Threshold Limit of Statutory Audit
The threshold limit of statutory audit and the due date for Organizations, Charitable, and Social Service entities in India are as follows:
1. Threshold Limit:
Organizations, Charitable, and Social Service entities in India can requir to undergo a statutory audit if their total gross receipts or total income in the financial year exceed Rs. 25 lakhs.Due Date of Statutory Audit
2. Due Date for Statutory Audit:
The due date for the statutory audit of Organizations, Charitable, and Social Service entities in India is generally September 30th of the assessment year following the financial year.
For instance, if the financial year ends on March 31, 2023, the statutory audit report would typically be due by September 30, 2023.
3. Consequences of Non-Compliance:
Failing to comply with the statutory audit requirement can lead to penalties and legal repercussions.
It’s essential for these organizations to ensure timely and accurate audit completion to maintain transparency and regulatory compliance.
Please note that tax and regulatory policies can change, so it’s recommended to verify this information with the latest government guidelines or consult a qualified financial professional to ensure accurate and up-to-date compliance.
To visit: https://www.incometax.gov.in
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