Audit requirement

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3 Points Posted on 31 March 2021
When a education institute like schools and colleges are required to get thier books audited?(apart from audit under income tax for tax benefit)

and by whom is it to be audited??

and format of school audit??
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On 31 March 2021 at 12:22 Report
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Quick Summary
This discussion clarifies when schools and colleges are legally required to have their accounts audited, beyond standard income tax benefits. Audits become mandatory when gross receipts exceed £1 crore. These audits must be conducted by a Chartered Accountant, specifically under the provisions of Section 44AB of the Income Tax Act.

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Chartered Accountant
24588 Points Posted on 31 March 2021
When gross receipts exceeds 1 crores rupees then the books of accounts should be audited.

Chartered Accountant should audit the books of accounts.
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On 31 March 2021 at 12:50
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3 Points Posted on 31 March 2021
Under which act?
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On 31 March 2021 at 13:03
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Chartered Accountant
24588 Points Posted on 18 April 2021
Audit under section 44AB
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On 18 April 2021 at 14:34

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