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ELIGIBILITY

Required documents

ABOUT Audit Compliances Advisory

Every business is required to get its books of accounts audited under the provisions of Income Tax act 1961, by an Independent Chartered Accountant within the due date which is 30 th September.

The purpose of tax audit is to ensure that books of accounts have been maintained in accordance with the provisions of income tax act and no tax evasion has been taken place. It also ensures better tax planning.

FINMART with its panel of independent qualified chartered accountants assist you in getting audit compliance in the most hassle free manner.

ELIGIBILITY

•  Statutory audit is mandatory in case of every COMPANY irrespective of quantum of revenue, losses, profits, capital expenditure.

•  TAX AUDIT is mandatory in case sales, turnover or gross receipts of a business exceed Rs 1 crore (from A.Y. 2013-14) in the previous year relevant to the assessment year or exceeds 25 lacs in case of profession.

•  When income is assessed on a presumptive basis under section 44AE (business of plying, hiring or leasing goods carriages), 44BB (business of exploration of mineral oils) or 44BBB (foreign companies engaged in the business of civil construction, etc in certain turnkey power projects) and assessee declares an income lesser than presumed under the sections 44AE, 44BB or 44BBB, they are required to get their accounts audited.

•  When income is assessed on a presumptive basis under section 44AD and assessee declares an income lesser than 8% of the total turnover or gross receipts in the previous year on account of such business, they are required to get their accounts audited.

Required Documents

No specific set of documents are required since the Audit Compliance Advisory is based on the entire books of accounts of the assessee/ clients.


HELP

HELP

Annual compliance includes filing the following e-forms.

 

FORM

PURPOSE

23AC

For filing Balance Sheet by all Companies , within 30 days of AGM.

23ACA

For filing Profit & Loss Account by all Companies, within 30 days of AGM.

20B

For filing Annual Return by Companies having share capital, within 60 days of AGM.

66

For filing Compliance Certificate by Companies having paid up capital of Rs.10 lakhs – 2crore

21A

For filing Annual Return by Companies not having share capital, within 60 days of AGM.

If any person fails to get his accounts audited in respect of any previous year or fails to furnish a tax audit report to the tax officer, then such person shall be directed to pay a penalty of a sum equal to one-half per cent of total sales / gross turnover or Rs. 1, 50,000, whichever is less.

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