Tax audit is applicable for those entities who are required to get their accounts audited under section u/s 44AB of the Income Tax Act, 1961. The provision gets applicable on those assesses who have crossed Turnover Limits or wish to declare profits less than as prescribed u/s 44AD of the Income Tax Act, 1961.
Audit of the Company formed under Companies Act, 2013 erstwhile Companies Act 1956 are required to get their Accounts Audited annually. The audit of accounts requires complete examination of Books of accounts and various other activities. This will also ensure that necessary laws are complied.
Society, Trust, Co-operative Society Audits
The audit of Society, Co-operative Society and trust is conducted for the benefit of the members and trustees.
The audit report and Financial Statements are required to be submitted to the Registrar's office after the end of each financial year.
As per Income Tax Act, 1961 there are various sections which govern the audits.
Information System Audit
The proprietor of the firm is a qualified IS Auditor. We have experience in conducting system audit of Banks.
The effectiveness of an information system’s controls is evaluated through an information systems audit. An audit aims to establish Confidentiality, Integrity and availability of Information. The IS Audit is also a mandatory requirement in Banking Industry.
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Physical Stock Audit
Our firm has a rich experience in stock audits. We aim at conducting the entire Stock audit in a single days so as to provide the Audit report for the purpose of management without keeping Production or Sale on Hold. We are giving Stock Verification services to various Factories, Retail Chains and C&S/ C&F
Reasons why one should look forward for the stock audit :
- To update the opening stock details in shoper.
- To identify the discrepancy between book stocks also known as computed stock and physical stock.
- To update the actual physical stock as book stock.
- To ensure proper preservation and handling of stocks.
- Better Management Control through MIS Reporting system.
LLP or Firm Audit
Every LLP and Partnership Firm are required to maintain its books of account on double entry accounting system at its registered office. The responsibility to maintain such books of account is on a designated partner of the LLP/ Firm.
In normal course the Salary of the Partenr's is allowed as per the Deed executed between the partners. For the purpose of Income Tax, only the accounts which are wiling to pay salary to the partners need to get their accounts audited or those firms who have crossed the statutory turnover limits.