{"id":15516,"date":"2023-08-29T05:38:13","date_gmt":"2023-08-29T05:38:13","guid":{"rendered":"https:\/\/vibrantfinserv.com\/kb\/?p=15516"},"modified":"2024-05-04T09:19:22","modified_gmt":"2024-05-04T09:19:22","slug":"threshold-limit-of-statutory-audit-for-dental","status":"publish","type":"post","link":"https:\/\/vibrantfinserv.com\/kb\/threshold-limit-of-statutory-audit-for-dental\/","title":{"rendered":"What is the threshold limit of Statutory audit due date for Dental and Medical Laboratories?"},"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=\"92\" height=\"44\" 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: 92px) 100vw, 92px\" \/><\/p>\n<h2 style=\"text-align: center;\"><span data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;The threshold limit of statutory audit due date for dental and medical laboratories is Rs. 1 crore in India. This means that dental and medical laboratories with a turnover of less than Rs. 1 crore are not required to have their accounts audited. However, they are still required to keep proper books of accounts and records.\\r\\n\\r\\nThe threshold limit for statutory audit is set by the Companies Act, 2013. The Act also specifies that the statutory audit must be conducted by a chartered accountant who is registered with the Institute of Chartered Accountants of India (ICAI).\\r\\n\\r\\nThe statutory audit due date for dental and medical laboratories is 30th September of the following financial year. For example, the statutory audit due date for the financial year 2023-2024 is 30th September 2024.\\r\\n\\r\\nIt is important to note that even if a dental or medical laboratory is below the threshold limit, they may still be required to have their accounts audited if they are required to do so by another law or regulation. For example, banks and other financial institutions are often required to have their accounts audited, regardless of their size.\\r\\n\\r\\nIf you are a dental or medical laboratory that is unsure whether you are required to have your accounts audited, you should consult with an accountant or lawyer.\\r\\n\\r\\nHere are some additional things to keep in mind about the statutory audit due date for dental and medical laboratories:\\r\\n\\r\\n \u2022 The due date can be extended by up to 30 days if the auditor gives a written request to the company.\\r\\n \u2022 The company must file a copy of the audited financial statements with the Registrar of Companies (ROC) within 30 days of the due date.\\r\\n \u2022 Failure to comply with the statutory audit requirements can result in penalties from the ROC.&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}\">Threshold Limit of Statutory Audit for Dental<img loading=\"lazy\" decoding=\"async\" class=\"alignright\" src=\"https:\/\/vibrantfinserv.com\/kb\/wp-content\/uploads\/2023\/08\/statutory-audit-shown-on-photo-260nw-2139154281.jpg\" alt=\"Threshold Limit of Statutory Audit for Dental\" width=\"233\" height=\"132\" \/><\/span><\/h2>\n<p>&nbsp;<\/p>\n<p><span data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;The threshold limit of statutory audit due date for dental and medical laboratories is Rs. 1 crore in India. This means that dental and medical laboratories with a turnover of less than Rs. 1 crore are not required to have their accounts audited. However, they are still required to keep proper books of accounts and records.\\r\\n\\r\\nThe threshold limit for statutory audit is set by the Companies Act, 2013. The Act also specifies that the statutory audit must be conducted by a chartered accountant who is registered with the Institute of Chartered Accountants of India (ICAI).\\r\\n\\r\\nThe statutory audit due date for dental and medical laboratories is 30th September of the following financial year. For example, the statutory audit due date for the financial year 2023-2024 is 30th September 2024.\\r\\n\\r\\nIt is important to note that even if a dental or medical laboratory is below the threshold limit, they may still be required to have their accounts audited if they are required to do so by another law or regulation. For example, banks and other financial institutions are often required to have their accounts audited, regardless of their size.\\r\\n\\r\\nIf you are a dental or medical laboratory that is unsure whether you are required to have your accounts audited, you should consult with an accountant or lawyer.\\r\\n\\r\\nHere are some additional things to keep in mind about the statutory audit due date for dental and medical laboratories:\\r\\n\\r\\n \u2022 The due date can be extended by up to 30 days if the auditor gives a written request to the company.\\r\\n \u2022 The company must file a copy of the audited financial statements with the Registrar of Companies (ROC) within 30 days of the due date.\\r\\n \u2022 Failure to comply with the statutory audit requirements can result in penalties from the ROC.&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}\">The threshold limit of statutory audit for dental and medical laboratories is Rs. 1 crore in India.<\/span><\/p>\n<p><span data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;The threshold limit of statutory audit due date for dental and medical laboratories is Rs. 1 crore in India. This means that dental and medical laboratories with a turnover of less than Rs. 1 crore are not required to have their accounts audited. However, they are still required to keep proper books of accounts and records.\\r\\n\\r\\nThe threshold limit for statutory audit is set by the Companies Act, 2013. The Act also specifies that the statutory audit must be conducted by a chartered accountant who is registered with the Institute of Chartered Accountants of India (ICAI).\\r\\n\\r\\nThe statutory audit due date for dental and medical laboratories is 30th September of the following financial year. For example, the statutory audit due date for the financial year 2023-2024 is 30th September 2024.\\r\\n\\r\\nIt is important to note that even if a dental or medical laboratory is below the threshold limit, they may still be required to have their accounts audited if they are required to do so by another law or regulation. For example, banks and other financial institutions are often required to have their accounts audited, regardless of their size.