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An Assessee is liable to get his Tax Audit done by a Chartered Accountant mandatorily, if in the previous year:
(a) The Person is carrying on business and his Total Sales/Turnover exceeds Rs. 2 Crores or
(b) The Person is carrying on Profession, and his Gross Receipts exceed Rs. 50 Lakhs or
(c) The Person is carrying on business or profession and is covered under the provisions of section 44AD, 44AE, 44AF, 44BB
or 44BBB and claims that his income from the said business is lower than the deemed profits and gains computed under
the relevant section.
The Due Date of filing of Income Tax Return of an Assessee liable to get his Tax Audit done under Section 44AB is 30th September. In case of Corporate Assessee’s who are required to furnish a report under Section 92E for International transactions – the due date is 30th November.
Statutory audits are conducted in accordance with the Companies Act, 2013 and Standards on Auditing issued by the Institute of Chartered Accountants of India. We act as the statutory auditors of Public Limited Companies, Private Limited Companies ,Limited Liability Partnership (LLP), Partnership Firms, Charitable Trusts & Institutions, Societies, Clubs, Educational Institutions etc. It is mandatory for a company in India to get the Statutory Audit of its financial statements done according to the provisions of Companies Act 2013.
The Board of Directors of a Company are required by law to appoint an Auditor within 30 days of incorporation and thereafter conduct an audit of its financial statements each financial year. The accounts of a Limited Liability Partnership (LLP) must be audited if it has an annual turnover of Rs.40 lakhs or more or Rs.25 lakhs or more capital contribution.
Our Key Deliverables
1. Statutory Auditors' Report
2. Report under Companies (Auditor’s Report) Order (“CARO”), 2016
3. Report on Internal Financial Controls Over Financial Reporting (IFCFR).
In Transfer Pricing Audit, a Chartered Accountant is required to comment on pricing of transactions between two or more associated enterprises vis- vis also commenting on Arm’s Length Price by applying any of the following most appropriate method prescribed under Transfer Pricing regulation:
The taxpayer may choose any method which is most appropriate based on the facts and circumstances in his case.
The Applicability of Transfer Pricing can be better understood from following chart:
|Particulars||International Transfer Pricing||Domestic Transfer Pricing|
|I. On a transaction (sale, purchase, lease) between two or more associated enterprises in which either or both of them are non- residents.||
|Applicability||II. On any other transaction having a bearing on profits, income, losses including any agreement / arrangement entered into for allocation or apportionment of any cost or expense.||
|Relevant Form to be filed||Form No. 3CEB u/s 92E||Form No. 3CEB u/s 92E|
|Relevant Due Date For Compliance||30th November||30th November|
|Due Date For Tax Audit||30th November||30th November|
|Due Date For Return||30th November||30th November|
|Monetary Limit||No Monetary Limits||Companies having related party transactions more than 5 Crore|
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