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1. Tax Audit
Tax Audit is detail verification of books of accounts maintained by business & verify the accurateness of the income earned & deduction claimed by the assessee in the Income tax returns. Tax audit shall be governed by the provisions ( Section 44AB ) & Rules laid down in the Income Tax Act 1961. This audit is conducted by Chartered Accountant Firm ensuring correct books of accounts are maintained, legal provision complied & correct payment of Income Tax has been done. This is done in a standard format as approved by Income Tax Department.
In case of business, if the total sales, turnover or gross receipts, as the case may be, exceed or exceeds 1 Crore Rupees in any previous year and
In case of profession, if the gross receipts in profession exceed Rs.50 lakh Rupees in any previous year are compulsorily required to get their books of accounts audited by a Chartered Accountant.
This apart, under certain circumstances, even if the turnover is less than the limits specified above, books of accounts have to be audited by a CA
Tax Audit is independent verification of the books of accounts. During the audit we examine transactions of income , expenses , deductions etc. Tax audit due dates as per section 44AB of Income Tax Act 1961 is generally on 30th September after the financial year ends. But it may vary basis Government decision. For Non filing of audit within due date penalty upto Rs. 150000 is applicable.
We at S.V.Bhat & Co have more than 30 years of experience conducting tax audits. To enquire about our services please write to [email protected]
2. Statutory Audit
A Statutory Audit is compulsory be law to check accuracy of Companies financial records. The Moto of conducting a statutory audit is to check compliance’s part, check books of accounts are in line with law, review to determine that the financial records of company are in line with the law of land and disclosure made by company is fair and enough. The term Statutory Audit denotes that same is required by law. Audit is conducted to determine that financial records are prepared as per law like funds were handled correctly , taxes calculation done correctly etc.
In term of section 139(1) of the Companies Act, 2013 read with rule 3 of Companies (Audit and Auditors) Rules, 2014, every company shall appoint an individual or a firm as an auditor. Section 139(6) of the Act stipulates that the first Auditor of the Company shall be appointed within 30 days of its date of registration.
We at S.V,.Bhat & Co,based on years of expertise have developed, employed and implemented the latest methods of audit ,for maximizing audit efficiency through a risk based international audit approach. This has enabled timely delivery and value added advisory services to clients.
We have conducted statutory audits of clients from different industries such as Information Technology (IT), manufacturers, real estate , traders, Ecommerce, hospitality etc.. In case you need these services, we would be glad to assist you. Please write to [email protected].
3.Bank and Government Audits
We at S.V.Bhat & Co., Mumbai have conducted the statutory, concurrent and branch audits of Banks, government institutions (appointed by Controller and Auditor General – CAG), District Co-operative Banks, Societies and Trusts.
4. Internal Audit
Internal audit is provided primarily in order to provide comprehensive picture of company to management where auditor suggest possible areas of improvement. Internal Audit can also be designed to serve any particular area of focus as management wants to verify. Internal Audit helps to mitigate risk of non compliances, clerical errors , fraud etc. It ensure compliances with laws of land Like ( Company Act , Income Tax , VAT , GST , Excise , Labour law etc.)
We at S.V,.Bhat & Co, based on years of expertise have developed, employed and implemented the latest methods of audit ,for maximizing audit efficiency through a risk based international audit approach. We strongly follow guideline of ICAI in execution of internal auditing. Our services of internal audit are designed to suit each type of business model. This has enabled timely delivery and value added advisory services to clients.