AUDITS

We provide a complete range of audit services from financial report preparation to audits of historical financial statements, examinations of prospective financial presentations and preparation of a variety of special attestation reports. Our audit plan is tailored to the client’s particular operation and financial reporting requirements. Because we recognize the value of the Client’s time, our audit plans are developed with efficiency as a top priority. The benefits of our approach include economical audit costs.

Less extensive than an audit, but more involved than a compilation, a review engagement consists primarily of analytical procedures we apply to the financial statements, and various inquiries we make of the company’s management team. If the financial statements or supporting information appear inconsistent or otherwise questionable, we may need to perform additional procedures.

Statutory Audit

A statutory Audit means a type of audit mandated by the law or a statute to make sure that the book of accounts is true and fair which is presented to the public and regulators. A statutory Audit is required to assess whether the company is compliant with applicable laws rules and standards and whether its financial statements reflect the true and fair view of the financial position of the company. Statutory audits must be completed by qualified Chartered Accountants who are independent of the Business.

Statutory Audit Applicability

All companies (Private Limited Company, One Person Company, Limited Company, Section 8 Company, Nidhi Company, Producer Company), irrespective of the nature of business and sales turnover must appoint a Statutory Auditor.

LLPs are required to have their accounts audited by a practising Chartered Accountant if their annual turnover, in any financial year exceeds Rs.40 lakhs or their contribution exceeds Rs.25 lakhs. In order to avail of the exemption from audit, the LLPs accounts filed with the ROC must contain a statement by the Partners to the effect that the Partners acknowledge their responsibilities for complying with the requirements with respect to accounting and preparation of the financial statement.

Internal Audit

As per section 138 of The Companies Act, 2013 read with Rule 13 of Companies (Accounts) Rules 2014.

As Companies grow risks and their impact increase, Statutory Auditors due to their limited review may not cover all the aspects. Internal Audit will help the company in monitoring its activities having a financial impact on the company by conducting timely reviews. Internal audit helps to assist the management to improve controls by identifying weaknesses and suggesting avenues to correct the same. This provides management that assists them in fulfilling their responsibilities to the company and its stakeholders. It also provides the directors and management with a way of showing shareholders and other stakeholders that they are managing the company effectively on behalf of the shareholders by evaluating important risks and highlighting where improvements are necessary.

The concurrent audit aims at shortening the interval between a transaction and its independent examination. It is, therefore, integral to the establishment of sound internal accounting functions and effective controls and is regarded as part of a business entity's early warning system to ensure the timely detection of serious errors and irregularities, which also helps in averting non-compliances with various statutes, errors or omissions in the accounting system, weakness in Internal Controls, etc.

• Proper Control
• Perfect Accounting System
• Review of Business
  
• Asset Protection
  
• Keeps a Check on Errors
• Payroll Audit
  
• Reimbursement Audit

GST Audit

As per section 35(5) of CGST Act, 2017, Every registered person whose turnover during a financial year exceeds the prescribed limit (Taxpayers with a turnover exceeding Rs.2 crore) shall get his accounts audited by a chartered accountant or a cost accountant and shall submit a copy of audited annual accounts, reconciliation statement under section 44(2) and other documents in such form and manner as may be prescribed before 31st of December of the subsequent year.

*Annual aggregate turnover during FY 2021-22

We conduct the audit of books of account under GST provisions covering the following aspects

• Sales register
• Stock register
• Classification of goods and services
• Outward liability on monthly basis to match the GST returns filed
• Purchase register and expenses ledgers
  
• Input tax credit availed and utilised
  
• Output tax payable and paid during the year
• Reconciliation report and annual return filed
  
• E-Way bills generated during the period under audit, if in compliance with rules.
• E-Invoices and IRN generated and kept on record
  Any documents that record communications from the GST department relating to the year.

Tax Audit

As India follows a self-assessment method to assess income and taxes payable by a person, it is the responsibility of the person to follow all the rules prescribed under the Act.

Where an assessee is required to get his books of accounts audited under any other law, it is sufficient for him to get his accounts audited under that law and furnish a report of such audit and a report in form 3CA and 3CD by a Chartered Accountant by the prescribed due date.

A tax audit is a process to verify whether the books of accounts prepared by a taxpayer comply with the generally accepted accounting principles and the provisions of the Income-tax Act. It is intended to ensure that the books of account and other records are properly maintained and correctly compute the taxpayer’s actual income. The tax audit does not give the assessee immunity from scrutiny assessment or disallowance of expenses. A tax audit can be conducted only by a Chartered Accountant in practice.

As per section 44AB of the Income-tax Act,1961, every Person in the previous year:

• Business with sales/turnover/gross receipts exceeding Rs.1 Crore
• Profession with sales/turnover/gross receipts exceeding Rs.50 Lakhs.
• Business/profession covered under presumptive taxation who has claimed his income to be lower than the profit and gains deemed to be the profits and gains of business/ profession covered under section 44AD (4) of the Income-tax Act,1961.
  
• Business/profession covered under presumptive taxation. If the income of the assessee exceeds the maximum exemption limit and he has opted for the scheme in any of the last 5 previous years but does not opt for the same in the current year.
  
• 5. Taxpayer claims that his profits from his profession are lower than the profits computed under Section 44ADA,44AE, 44BB, 44BBB total income exceeds the maximum exemption limit.
  

Taxation

• Income Tax Return

  ITR stands for Income Tax Return. It is a prescribed form through which the particulars of income earned by a person in a financial year and taxes paid on such income are communicated to the Income-tax Department. It also allows carry-forward of loss and claims a refund from the income tax department. Different forms of returns of income are prescribed for filing of returns for different statuses and Nature of income.

