{"id":16625,"date":"2023-08-30T05:42:28","date_gmt":"2023-08-30T05:42:28","guid":{"rendered":"https:\/\/vibrantfinserv.com\/kb\/?p=16625"},"modified":"2024-04-23T11:09:20","modified_gmt":"2024-04-23T11:09:20","slug":"tax-audit-for-mall-owners","status":"publish","type":"post","link":"https:\/\/vibrantfinserv.com\/kb\/tax-audit-for-mall-owners\/","title":{"rendered":"Tax Audit for Mall Owners: What is the threshold limit and due date of tax audit report for Mall Owners?"},"content":{"rendered":"

\"\"Tax Audit for Mall Owners<\/span><\/h2>\n

\"Tax<\/h2>\n

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The threshold limit for tax audit for mall owners in India is Rs. 1 crore. This means that if the total turnover of a mall is more than Rs. 1 crore in a financial year, it is required to get its accounts audited by a chartered accountant.<\/span><\/p>\n

The due date for submitting the tax audit report to the Income Tax Department is 31st October of the following financial year.<\/p>\n

For example, if the financial year of a mall ends on 31st March 2023, the tax audit report must be submitted to the Income Tax Department by 31st October 2023.<\/p>\n

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However, there are some exceptions to this rule. For example, malls that are owned by the government or a public sector undertaking are not required to get their accounts audited.<\/p>\n

Additionally, malls that are registered as societies or trusts are also exempt from tax audit if their turnover is less than Rs. 5 crores.<\/p>\n

If a mall fails to get its accounts audited by the due date, it could face penalties from the Income Tax Department. The penalties could include a fine of up to Rs. 25,000, imprisonment for up to six months, or both.<\/p>\n

To visit: <\/strong>https:\/\/www.mca.gov.in\/<\/strong><\/a><\/span><\/p>\n

 <\/p>\n

Here are some of the documents that need to be submitted for tax audit of a mall:<\/strong><\/p>\n