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1 Services availableOur Complete range of products are statutory audit services, Tax Audit services and audits assurance services.
By the meaning of word the statutory audit in India is the audit which is prescribed by statute. There is many audit in India which is prescribed by the different statute like Income Tax Act require audit as per him similarly VAT Act require audit as per him so a CA need to conduct many audit as per different statute requirement. But known and popular terms used as a statutory audit is not an audit as required under Income Tax Act or VAT Act. It is similar different thing and it is required under the law of incorporating act like if company then audit required under Companies Act and if other body then body incorporated under that act. In India mainly statutory audit means audit under Companies Act in which auditor reports to the member of the company i.e. shareholders.
How we do? Statutory Audit Execution General Process Our firm is well equipped and well experienced in Statutory Audit and we perform it as per the Audit Program designed for the company after assessment of their Internal Control.
Tax Audit comes under the purview of Section 44AB of the Act which specifies the persons who are required to get audit of their books of accounts. This section specifies particularly that except for the persons coming under the purview of the sections mentioned in the text of Section 44AB , all other have to get their accounts audited under Section 44AB.
The object of audit under section 44AB is only to assist the Assessing Officer in computing the total income of an assessee in accordance with different provisions of the Act.
This Audit effectively curbs tax Evasion and ensure tax compliance. Therefore,
Analysis of Section 44AB: Applicability: This section is applicable to every person:
Penalty for failure to get accounts audited:If any person who is required to get his accounts audited by an Accountant as compliance provision of 44AB, before the specified date fails to do so shall be liable for penalty under section 271B. The amount of penalty shall be one-half percent of turnover / gross receipts or Rs.150000/- whichever is lower. This penalty shows the seriousness that the Government affixes towards Tax Audit under section 44AB.