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

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.

My Company has no transaction during the year. Do I still need to get books of accounts audited?

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

My LLP has no transaction during the year. Do I still need to get books of accounts audited?

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

My Company has annual business turnover exceeding Rs.2 crores. Am I liable for Audit as per Companies Act or Income Tax Act?

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.

My annual turnover from business is less than Rs.2 crores but my profit ratio is less than 8%. Am I liable for audit?

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.

My annual receipt from profession is less than Rs.50 lacs but my profit ratio is less than 50%. Am I liable for 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.

Audit Service

Let’s Get Started!

Benefits

Eligibility

Documents

FAQ

Do you have Any Questions?

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

My Company has no transaction during the year. Do I still need to get books of accounts audited?

My LLP has no transaction during the year. Do I still need to get books of accounts audited?

My Company has annual business turnover exceeding Rs.2 crores. Am I liable for Audit as per Companies Act or Income Tax Act?

My annual turnover from business is less than Rs.2 crores but my profit ratio is less than 8%. Am I liable for audit?

My annual receipt from profession is less than Rs.50 lacs but my profit ratio is less than 50%. Am I liable for audit?

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