{"id":14972,"date":"2023-08-28T11:04:01","date_gmt":"2023-08-28T11:04:01","guid":{"rendered":"https:\/\/vibrantfinserv.com\/kb\/?p=14972"},"modified":"2024-05-08T06:22:25","modified_gmt":"2024-05-08T06:22:25","slug":"statutory-audit-is-applicable-for-wholesale","status":"publish","type":"post","link":"https:\/\/vibrantfinserv.com\/kb\/statutory-audit-is-applicable-for-wholesale\/","title":{"rendered":"How to ensure that Statutory audit is applicable for the Wholesaler or not?"},"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\/statutory-audit-is-applicable-for-wholesale\/#Statutory_Audit_is_Applicable_for_Wholesaler\" >Statutory Audit is Applicable for Wholesaler<\/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\/statutory-audit-is-applicable-for-wholesale\/#1_Turnover_Threshold\" >1. Turnover Threshold:<\/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\/statutory-audit-is-applicable-for-wholesale\/#2_Nature_of_Business\" >2. Nature of Business:<\/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\/statutory-audit-is-applicable-for-wholesale\/#3_Legal_Entity_Type\" >3. Legal Entity Type:<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2 style=\"text-align: center;\"><span class=\"ez-toc-section\" id=\"Statutory_Audit_is_Applicable_for_Wholesaler\"><\/span>Statutory Audit is Applicable for Wholesaler<img loading=\"lazy\" decoding=\"async\" class=\"alignright wp-image-13382\" src=\"https:\/\/vibrantfinserv.com\/kb\/wp-content\/uploads\/2023\/08\/Tax-audit-report-for-interior-designers-300x157.jpg\" alt=\"Statutory Audit is Applicable for Wholesaler\" width=\"201\" height=\"105\" srcset=\"https:\/\/vibrantfinserv.com\/kb\/wp-content\/uploads\/2023\/08\/Tax-audit-report-for-interior-designers-300x157.jpg 300w, https:\/\/vibrantfinserv.com\/kb\/wp-content\/uploads\/2023\/08\/Tax-audit-report-for-interior-designers-1024x536.jpg 1024w, https:\/\/vibrantfinserv.com\/kb\/wp-content\/uploads\/2023\/08\/Tax-audit-report-for-interior-designers-768x402.jpg 768w, https:\/\/vibrantfinserv.com\/kb\/wp-content\/uploads\/2023\/08\/Tax-audit-report-for-interior-designers-660x345.jpg 660w, https:\/\/vibrantfinserv.com\/kb\/wp-content\/uploads\/2023\/08\/Tax-audit-report-for-interior-designers-380x200.jpg 380w, https:\/\/vibrantfinserv.com\/kb\/wp-content\/uploads\/2023\/08\/Tax-audit-report-for-interior-designers.jpg 1200w\" sizes=\"auto, (max-width: 201px) 100vw, 201px\" \/><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>&nbsp;<\/p>\n<p style=\"text-align: left;\">To determine whether a statutory audit is applicable for wholesaler in India, you need to consider certain factors. A statutory audit is a legally requir examination of a company&#8217;s financial records to ensure accuracy and compliance with the law.<\/p>\n<p>&nbsp;<\/p>\n<p style=\"text-align: left;\"><strong>Here&#8217;s how you can assess the applicability of a statutory audit for a wholesaler:<\/strong><\/p>\n<h3><span class=\"ez-toc-section\" id=\"1_Turnover_Threshold\"><\/span>1. Turnover Threshold:<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"padding-left: 40px;\">In India, the Companies Act, 2013, mandates a statutory audit for companies whose turnover exceeds a specified threshold.<\/p>\n<p style=\"padding-left: 40px;\">As of my last update in September 2021, this threshold was Rs. 1 crore. If a wholesaler&#8217;s annual turnover exceeds this amount, a statutory audit is likely to applicable.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"2_Nature_of_Business\"><\/span>2. Nature of Business:<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"padding-left: 40px;\">The nature of the wholesale business matters. If the wholesaler deals with items that sensitive, regulated, or have legal restrictions, a statutory audit might be requir even if the turnover is below the threshold. This is to ensure that all transactions are transparent and compliant.