{"id":12771,"date":"2023-08-19T05:25:47","date_gmt":"2023-08-19T05:25:47","guid":{"rendered":"https:\/\/vibrantfinserv.com\/kb\/?p=12771"},"modified":"2024-09-18T04:53:04","modified_gmt":"2024-09-18T04:53:04","slug":"statutory-audit-for-physio","status":"publish","type":"post","link":"https:\/\/vibrantfinserv.com\/kb\/statutory-audit-for-physio\/","title":{"rendered":"Is statutory audit required for the physiotherapist?"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_79 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/vibrantfinserv.com\/kb\/statutory-audit-for-physio\/#Statutory_audit_for_physiotherapists\" >Statutory audit for physiotherapists<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/vibrantfinserv.com\/kb\/statutory-audit-for-physio\/#To_visit_https_wwwincometaxgovin\" >To visit: https:\/\/www.incometax.gov.in<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/vibrantfinserv.com\/kb\/statutory-audit-for-physio\/#FAQs\" >FAQs:<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/vibrantfinserv.com\/kb\/statutory-audit-for-physio\/#For_further_details_access_our_website_https_vibrantfinservcom\" >For further details access our website: https:\/\/vibrantfinserv.com<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2 style=\"text-align: center;\"><span class=\"ez-toc-section\" id=\"Statutory_audit_for_physiotherapists\"><\/span><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-18 alignleft\" src=\"https:\/\/vibrantfinserv.com\/kb\/wp-content\/uploads\/2023\/05\/Logo-Vibrant-FinServ-300x143.png\" alt=\"\" width=\"90\" height=\"43\" srcset=\"https:\/\/vibrantfinserv.com\/kb\/wp-content\/uploads\/2023\/05\/Logo-Vibrant-FinServ-300x143.png 300w, https:\/\/vibrantfinserv.com\/kb\/wp-content\/uploads\/2023\/05\/Logo-Vibrant-FinServ.png 482w\" sizes=\"auto, (max-width: 90px) 100vw, 90px\" \/><span style=\"text-decoration: underline;\">Statutory audit for physiotherapists<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignright\" src=\"https:\/\/vibrantfinserv.com\/kb\/wp-content\/uploads\/2023\/08\/11.2-ITR.jpg\" alt=\"Statutory audit for physiotherapists\" width=\"203\" height=\"136\" \/><span data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;\\&quot;&lt;yoastmark class=\">No, statutory audit is not required for physiotherapists. It is only required for companies, limited liability partnerships, and other entities that register under the Companies Act, 2013.\u00a0 Individuals, including physiotherapists, do not require to get audit.<\/span><\/p>\n<h4><span class=\"ez-toc-section\" id=\"To_visit_https_wwwincometaxgovin\"><\/span>To visit: <a href=\"https:\/\/www.incometax.gov.in\/\" target=\"_blank\" rel=\"noopener\">https:\/\/www.incometax.gov.in<\/a><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>However, there are some cases where a physiotherapist may require to get audit, even if they are not a company. For example, a physiotherapist who is a director or partner in a company that is require to get audit may also be required to get audit.<\/p>\n<p>If you are a physiotherapist and you are unsure whether you are required to get audit, you should consult with a tax advisor.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"FAQs\"><\/span>FAQs:<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<div class=\"composer-parent flex h-full flex-col focus-visible:outline-0\" tabindex=\"0\" role=\"presentation\">\n<div class=\"flex-1 overflow-hidden\">\n<div class=\"h-full\">\n<div class=\"react-scroll-to-bottom--css-hhksv-79elbk h-full\">\n<div class=\"react-scroll-to-bottom--css-hhksv-1n7m0yu\">\n<div class=\"flex flex-col text-sm md:pb-9\">\n<article class=\"w-full text-token-text-primary focus-visible:outline-2 focus-visible:outline-offset-[-4px]\" dir=\"auto\" data-testid=\"conversation-turn-5\" data-scroll-anchor=\"true\">\n<div class=\"text-base py-[18px] px-3 md:px-4 m-auto w-full md:px-5 lg:px-4 xl:px-5\">\n<div class=\"mx-auto flex flex-1 gap-4 text-base md:gap-5 lg:gap-6 md:max-w-3xl lg:max-w-[40rem] xl:max-w-[48rem]\">\n<div class=\"group\/conversation-turn relative flex w-full min-w-0 flex-col agent-turn\">\n<div class=\"flex-col gap-1 md:gap-3\">\n<div class=\"flex max-w-full flex-col flex-grow\">\n<div class=\"min-h-[20px] text-message flex w-full flex-col items-end gap-2 whitespace-normal break-words [.text-message+&amp;]:mt-5\" dir=\"auto\" data-message-author-role=\"assistant\" data-message-id=\"2943d168-0c99-4e86-826b-75e1cfb3df40\">\n<div class=\"flex w-full flex-col gap-1 empty:hidden first:pt-[3px]\">\n<div class=\"markdown prose w-full break-words dark:prose-invert light\">\n<ol>\n<li><strong>What is a statutory audit for physiotherapists?