Accounts of hospital
This query is : Resolved
17 October 2011
I WOULD LIKE TO KNOW THAT WHAT TYPE OF ACCOUNTS ARE KEPT IN A HOSPITAL? ALSO I WOULD LIKE TO KNOW WHETHER A HOSPITAL BEING
NON-PROFIT ORGNIAZATION ARE REQUIRED TO DO THEIR ACCOUNTS AUDITED YES OR NO AND REASONS THEREOF?
NON-PROFIT ORGNIAZATION ARE REQUIRED TO DO THEIR ACCOUNTS AUDITED YES OR NO AND REASONS THEREOF?
17 October 2011
Hospitals are not non-profit organizations by default. You have to look at the legal form of the body under which it is operated. It may be formed as company,trust,individual (run by a doctor in his/her name),etc.
For entites other than trust the maintenance of accounts will be similar to the other entities on accrual basis with additional records to be maintained u/s 44AA and other records to support the financial statements.
For trusts, again it needs to be checked if it is a public charitable trust or for the benefit of a particular person.
Records can be prepared based on cash basis provided the same is followed consistantly and the provision for Income tax and Trusts Act to be followed in respect of records to be maintained.
Audit -
For companies, the audit is mandatory and for others it will be required as per the income tax provisions
For entites other than trust the maintenance of accounts will be similar to the other entities on accrual basis with additional records to be maintained u/s 44AA and other records to support the financial statements.
For trusts, again it needs to be checked if it is a public charitable trust or for the benefit of a particular person.
Records can be prepared based on cash basis provided the same is followed consistantly and the provision for Income tax and Trusts Act to be followed in respect of records to be maintained.
Audit -
For companies, the audit is mandatory and for others it will be required as per the income tax provisions
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- TDS on Consultancy- Non DTAA
- Reopen of assessment proceeding
- Depreciation of fixed assets- coop housing society in mumbai
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- TDS Return Q1 FY 2026-27
- COMMERCIAL INVOICE FOR MATERIAL AND FREIGHT
- Condonation . E-Verification of last year return .
- Eway bill generation from place other than registeted
- GST rate and HSN code for sale of racing horses
- Rental income gst and it purpose
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
