{"id":14683,"date":"2023-08-26T10:45:34","date_gmt":"2023-08-26T10:45:34","guid":{"rendered":"https:\/\/vibrantfinserv.com\/kb\/?p=14683"},"modified":"2024-05-13T07:07:09","modified_gmt":"2024-05-13T07:07:09","slug":"legal-requirement-of-statutory-audit","status":"publish","type":"post","link":"https:\/\/vibrantfinserv.com\/kb\/legal-requirement-of-statutory-audit\/","title":{"rendered":"How to ensure that Statutory audit is aplicable for the Doctors or not?"},"content":{"rendered":"<p style=\"text-align: center;\"><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=\"88\" height=\"42\" 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: 88px) 100vw, 88px\" \/><\/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\/legal-requirement-of-statutory-audit\/#Legal_Requirement_of_Statutory_audit\" >Legal Requirement of Statutory audit<\/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\/legal-requirement-of-statutory-audit\/#1_Check_the_total_receipts_for_the_financial_year\" >1. Check the total receipts for the financial year:<\/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\/legal-requirement-of-statutory-audit\/#2_Check_the_profit_percentage\" >2. Check the profit percentage:<\/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\/legal-requirement-of-statutory-audit\/#3_Check_with_the_professional_body\" >3. Check with the professional body:<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2 style=\"text-align: center;\"><span class=\"ez-toc-section\" id=\"Legal_Requirement_of_Statutory_audit\"><\/span><span data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;Statutory audit is a legal requirement for certain types of businesses in India. The Companies Act, 2013, which governs companies in India, specifies the criteria for businesses that are required to undergo a statutory audit.\\r\\n\\r\\nThe following are the criteria for statutory audit for doctors in India:\\r\\n\\r\\n \u2022 If the doctor's total receipts for the financial year exceed Rs. 50 lakhs, then they are required to get their accounts audited.\\r\\n \u2022 If the doctor's total receipts for the financial year are less than Rs. 50 lakhs, but their profit is less than 50% and their total income is more than Rs. 2.5 lakhs, then they are also required to get their accounts audited.\\n\\r\\nIn addition to the above, there are certain professional bodies that require their members to undergo a statutory audit. For example, the Indian Medical Association (IMA) requires its members to undergo a statutory audit as part of their annual registration process.\\r\\n\\r\\nIf you are a doctor in India, it is important to check with your accountant or the relevant professional body to determine whether you are required to undergo a statutory audit.\\r\\n\\r\\nHere are the steps on how to ensure that statutory audit is applicable for doctors:\\r\\n\\r\\n 1. Check the total receipts for the financial year. If the total receipts exceed Rs. 50 lakhs, then a statutory audit is mandatory.\\r\\n 2. Check the profit percentage. If the profit percentage is less than 50% and the total income is more than Rs. 2.5 lakhs, then a statutory audit is also mandatory.\\r\\n 3. Check with the professional body. If you are a member of a professional body, such as the IMA, they may have specific requirements for statutory audit.\\r\\nIf you are unsure whether you are required to undergo a statutory audit, it is always best to consult with an accountant or the relevant professional body.\\r\\n\\r\\nHere are some of the benefits of undergoing a statutory audit:\\r\\n\\r\\n \u2022 It helps to ensure that the financial statements are accurate and reliable.\\r\\n \u2022 It helps to detect fraud and errors.\\r\\n \u2022 It helps to protect the interests of the shareholders and creditors.\\r\\n \u2022 It helps to comply with the legal requirements.&quot;}\" data-sheets-userformat=\"{&quot;2&quot;:573,&quot;3&quot;:{&quot;1&quot;:0},&quot;5&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:{&quot;1&quot;:2,&quot;2&quot;:0}},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;6&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:{&quot;1&quot;:2,&quot;2&quot;:0}},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;7&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:{&quot;1&quot;:2,&quot;2&quot;:0}},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;8&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:{&quot;1&quot;:2,&quot;2&quot;:0}},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;12&quot;:0}\">Legal Requirement of <\/span><span data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;Statutory audit is a legal requirement for certain types of businesses in India. The Companies Act, 2013, which governs companies in India, specifies the criteria for businesses that are required to undergo a statutory audit.\\r\\n\\r\\nThe following are the criteria for statutory audit for doctors in India:\\r\\n\\r\\n \u2022 If the doctor's total receipts for the financial year exceed Rs. 50 lakhs, then they are required to get their accounts audited.