The tax auditor (CA) carries out a systematical examination of books of account as per the formats prescribed by the department. 2 crore, maintenance of books of account is mandatory if there is a loss or declared profit less than 6% of Turnover. Audit exemption for private limited companies You may not need to get an audit of your private limited company’s annual accounts. As compared to GST laws, the drafting under the Income Tax Audit, 1961 of the provisions concerning audit is more logical. Filing Income Tax Return by any company is also a mandatory requirement, irrespective of the amount to taxability of income. In this article we have summarized some of the general provisions related to the Tax Audit U/s 44AB. The Intent of law making tax audit u/s 44AB in case of profit less than 8% is to ensure avoidance of tax evasion. The Tax Audit season has started and it’s the time when the Assessees rush to their Chartered Accountants (CA) to get their Tax Audit done in time and CA’s work overnight to get the audits of their clients done in time.

Maintenance of books of account and Tax audit u/s 44AB of income tax is mandatory in case turnover from F&O transactions exceeds Rs.

Sec.

There are different kinds of business structure, and each type has different compliance.

For Financial Year 2017-18 the last date is 30 th September, 2018. However, if F&O or derivative turnover is less than Rs. Liquidation of the Company : Audited financial statements of Companies under liquidation is one of the most important documents for a liquidator to prepare the liquidator’s Report. Since Income includes Losses, certain assessee are liable to file mandatory return of income in case of losses. 44AB provides that in the specified cases, person shall get his accounts audited and an audit report is required to be furnished. Branch of Foreign Companies: It is mandatory for foreign companies to submit the audited financial statements of the branch of foreign companies registered in UAE in every year. Yes , statutory audit is mandatory for all companies be private limited company or public company.They are required to prepare financial statement for period ending 31st March every year.

2 Crore irrespective of loss or profit. As the provisions of Audit are applicable to every company, the due date for ITR by companies is set as 30 th September.

Tax audit can be conducted by a Chartered Accountant who holds the certificate of practice and is in full-time practice. Mandatory Compliances for Startups in India.

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