Threshold Limit of Statutory Audit
Sure, The threshold limit of statutory audit for a diagnostic centre is Rs. 40 lakhs in terms of turnover or Rs. 25 lakhs in terms of gross receipts in a financial year.
If the turnover or gross receipts of a diagnostic centre exceeds the threshold limit, then it is required to get its accounts audited by a chartered accountant in accordance with the provisions of the Companies Act, 2013.
The statutory audit report must be filed with the Registrar of Companies within 30 days of the annual general meeting of the diagnostic centre.
Here are some of the exceptions to the statutory audit requirement for diagnostic centres:
1. Diagnostic centres that are owned and managed by the government or a local authority.
2. Diagnostic centres that are registered under the Micro, Small and Medium Enterprises Act, 2006.
3. Diagnostic centres that are exempted from audit under any other law.
To visit: https://www.mca.gov.in/
For further details access our website: https://vibrantfinserv.com
