Audit Service

Business are required to get their books of accounts audited if they meet certain criteria

Audit Service

Businesses are required to get their books of accounts audited if they meet certain criteria. Prominent regulations governing Audit for Businesses/Professions are the Companies Act, Income Tax Act and LLP Act. TaxFino Experts can help you maintain the books of accounts and get them audited in accordance with the respective regulations.

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Benefits

  • To comply with the respective regulations

  • To obtain Business loan

  • To carry forward business loss

Eligibility

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Nature of Entity Companies Act LLP Act Income Tax Act
Company Compulsory N.A. Business: If Annual Turnover exceeds Rs.2 crore
Profession: If Annual Receipts exceeds Rs.50 lacs
LLP N.A. If Annual Turnover exceeds Rs.40 lacs or Contribution exceeds Rs.25 lacs Business: If Annual Turnover exceeds Rs.2 crore
Profession: If Annual Receipts exceeds Rs.50 lacs
Proprietorship Firm/Partnership Firm/Individual/HUF N.A. N.A. Business: If Annual Turnover exceeds Rs.2 crore or net profit is less than 8% of Turnover (6% for receipts in bank)
Profession: If Annual Receipts exceeds Rs.50 lacs or net profit is less than 50% of Receipts

Documents

Financial Statements
FAQ

Do you have Any Questions?

I have loss in Intraday Shares/F&O. Am I liable for Audit?

Intraday Shares and F&O are considered as Business transaction. Tax Audit is mandatory in case of Business loss to carry forward the loss. Therefore Tax Audit is mandatory in case of loss in Intraday Shares and F&O.

Audit of Company is mandatory as per Companies Act irrespective of any business/transaction.

Audit of LLP is mandatory as per LLP Act if turnover exceeds Rs.40 lacs or contribution exceeds Rs.25 lacs.

In case of a Company, audit as per Companies Act is mandatory. As your Company’s annual turnover has exceeded Rs.2 crores, audit as per Income Tax Act is also required. Therefore your Company is liable for audit as per Companies Act as well as Income Tax Act.

If your annual business turnover is less than Rs.2 crore but profit ratio is less than 8% (6% for receipts in bank), you are liable for tax audit.

If your annual professional receipt is less than Rs.50 lacs but profit ratio is less than 50%, you are liable for tax audit.