- Mon - Sat: 9.00 - 18.00
- #588, Aurora Colony, Banjara Hills, Hyderabad
- +91 40-48582099
- Accounting & Management Services
United Kingdom
United Kingdom
Tax audit is an examination/review of accounts of the business /profession from an income tax viewpoint such as income, deductions, compliance with income tax law, etc. Tax audit makes the income computation to file the return easily.
Total Sales/Turnover >1 cr – For Business entities other than individuals, HUF, Partnership firms carrying on a business.
Total Receipts >50 Lacs – Carrying on profession.
Audit under GST is the process of examination of records, returns and other documents maintained by a taxable person. The purpose is to verify the correctness of turnover declared, taxes paid, refund claimed and input tax credit availed, and to assess the compliance with the provisions of GST. Every registered taxable person whose turnover during a financial year exceeds the prescribed limit [as per the latest GST Rules, the turnover limit is above Rs 2 crore] shall get his accounts audited by a chartered accountant or a cost accountant. He shall electronically file.
Internal auditing is an independent, objective assurance and consulting activity designed to add value and improve an organization’s operations. It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes.
Internal auditing is a catalyst for improving an organization’s governance, risk management, and management controls by providing insight and recommendations based on analyses and assessments of data and business processes. With a commitment to integrity and accountability, internal auditing provides value to governing bodies and senior management as an objective source of independent advice. Professionals called internal auditors are employed by organizations to perform internal auditing activity.
Statutory audit refers to the audit based on the laws applicable on the entity for the time being in force. It is governed by the Companies Act, 2013 in India. A Chartered accountant holding a certificate of practice in India is qualified to be a statutory auditor of an entity. Statutory Audit requires compliance with Accounting and Auditing Standards issued by the Institute of chartered accountants of India (ICAI). ICAI is an apex body that regulates the auditing profession in India. It is mandatory for a company in India to get the Statutory Audit of its financial statements done according to the provisions of the Companies Act 2013.
Stock-Audit or “inventory checking” is a physical verification of the quantities and condition of items held in an inventory or warehouse. This may be done to provide an internal assessment or due to regulatory requirements to report the existing or current value of the stock. We undertake stock Audits for your business entity with qualified professionals.
*Note: All the above audit services are performed by Chartered Accountants specialized in respective audits.