure that the mall has complied with all applicable laws and regulations.

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

 

For further details access our website: https://vibrantfinserv.com

Exit mobile version