As per provisions of the Companies Act, 2013, every company (Private Limited & Public Limited Companies, etc.,) shall get their books of accounts audited every financial year.
The Audited financial statements should be submitted to the Registrar of Companies every year.
The presentation of Financial statements shall be according to the prescribed Accounting Standards.
We provide Statutory audit services to our clients according to Provisions of Companies Act, 2013.
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Tax audit means an independent audit of books of accounts of an assessee to report and form and opinion on the compliance of provisions of taxation law (Income-tax Act, 1961) .
The assessee has to comply with the provisions of Income tax while compiling the books of accounts.
As per Section 44AB of the Income-tax Act, 1961, an assessee shall get his books of accounts audited and submit a report of such audit while filing the Return of Income, on or before specified date.
As per provisions of the Income-tax Act, 1961, this audit should be conducted by a Chartered Accountant who holds a Certificate of Practice
We conduct Tax audits for assessees as per provisions of Income-tax Act,1961.
The following persons are required to get their books of account audited :-
1) An assessee , carrying on a business, with a Turnover / Sales / Gross receipts exceeding Rs. 1 Crore during the financial year
2) An assessee, carrying on a Profession , with a Gross receipts exceeding Rs. 50 lakhs
3) An assessee, who has not opted for presumptive income declaration and declaring income below the prescribed threshold limit.
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An internal audit may be used to assess an organization’s performance or the execution of a process against a number of standards, policies, metrics, or regulations. These audits may include examining a business’s internal controls around corporate governance, accounting, financial reporting, and IT general controls.
Internal audit is favored by many organisation to keep a track on their Company’s financial transactions, internal procedures, Statutory compliances and tax compliances.
Internal audit will ensure your company’s books of accounts are made according to the law and also according to the internal policies of the entity and to ensure accuracy of the books of accounts.
Internal audits serve as a assurance both the the management & stake holders that affairs of the company are conducted as per requirements of the Company & Statutes.
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