Threshold Limit of Statutory Audit for Dental
The threshold limit of statutory audit for dental and medical laboratories is Rs. 1 crore in India.
This means that dental and medical laboratories with a turnover of less than Rs. 1 crore are not required to have their accounts audited.
However, they are still required to keep proper books of accounts and records.
The threshold limit for statutory audit can set by the Companies Act, 2013.
The Act also specifies that the statutory audit must be conducted by a chartered accountant who is registered with the Institute of Chartered Accountants of India (ICAI).
The statutory audit due date for dental and medical laboratories is 30th September of the following financial year.
For example, the statutory audit due date for the financial year 2023-2024 is 30th September 2024.
It is important to note that even if a dental or medical laboratory is below the threshold limit, they may still required to have their accounts audited if they required to do so by another law or regulation.
For example, banks and other financial institutions often required to have their accounts audited, regardless of their size.
If you are a dental or medical laboratory that is unsure whether you required to have your accounts audited, you should consult with an accountant or lawyer.
Here are some additional things to keep in mind about the statutory audit due date for dental and medical laboratories:
1. The due date extended by up to 30 days if the auditor gives a written request to the company.
2. The company must file a copy of the audited financial statements with the Registrar of Companies (ROC) within 30 days of the due date.
3. Failure to comply with the statutory audit requirements can result in penalties from the ROC.
To visit: https://www.incometax.gov.in
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