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"3_Legal_Entity_Type\"><\/span>3. Legal Entity Type:<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"padding-left: 40px;\">Different legal entity types have varying statutory audit requirements. Private limited companies and public limited companies are typically required to undergo statutory audits.<\/p>\n<p style=\"padding-left: 40px;\">However, other types of businesses might also be subject to such audits depending on their legal structure.<\/p>\n<p>To ensure whether a statutory audit is applicable for a wholesaler in India, you should consider the turnover, nature of business, and the legal entity type. Consulting with a qualified chartered accountant or tax professional is highly recommended to get accurate and up-to-date guidance.<\/p>\n<p><strong>To visit: <a class=\"in-cell-link\" href=\"https:\/\/www.incometax.gov.in\/\" target=\"_blank\" rel=\"noopener\">https:\/\/www.incometax.gov.in<\/a><\/strong><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-13331 aligncenter\" src=\"https:\/\/vibrantfinserv.com\/kb\/wp-content\/uploads\/2023\/08\/Statutory-audit-is-applicable-for-interior--300x169.webp\" alt=\"\" width=\"238\" height=\"134\" srcset=\"https:\/\/vibrantfinserv.com\/kb\/wp-content\/uploads\/2023\/08\/Statutory-audit-is-applicable-for-interior--300x169.webp 300w, https:\/\/vibrantfinserv.com\/kb\/wp-content\/uploads\/2023\/08\/Statutory-audit-is-applicable-for-interior--1024x576.webp 1024w, https:\/\/vibrantfinserv.com\/kb\/wp-content\/uploads\/2023\/08\/Statutory-audit-is-applicable-for-interior--768x432.webp 768w, https:\/\/vibrantfinserv.com\/kb\/wp-content\/uploads\/2023\/08\/Statutory-audit-is-applicable-for-interior--1536x864.webp 1536w, https:\/\/vibrantfinserv.com\/kb\/wp-content\/uploads\/2023\/08\/Statutory-audit-is-applicable-for-interior--660x371.webp 660w, https:\/\/vibrantfinserv.com\/kb\/wp-content\/uploads\/2023\/08\/Statutory-audit-is-applicable-for-interior-.webp 1920w\" sizes=\"auto, (max-width: 238px) 100vw, 238px\" \/><\/p>\n<p>&nbsp;<\/p>\n<p style=\"text-align: center;\"><strong>For further details access our website: <a class=\"in-cell-link\" href=\"https:\/\/vibrantfinserv.com\/\" target=\"_blank\" rel=\"noopener\">https:\/\/vibrantfinserv.com<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Statutory Audit is Applicable for Wholesaler &nbsp; To determine whether a statutory audit is applicable for wholesaler in India, you need to consider certain factors. A statutory audit is a legally requir examination of a company&#8217;s financial records to ensure accuracy and compliance with the law. &nbsp; Here&#8217;s how you can assess the applicability of\u2026 <span class=\"read-more\"><a href=\"https:\/\/vibrantfinserv.com\/kb\/statutory-audit-is-applicable-for-wholesale\/\">Read More &raquo;<\/a><\/span><\/p>\n","protected":false},"author":1,"featured_media":13382,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2459],"tags":[3205,2311,3204],"class_list":["post-14972","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-statutory-audit","tag-indianbusinesscompliance","tag-statutoryaudit","tag-wholesaleraudit"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Statutory Audit is Applicable for Wholesaler\/ Article\/ VibrantFinserv-<\/title>\n<meta name=\"description\" content=\"To determine whether a statutory audit is applicable for wholesaler in India, you need to consider certain factors. 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