  We have provided tax services to businesses of all types including LLCs, sole proprietors, partnerships, and corporations. Even if you have a business with a complex structure or your business is located in multiple states, we have the experience needed to minimize your tax liability.

  For many individuals filing a tax return can be a simple online process. However, not everyone has a simple income stream, and as such, it can become tricky to properly file your return. We have experience working with individuals to prepare detailed, accurate tax returns. We can also help individuals who have missed filing a return in previous years.

   

  Services we provide

  Obtaining PAN, TAN
  Income Tax Planning and IT Return filing for individuals and corporates.
  Obtaining Lower Tax Certificates both for Resident and Non-Resident assesses.
  Applying for Visa or Loan from Bank/Financial institution requires ITR to be produced.
  E-TDS return filing
  Attending scrutiny assessment
  Drafting appeals and appearing before the CIT
  Conducting Tax Audits and submission of Audit reports.
  Conducting Transfer Pricing Study and submission of TP Report.
  Tax planning and tax consultancy for Residents as well as Non-Resident assess.
  A person had entered into any transactions which is or to be reported under Annual Information Return (AIR) under Section 285BA.

Goods and Service Tax(GST)

Goods and Service Tax(GST) GST Registration is a process by which a taxpayer gets himself registered under GST. Once a business is successfully registered, a unique registration number is assigned to them known as the Goods and Services Tax Identification Number (GSTIN). This is a 15-digit number assigned by the central government after the taxpayers obtain registration.

All the businesses supplying goods whose turnover exceeds INR 40 lakh in a financial year are required to register as normal taxable persons. However, the threshold limit is INR 10 lakh if you have a business in the northeastern states, J&K, Himachal Pradesh, and Uttarakhand.

The turnover limit is INR 20 lakh, and in the case of special category states, INR 10 lakh, for the service providers.

We provide the following services:

• Registration, modification or amendment under GST Act
• Filing GST returns such as gst 3B,gstr 1, etc
• Annual returns gst 9 and gstr 9c
  
• Obtaining a Letter of Undertaking (LUT) for the export of services or goods
  
• Audit under GST laws
• Representation before various Tax Authorities in assessments, appeals and against show-cause notices, etc.
  
• Applying for Revocation of Cancellation of GST Registration
• Voluntary Surrendering of GST Registration and related compliances
  
• Attending to the Notices issued under GST Laws
  
• Consultation and advice on GST matters
  
• Assisting in obtaining GST Refunds
  
• GSTR 2A Reconciliation Services
  
• Advice related to Input Credit, E Way Bill, TDS/TCS, etc.
  

NRI Concerns

SERVICES WE PROVIDE 

1. Issue of forms 15CA and 15CB and Assistance is Repatriation of Funds

As per Rule 37BB, any person responsible for paying to a non-resident, not being a company, or to a foreign company, any sum chargeable to tax under the provisions of the Income-tax Act, 1961, shall furnish such information in Form 15CA and Form 15CB. However, for all foreign remittances, banks have the mandate to provide such information. Therefore, it is prudent to have such documentation in place for all foreign remittances.

Form 15CA prescribes the information furnished by the payer and Form 15CB prescribes the format of the certificate obtained by the Chartered Accountant the payer. Therefore, a person paying Non-Resident or a foreign company has to submit Form 15CA. Form 15CB is a certificate by the Chartered Accountant to the remitter of foreign exchange, specifying whether the transaction of foreign remittance attracts a deduction of TDS and whether the remitter has deducted the TDS accordingly.

2. Income Tax returns for NRI

ITR stands for Income Tax Return. It is a prescribed form through which the particulars of income earned by a person in a financial year and taxes paid on such income are communicated to the Income-tax Department. It also allows carry-forward of loss and claims a refund from the income tax department. Different forms of returns of income are prescribed for filing returns for different statuses and natures of income.

3. Income Tax Notice

4. Tax and TDS on Property Sales

Stock Audit

The stock audit is a statutory process which every business institution needs to perform at least once in a financial year. As far as the stock audit process is concerned, the process mainly involves the counting of physical stock presenting the specified premises and verifying the same with computed stock maintained by the company. The reason and purpose behind executing this are to correct the discrepancies present in the book stock when compared to physical stock by passing necessary adjustment entries.

Reasons why one should look forward to the stock audit :

• To update the opening stock details.
• To identify the discrepancy between book stocks also known as computed stock and physical stock.
• To update the actual physical stock as book stock.
• To ensure proper preservation and handling of stocks.

We offer reliable stock audit services to companies and organizations with a dedication and aim to help them safeguard and monitor their physical assets and inventories.

Here are a few listed key benefits of Stock audit :

• Direct impact on costs and bottom line
• Prevent pilferage and fraud
• Identifies slow-moving stock, obsolete stock, dead stock and scrap
  
• Third-party independent opinion, especially for agent warehouses
• Identifies gap in current inventory management process
• Enable accurate valuation of inventory

List Of Documents Required For Stock Audit:

• Stock Statement as on date of verification
• Provisional balance Sheet, Trial balance as on date of verification.
  
• Latest audited financials.
• Stock Insurance policy if any
  
• Invoices of Purchases, Sales
  
• Stock Register
  
• Method of valuation of closing stock 8. Stock list of non-moving, obsolete, dead stock.
  
• Documents relating to the constitution of the business 
• Debtors and Creditors list for latest 6 months.