\\r\\n\\r\\nIf you are a dental or medical laboratory that is unsure whether you are required to have your accounts audited, you should consult with an accountant or lawyer.\\r\\n\\r\\nHere are some additional things to keep in mind about the statutory audit due date for dental and medical laboratories:\\r\\n\\r\\n \u2022 The due date can be extended by up to 30 days if the auditor gives a written request to the company.\\r\\n \u2022 The company must file a copy of the audited financial statements with the Registrar of Companies (ROC) within 30 days of the due date.\\r\\n \u2022 Failure to comply with the statutory audit requirements can result in penalties from the ROC.&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}\"> This means that dental and medical laboratories with a turnover of less than Rs. 1 crore are not required to have their accounts audited. <\/span><\/p>\n<p><span data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;The threshold limit of statutory audit due date for dental and medical laboratories is Rs. 1 crore in India. This means that dental and medical laboratories with a turnover of less than Rs. 1 crore are not required to have their accounts audited. However, they are still required to keep proper books of accounts and records.\\r\\n\\r\\nThe threshold limit for statutory audit is set by the Companies Act, 2013. The Act also specifies that the statutory audit must be conducted by a chartered accountant who is registered with the Institute of Chartered Accountants of India (ICAI).\\r\\n\\r\\nThe statutory audit due date for dental and medical laboratories is 30th September of the following financial year. For example, the statutory audit due date for the financial year 2023-2024 is 30th September 2024.\\r\\n\\r\\nIt is important to note that even if a dental or medical laboratory is below the threshold limit, they may still be required to have their accounts audited if they are required to do so by another law or regulation. For example, banks and other financial institutions are often required to have their accounts audited, regardless of their size.\\r\\n\\r\\nIf you are a dental or medical laboratory that is unsure whether you are required to have your accounts audited, you should consult with an accountant or lawyer.\\r\\n\\r\\nHere are some additional things to keep in mind about the statutory audit due date for dental and medical laboratories:\\r\\n\\r\\n \u2022 The due date can be extended by up to 30 days if the auditor gives a written request to the company.\\r\\n \u2022 The company must file a copy of the audited financial statements with the Registrar of Companies (ROC) within 30 days of the due date.\\r\\n \u2022 Failure to comply with the statutory audit requirements can result in penalties from the ROC.&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}\">However, they are still required to keep proper books of accounts and records.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p>The threshold limit for statutory audit can set by the Companies Act, 2013.<\/p>\n<p>The Act also specifies that the statutory audit must be conducted by a chartered accountant who is registered with the Institute of Chartered Accountants of India (ICAI).<\/p>\n<p>&nbsp;<\/p>\n<p>The statutory audit due date for dental and medical laboratories is 30th September of the following financial year.<\/p>\n<p>For example, the statutory audit due date for the financial year 2023-2024 is 30th September 2024.<\/p>\n<p>&nbsp;<\/p>\n<p>It is important to note that even if a dental or medical laboratory is below the threshold limit, they may still required to have their accounts audited if they required to do so by another law or regulation.<\/p>\n<p>For example, banks and other financial institutions often required to have their accounts audited, regardless of their size.<\/p>\n<p>&nbsp;<\/p>\n<p>If you are a dental or medical laboratory that is unsure whether you required to have your accounts audited, you should consult with an accountant or lawyer.<\/p>\n<p><strong>Here are some additional things to keep in mind about the statutory audit due date for dental and medical laboratories:<\/strong><\/p>\n<p style=\"padding-left: 40px;\"><strong>1.<\/strong> The due date extended by up to 30 days if the auditor gives a written request to the company.<\/p>\n<p style=\"padding-left: 40px;\"><strong>2. <\/strong>The company must file a copy of the audited financial statements with the Registrar of Companies (ROC) within 30 days of the due date.<\/p>\n<p style=\"padding-left: 40px;\"><strong>3. <\/strong>Failure to comply with the statutory audit requirements can result in penalties from the ROC.<\/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>&nbsp;<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-13382 aligncenter\" src=\"https:\/\/vibrantfinserv.com\/kb\/wp-content\/uploads\/2023\/08\/Tax-audit-report-for-interior-designers-300x157.jpg\" alt=\"Financial Records for Tax Audits\" width=\"250\" height=\"131\" 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: 250px) 100vw, 250px\" \/><\/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>Threshold Limit of Statutory Audit for Dental &nbsp; The threshold limit of statutory audit for dental and medical laboratories is Rs. 1 crore in India. This means that dental and medical laboratories with a turnover of less than Rs. 1 crore are not required to have their accounts audited. However, they are still required to\u2026 <span class=\"read-more\"><a href=\"https:\/\/vibrantfinserv.com\/kb\/threshold-limit-of-statutory-audit-for-dental\/\">Read More &raquo;<\/a><\/span><\/p>\n","protected":false},"author":1,"featured_media":15378,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2459],"tags":[3292,3291,3247],"class_list":["post-15516","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-statutory-audit","tag-dentalmedicallaboratories","tag-statutoryauditduedate","tag-thresholdlimit"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Threshold Limit of Statutory Audit for Dental\/ Article\/ VibrantFinserv-<\/title>\n<meta name=\"description\" content=\"The threshold limit of statutory audit for dental and medical laboratories is Rs. 1 crore in India. 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