\\r\\n \u2022 If the doctor's total receipts for the financial year are less than Rs. 50 lakhs, but their profit is less than 50% and their total income is more than Rs. 2.5 lakhs, then they are also required to get their accounts audited.\\n\\r\\nIn addition to the above, there are certain professional bodies that require their members to undergo a statutory audit. For example, the Indian Medical Association (IMA) requires its members to undergo a statutory audit as part of their annual registration process.\\r\\n\\r\\nIf you are a doctor in India, it is important to check with your accountant or the relevant professional body to determine whether you are required to undergo a statutory audit.\\r\\n\\r\\nHere are the steps on how to ensure that statutory audit is applicable for doctors:\\r\\n\\r\\n 1. Check the total receipts for the financial year. If the total receipts exceed Rs. 50 lakhs, then a statutory audit is mandatory.\\r\\n 2. Check the profit percentage. If the profit percentage is less than 50% and the total income is more than Rs. 2.5 lakhs, then a statutory audit is also mandatory.\\r\\n 3. Check with the professional body. If you are a member of a professional body, such as the IMA, they may have specific requirements for statutory audit.\\r\\nIf you are unsure whether you are required to undergo a statutory audit, it is always best to consult with an accountant or the relevant professional body.\\r\\n\\r\\nHere are some of the benefits of undergoing a statutory audit:\\r\\n\\r\\n \u2022 It helps to ensure that the financial statements are accurate and reliable.\\r\\n \u2022 It helps to detect fraud and errors.\\r\\n \u2022 It helps to protect the interests of the shareholders and creditors.\\r\\n \u2022 It helps to comply with the legal requirements.&quot;}\" data-sheets-userformat=\"{&quot;2&quot;:573,&quot;3&quot;:{&quot;1&quot;:0},&quot;5&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:{&quot;1&quot;:2,&quot;2&quot;:0}},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;6&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:{&quot;1&quot;:2,&quot;2&quot;:0}},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;7&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:{&quot;1&quot;:2,&quot;2&quot;:0}},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;8&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:{&quot;1&quot;:2,&quot;2&quot;:0}},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;12&quot;:0}\">Statutory audit <\/span><img loading=\"lazy\" decoding=\"async\" class=\"alignright\" src=\"https:\/\/vibrantfinserv.com\/kb\/wp-content\/uploads\/2023\/08\/24.jpg\" alt=\"Doctors \" width=\"184\" height=\"75\" \/><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>&nbsp;<\/p>\n<p><span data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;Statutory audit is a legal requirement for certain types of businesses in India. The Companies Act, 2013, which governs companies in India, specifies the criteria for businesses that are required to undergo a statutory audit.\\r\\n\\r\\nThe following are the criteria for statutory audit for doctors in India:\\r\\n\\r\\n \u2022 If the doctor's total receipts for the financial year exceed Rs. 50 lakhs, then they are required to get their accounts audited.\\r\\n \u2022 If the doctor's total receipts for the financial year are less than Rs. 50 lakhs, but their profit is less than 50% and their total income is more than Rs. 2.5 lakhs, then they are also required to get their accounts audited.\\n\\r\\nIn addition to the above, there are certain professional bodies that require their members to undergo a statutory audit. For example, the Indian Medical Association (IMA) requires its members to undergo a statutory audit as part of their annual registration process.\\r\\n\\r\\nIf you are a doctor in India, it is important to check with your accountant or the relevant professional body to determine whether you are required to undergo a statutory audit.\\r\\n\\r\\nHere are the steps on how to ensure that statutory audit is applicable for doctors:\\r\\n\\r\\n 1. Check the total receipts for the financial year. If the total receipts exceed Rs. 50 lakhs, then a statutory audit is mandatory.\\r\\n 2. Check the profit percentage. If the profit percentage is less than 50% and the total income is more than Rs. 2.5 lakhs, then a statutory audit is also mandatory.\\r\\n 3. Check with the professional body. If you are a member of a professional body, such as the IMA, they may have specific requirements for statutory audit.\\r\\nIf you are unsure whether you are required to undergo a statutory audit, it is always best to consult with an accountant or the relevant professional body.\\r\\n\\r\\nHere are some of the benefits of undergoing a statutory audit:\\r\\n\\r\\n \u2022 It helps to ensure that the financial statements are accurate and reliable.\\r\\n \u2022 It helps to detect fraud and errors.\\r\\n \u2022 It helps to protect the interests of the shareholders and creditors.\\r\\n \u2022 It helps to comply with the legal requirements.