<\/strong><br \/>\nA statutory audit examines a physiotherapist&#8217;s financial records to ensure compliance with legal and regulatory standards.<\/li>\n<li><strong>Why do physiotherapists need a statutory audit?<\/strong><br \/>\nPhysiotherapists need a statutory audit to verify the accuracy of their financial statements and meet legal obligations.<\/li>\n<li><strong>Who conducts the statutory audit?<\/strong><br \/>\nA licensed, independent auditor conducts the statutory audit to maintain objectivity.<\/li>\n<li><strong>When is a statutory audit require for physiotherapists?<\/strong><br \/>\nIt is require when a physiotherapist\u2019s practice meets certain financial thresholds or operates as a company.<\/li>\n<li><strong>How long does a statutory audit take?<\/strong><br \/>\nThe duration depends on the complexity of the physiotherapy practice, but it typically takes a few weeks.<\/li>\n<li><strong>What documents are need for the audit?<\/strong><br \/>\nYou need to provide financial statements, tax returns, bank records, and other relevant business documents.<\/li>\n<li><strong>How does a statutory audit benefit a physiotherapist?<\/strong><br \/>\nIt helps ensure financial transparency, detect errors or fraud, and build trust with stakeholders.<\/li>\n<li><strong>What happens if a physiotherapist does not comply with a statutory audit?<\/strong><br \/>\nFailure to comply can result in legal penalties or fines, depending on the jurisdiction.<\/li>\n<li><strong>How often should a physiotherapist undergo a statutory audit?<\/strong><br \/>\nThe frequency depends on legal requirements, but most practices conduct audits annually.<\/li>\n<\/ol>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"mt-1 flex gap-3 empty:hidden -ml-2\">\n<div class=\"items-center justify-start rounded-xl p-1 flex\"><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/article>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignright\" src=\"https:\/\/vibrantfinserv.com\/kb\/wp-content\/uploads\/2023\/08\/11.2.2-ITR.jpg\" alt=\"Statutory audit for physiotherapists\" width=\"205\" height=\"141\" \/><\/p>\n<h4><\/h4>\n<h4><span class=\"ez-toc-section\" id=\"For_further_details_access_our_website_https_vibrantfinservcom\"><\/span>For further details access our website: <a href=\"https:\/\/vibrantfinserv.com\/\" target=\"_blank\" rel=\"noopener\">https:\/\/vibrantfinserv.com<\/a><span class=\"ez-toc-section-end\"><\/span><\/h4>\n","protected":false},"excerpt":{"rendered":"<p>Statutory audit for physiotherapists No, statutory audit is not required for physiotherapists. It is only required for companies, limited liability partnerships, and other entities that register under the Companies Act, 2013.\u00a0 Individuals, including physiotherapists, do not require to get audit. To visit: https:\/\/www.incometax.gov.in However, there are some cases where a physiotherapist may require to get\u2026 <span class=\"read-more\"><a href=\"https:\/\/vibrantfinserv.com\/kb\/statutory-audit-for-physio\/\">Read More &raquo;<\/a><\/span><\/p>\n","protected":false},"author":1,"featured_media":12803,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1459,66],"tags":[811,2609,2311],"class_list":["post-12771","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-account-finance","category-audit-assurance","tag-financialcompliance","tag-physiotherapist","tag-statutoryaudit"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Statutory audit for physiotherapists<\/title>\n<meta name=\"description\" content=\"No, statutory audit is not required for physiotherapists. 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