Audit & Assurance Compliances helps to keep a tab on how your business adheres to Taxation Operational & Legal compliances as well as towards maintaining transparency in business operations to meet the expectations of all stakeholders. We are associated with top audit firms in Uttarakhand who have the capability to handle Audit & Related Compliances. Following types of Audit and Assurance Assignments are handled by us:
- Tax Audit:
Tax Audit requirement under Income Tax Act 1961 is turnover based and Tax Audit is applicable to only those taxpayers whose turnover exceeds specified limits in the previous year. As provided in Section 44AB of Income Tax Act, the turnover for tax audit applicability is Rs 1 cr for trader and manufacturer of goods while for provider of services gross receipt limit is Rs 50/- Lakh. Further, Tax Audit also required in case a person is declaring lower net profit while declaring income U/s 44AD, 44ADA or 44AE. The last date / due date to submit a Tax Audit is 31st October of the Assessment Year. The tax Audit report is submitted for 3CA-3CB/3CD. The whole procedure of tax audit is to ensure the Income Tax compliance has been properly mannered. Teams associated with us are well equipped and trained to handle Tax Audit systematically and in a time-bound manner.
- GST Audit:
GST Act of 2017 prescribes yearly Audit under GST regime return and provides a GST Audit report which is also known as GST reconciliation report in Form No GSTR-9C. After crossing the prescribed limit for GST Audit, a registered GST dealer or service provider needs to undertake an audit under GST. Audit Under GST can be Undertaken only after filing of Annual GST Return in the form of GSTR 9. Teams associated with us provide complete and correct GST Audit within the due date for GST Audit.
- Internal Audit:
The internal audit evaluates the company’s internal controls that include its corporate governance and accounting processes. They help in evaluating compliance with laws and regulations. The internal audits assist in maintaining accurate and timely financial reporting and data collection. It can also be said to be a tool that is necessary to obtain operational efficiency by way of identifying problems and also correcting lapses before they are discovered in an external audit. We work with companies of all sizes, public or private, to assist them in their internal audit activities. This includes starting and running the activity for them on a fully outsourced basis or work with an existing internal audit function to add the skills that are lacking on the team.
- Statutory Audit
Any audit provided in any statute i.e. Law can be termed as statutory audit. The Audit as prescribed in Company Act 2013 is known as Companies Audit. Every Company registered under companies act 2013, has a yearly audit to check compliance with companies act and prescribed accounting standards, to see if books of account have been presented in a reasonably fair manner and disclosing required information for its stakeholders. The statutory audit needs to be carried out by a statutory auditor appointed by the company as per the appointment of auditor provisions of companies Act.