A tax audit is mandated on all companies, limited liability partnerships (LLPs), and individuals whose turnover crosses a particular threshold limit. Taxpayers who get their accounts audited under any other law do not have to get their accounts audited again for a tax audit. The last date for filing the tax audit report with the income tax department is September 30 of the relevant assessment year. A tax audit ensures …
All public and private companies and certain LLPs are mandated to get their accounts audited each financial year. Statutory audit provides an accurate representation of a company’s financial situation. Statutory audit is governed under the Companies Act, 2013, and Companies (Audit and Auditors) Rules, 2014. The purpose of the statutory audit is to determine whether …
The new regime of Companies Act 2013 has changed the requirement for appointment of the auditor in Companies. There has been a paradigm shift in the provisions relating to appointment of Statutory Auditor. This article broadly covers the provisional requirement for appointment of the auditor under Companies Act, 2013. The responsibility of evaluating the validity and reliability of financial …
