{"id":12777,"date":"2023-08-21T12:24:22","date_gmt":"2023-08-21T12:24:22","guid":{"rendered":"https:\/\/vibrantfinserv.com\/kb\/?p=12777"},"modified":"2024-05-20T11:12:09","modified_gmt":"2024-05-20T11:12:09","slug":"conducting-statutory-audit-for-physiotherapist","status":"publish","type":"post","link":"https:\/\/vibrantfinserv.com\/kb\/conducting-statutory-audit-for-physiotherapist\/","title":{"rendered":"What is the purpose of conducting a statutory audit for physiotherapist?"},"content":{"rendered":"<p><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=\"95\" height=\"45\" 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: 95px) 100vw, 95px\" \/><\/p>\n<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\/conducting-statutory-audit-for-physiotherapist\/#Conducting_Statutory_Audit_for_Physiotherapist\" >Conducting Statutory Audit for Physiotherapist<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/vibrantfinserv.com\/kb\/conducting-statutory-audit-for-physiotherapist\/#The_statutory_audit_report_will_typically_include_the_following_information\" >The statutory audit report will typically include the following information:<\/a><\/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\/conducting-statutory-audit-for-physiotherapist\/#Here_are_some_of_the_specific_benefits_of_conducting_a_statutory_audit_for_a_physiotherapist\" >Here are some of the specific benefits of conducting a statutory audit for a physiotherapist:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/vibrantfinserv.com\/kb\/conducting-statutory-audit-for-physiotherapist\/#Here_are_some_additional_things_to_keep_in_mind_about_statutory_audits_for_physiotherapists\" >Here are some additional things to keep in mind about statutory audits for physiotherapists:<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2 style=\"text-align: center;\"><span class=\"ez-toc-section\" id=\"Conducting_Statutory_Audit_for_Physiotherapist\"><\/span>Conducting Statutory Audit for Physiotherapist<br \/>\n<img loading=\"lazy\" decoding=\"async\" class=\"alignright\" src=\"https:\/\/vibrantfinserv.com\/kb\/wp-content\/uploads\/2023\/08\/Statutpry-Audit.jpg\" alt=\"Conducting Statutory Audit for Physiotherapist\" width=\"188\" height=\"121\" \/><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>&nbsp;<\/p>\n<p>The purpose of conducting statutory audit for physiotherapist is to verify the accuracy of the physiotherapist&#8217;s financial records and to ensure that they have complied with the Income Tax Act.<\/p>\n<p>Statutory audit conducted by a qualified auditor and submitted to the tax authorities along with the physiotherapist&#8217;s income tax return (ITR).<\/p>\n<p>&nbsp;<\/p>\n<h3><span class=\"ez-toc-section\" id=\"The_statutory_audit_report_will_typically_include_the_following_information\"><\/span><strong>The statutory audit report will typically include the following information:<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ol>\n<li>A description of the physiotherapist&#8217;s business activities.<\/li>\n<li>A summary of the physiotherapist&#8217;s financial records.<\/li>\n<li>An assessment of the accuracy of the physiotherapist&#8217;s financial records.<\/li>\n<li>A discussion of any potential tax issues that may have arisen during the audit.<\/li>\n<li>A conclusion on whether the physiotherapist has complied with the Income Tax Act.<\/li>\n<\/ol>\n<p>The statutory audit report is an important document for physiotherapists because it can help them to avoid penalties for non-compliance with the Income Tax Act.<\/p>\n<p>It can also help them to identify any potential tax issues that may need to be addressed.<\/p>\n<p>&nbsp;<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Here_are_some_of_the_specific_benefits_of_conducting_a_statutory_audit_for_a_physiotherapist\"><\/span><strong>Here are some of the specific benefits of conducting a statutory audit for a physiotherapist:<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ol>\n<li>It can help to identify any errors or omissions in the physiotherapist&#8217;s financial records.<\/li>\n<li>It can help to ensure that the physiotherapist is complying with all applicable tax laws.<\/li>\n<li>It can provide the physiotherapist with a better understanding of their tax liability.<\/li>\n<li>It can help to protect the physiotherapist from tax audits by the authorities.<\/li>\n<li>It can help to reduce the risk of penalties and interest charges for non-compliance with tax laws.<\/li>\n<\/ol>\n<p>If you are a physiotherapist, you should consider getting a statutory audit report every year to ensure that your financial records are accurate and that you are complying with all applicable tax laws.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Here_are_some_additional_things_to_keep_in_mind_about_statutory_audits_for_physiotherapists\"><\/span><strong>Here are some additional things to keep in mind about statutory audits for physiotherapists:<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ol>\n<li>Statutory audits are mandatory for physiotherapists whose turnover exceeds Rs. 2 crores.<\/li>\n<li>Statutory audits are also mandatory for physiotherapists who are directors or partners in a company with a turnover exceeding Rs. 2 crores.<\/li>\n<li>Statutory audits can be conducted by a qualified auditor who is registered with the Institute of Chartered Accountants of India (ICAI).<\/li>\n<li>The cost of a statutory audit will vary depending on the size and complexity of the physiotherapist&#8217;s business.<\/li>\n<li>Statutory audits can take several weeks to complete.<\/li>\n<\/ol>\n<p>If you are a physiotherapist who required to get a statutory audit, you should start the process early to ensure that it completed on time.<\/p>\n<p>&nbsp;<\/p>\n<p><strong>To visit: <a href=\"https:\/\/www.mca.gov.in\/\">https:\/\/www.mca.gov.in\/<\/a><\/strong><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-medium wp-image-13455 aligncenter\" src=\"https:\/\/vibrantfinserv.com\/kb\/wp-content\/uploads\/2023\/08\/Timeline-for-Statutory-Audit-300x261.png\" alt=\"\" width=\"300\" height=\"261\" srcset=\"https:\/\/vibrantfinserv.com\/kb\/wp-content\/uploads\/2023\/08\/Timeline-for-Statutory-Audit-300x261.png 300w, https:\/\/vibrantfinserv.com\/kb\/wp-content\/uploads\/2023\/08\/Timeline-for-Statutory-Audit-660x575.png 660w, https:\/\/vibrantfinserv.com\/kb\/wp-content\/uploads\/2023\/08\/Timeline-for-Statutory-Audit.png 696w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/p>\n<p>&nbsp;<\/p>\n<p style=\"text-align: center;\"><strong>For further details access our website: <a href=\"https:\/\/vibrantfinserv.com\/\">https:\/\/vibrantfinserv.com<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Conducting Statutory Audit for Physiotherapist &nbsp; The purpose of conducting statutory audit for physiotherapist is to verify the accuracy of the physiotherapist&#8217;s financial records and to ensure that they have complied with the Income Tax Act. Statutory audit conducted by a qualified auditor and submitted to the tax authorities along with the physiotherapist&#8217;s income tax\u2026 <span class=\"read-more\"><a href=\"https:\/\/vibrantfinserv.com\/kb\/conducting-statutory-audit-for-physiotherapist\/\">Read More &raquo;<\/a><\/span><\/p>\n","protected":false},"author":1,"featured_media":20821,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2459],"tags":[1232,1953,38],"class_list":["post-12777","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-statutory-audit","tag-financialtransparency","tag-fraudprevention","tag-regulatorycompliance"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Conducting Statutory Audit for Physiotherapist\/ VibrantFinserv -<\/title>\n<meta name=\"description\" content=\"The purpose of 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