{"id":14202,"date":"2023-08-25T09:02:36","date_gmt":"2023-08-25T09:02:36","guid":{"rendered":"https:\/\/vibrantfinserv.com\/kb\/?p=14202"},"modified":"2024-05-14T12:02:09","modified_gmt":"2024-05-14T12:02:09","slug":"tax-audit-report-for-artist","status":"publish","type":"post","link":"https:\/\/vibrantfinserv.com\/kb\/tax-audit-report-for-artist\/","title":{"rendered":"Is an income from art required to file tax audit report?"},"content":{"rendered":"

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Tax Audit Report for Artist<\/h2>\n

\"Tax<\/h2>\n

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Whether an income from art is required to file a tax audit report depends on the turnover of the artist.<\/span><\/p>\n

According to Section 44AB of the Income Tax Act, 1961, an artist who is self-employed and has a turnover of more than Rs. 25 crores in a financial year is required to get their accounts audited by a chartered accountant.<\/p>\n

If the artist’s turnover is less than Rs. 25 crores, they are not required to get their accounts audited. However, they may still choose to get their accounts audited if they want to do so.<\/p>\n

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Here are some of the benefits of getting your accounts audited, even if you are not required to do so:<\/strong><\/p>\n