Turnover for Chemists for Tax Audit
The Turnover for Chemists for Tax Audit report is Rs. 10 crore for the financial year 2023-2024, if the cash receipts and payments of the chemist do not exceed 5% of the total receipts and payments, respectively.
However, if the cash receipts and payments of the chemist exceed 5% of the total receipts and payments, respectively, then the turnover limit for tax audit report is Rs. 5 crore.
The turnover calculated as the gross amount of revenue recognized in the profit and loss account from the sale, supply, or distribution of goods or on account of services rendered, or both, by a chemist during a financial year.
It is important to note that the turnover limit for tax audit report is only one of the criteria for determining whether a chemist is requir to get their accounts audit.
Other factors that may also need to be consider include the nature of the chemist’s business, the complexity of their financial transactions, and the risk of tax evasion.
If you are a chemist and you are unsure whether you are required to get your accounts audited, you should consult with a tax advisor.
To visit: https://www.mca.gov.in/
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