&quot;}\" data-sheets-userformat=\"{&quot;2&quot;:573,&quot;3&quot;:{&quot;1&quot;:0},&quot;5&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:{&quot;1&quot;:2,&quot;2&quot;:0}},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;6&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:{&quot;1&quot;:2,&quot;2&quot;:0}},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;7&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:{&quot;1&quot;:2,&quot;2&quot;:0}},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;8&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:{&quot;1&quot;:2,&quot;2&quot;:0}},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;12&quot;:0}\"> Legal Requirement of Statutory audit for certain types of businesses in India. The Companies Act, 2013, which governs companies in India, specifies the criteria for businesses that are required to undergo a statutory audit.<\/span><\/p>\n<p><strong>The following are the criteria for statutory audit for doctors in India:<\/strong><\/p>\n<ul>\n<li>If the doctor&#8217;s total receipts for the financial year exceed Rs. 50 lakhs, then they are required to get their accounts audited.<\/li>\n<li>If the doctor&#8217;s total receipts for the financial year are less than Rs. 50 lakhs, but their profit is less than 50% and their total income is more than Rs. 2.5 lakhs, then they are also required to get their accounts audited.<\/li>\n<\/ul>\n<p>In addition to the above, there are certain professional bodies that require their members to undergo a statutory audit. For example, the Indian Medical Association (IMA) requires its members to undergo a statutory audit as part of their annual registration process.<\/p>\n<p>If you are a doctor in India, it is important to check with your accountant or the relevant professional body to determine whether you are required to undergo a statutory audit.<\/p>\n<p><strong>Here are the steps on how to ensure that statutory audit is applicable for doctors:<\/strong><\/p>\n<h3><span class=\"ez-toc-section\" id=\"1_Check_the_total_receipts_for_the_financial_year\"><\/span>1. Check the total receipts for the financial year:<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"padding-left: 40px;\">If the total receipts exceed Rs. 50 lakhs, then a statutory audit is mandatory.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"2_Check_the_profit_percentage\"><\/span>2. Check the profit percentage:<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"padding-left: 40px;\">If the profit percentage is less than 50% and the total income is more than Rs. 2.5 lakhs, then a statutory audit is also mandatory.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"3_Check_with_the_professional_body\"><\/span>3. Check with the professional body:<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"padding-left: 40px;\">If you are a member of a professional body, such as the IMA, they may have specific requirements for statutory audit.<\/p>\n<p>If you are unsure whether you are required to undergo a statutory audit, it is always best to consult with an accountant or the relevant professional body.<\/p>\n<p><strong>Here are some of the benefits of undergoing a statutory audit:<\/strong><\/p>\n<ul>\n<li>It helps to ensure that the financial statements are accurate and reliable.<\/li>\n<li>It helps to detect fraud and errors.<\/li>\n<li>It helps to protect the interests of the shareholders and creditors.<\/li>\n<li>It helps to comply with the legal requirements.<\/li>\n<\/ul>\n<p><strong>To visit: <a href=\"https:\/\/www.mca.gov.in\/\">https:\/\/www.mca.gov.in\/<\/a><\/strong><\/p>\n<p><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/encrypted-tbn0.gstatic.com\/images?q=tbn:ANd9GcQYV8Gnz3RjfQdnySvpCytyolhuWkQATEBz2A&amp;usqp=CAU\" alt=\"Critical components of the statutory audit process - Asit Mehta and Associates\" \/><\/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>Legal Requirement of Statutory audit &nbsp; Legal Requirement of Statutory audit for certain types of businesses in India. The Companies Act, 2013, which governs companies in India, specifies the criteria for businesses that are required to undergo a statutory audit. The following are the criteria for statutory audit for doctors in India: If the doctor&#8217;s\u2026 <span class=\"read-more\"><a href=\"https:\/\/vibrantfinserv.com\/kb\/legal-requirement-of-statutory-audit\/\">Read More &raquo;<\/a><\/span><\/p>\n","protected":false},"author":1,"featured_media":14780,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2459],"tags":[3190,1424,2311],"class_list":["post-14683","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-statutory-audit","tag-doctorprofession","tag-indiantaxation","tag-statutoryaudit"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Legal Requirement of Statutory audit\/ Article\/ VibrantFinserv -<\/title>\n<meta name=\"description\" content=\"Legal Requirement of Statutory audit for certain types of businesses in India. 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