Account Audit Services, Consultant

In the success of a company, regulatory requirements are growing and becoming increasingly complicated. By giving management, a robust and clear perspective to audit committees and transparent information to the stakeholders and investors, we will assist you in meeting these demands. Our expert consultants and agents ensure that you get the best quality audit service Navi Mumbai, with our easy and convenient procedures.

>Types of Audits
  • Statutory Audit of Companies
  • Tax Audit under Section 44AB of the Income Tax Act, 1961.
  • Internal Audits.
  • Concurrent Audits.
  • Revenue Audit of Banks.
  • Branch Audits of Banks.
  • Audit of PF Trusts, Charitable Trusts, Schools, etc.
  • Audit of Co-operative Socities.
  • Information System Audit
  • Audit under other sections of the Income Tax Act, 1961 such as 80HHC, 80-IA, etc.
  • Audit & Assurance Services...


     Accounting Compliance and Reporting – We provide accounting and auditing guidance which constitutes valuable insights for audit committees, chief      financial officers, controllers, financial reporting groups, and internal audit directors.

     Internal Audit Service – In the advent of Companies Act 2013, it has become mandatory for various class or classes of companies to appoint an internal      auditor. We provide internal audit services adding considerable value to our clients by way of providing recommendations for process improvements.

     Fraud Investigation & Dispute Services – We can assist you to manage risk, investigate alleged misconduct & fraud and measure the financial implications of    disputes. If an instance of unusual financial activity is suspected, our team can conduct forensic investigations, audits, and third party due diligence by      leveraging forensic technology to uncover any irregularities, keeping in mind the sensitivity and urgency required.

     Financial Advisory Services – We can assist you anticipate the impact of key business decisions on your accounting and financial reporting. We have a     multidisciplinary team of accounting, tax, and IT professionals with deep, sector-specific experience in managing the implementation of accounting changes,      ranging from a single accounting standard to the full project planning.

     Audit services –  Our audit approach, is tailored to suit size and nature of any organization and draws upon our extensive knowledge and talent,      understanding of laws, regulations and legislation.


    Applicability Of Section 44AB:

    An income tax audit of an individual’s accounts under Section 44AB is applicable in the following situations:


     Where individuals whose total income or turnover for the financial year is more than the taxable limit permitted, regardless of their turnover for      previous financial years.

     Where individuals whose personal income is lower than the taxable limit, but whose income from business is more than the taxable limit.

     In special cases where the income of the individual in question does not cross the taxable limit, but the Assessing Officer requires the accounts of      the individual to be audited. This can only be done by the Assessing Officer by passing an order under Section 142(2A) of the Income Tax Act..


    Individuals Required To Perform Income Tax Audit As Per Section 44AB:

    The following individuals are required to have an income tax audit performed on their accounts under Section 44AB::


    Any person or individual carrying on a business:


     If the individual or person in question carrying on a business earns a total income or turnover, through the functioning of the business, in excess of      Rs 1 crore during any year prior to the relevant assessment year, then he or she will be required to have an income tax audit performed on his or      her accounts.

     If the individual or person in question carrying on a business earns profits or gains through the functioning of the business as any person    mentioned under Section 44AE, Section 44BB and Section 44BBB, and he or she has stated that his or her income is below the taxable limit      prescribed for profits or gains acquired through business, then he or she will be required to have an income tax audit performed on their accounts.

     If the individual or person in question carrying on a business earns profits or gains through the functioning of the business as any person     mentioned under Section 44AD, and he or she has stated that his or her income is below the taxable limit prescribed for profits or gains acquired     through business, and has acquired income that is more than the limit exempted from tax, then he or she will be required to have an income tax      audit performed on their accounts.


    Any person or individual carrying on a profession:


     If the individual or person in question carrying on a profession earns gross income or receipts, through his or her profession, in excess of Rs 25 lakhs     during any year prior to the relevant assessment year, then he or she will be required to have an income tax audit performed on their accounts


    Applicability Of Section 44AB:

    An income tax audit of an individual’s accounts under Section 44AB is applicable in the following situations:


     Where individuals whose total income or turnover for the financial year is more than the taxable limit permitted, regardless of their turnover for      previous financial years.

     Where individuals whose personal income is lower than the taxable limit, but whose income from business is more than the taxable limit.

     In special cases where the income of the individual in question does not cross the taxable limit, but the Assessing Officer requires the accounts of      the individual to be audited. This can only be done by the Assessing Officer by passing an order under Section 142(2A) of the Income Tax Act..


    Forms Required To Be Submitted Under Section 44AB:


    Under Section 44AB, the following forms are required to be used by the individual or person in question when an audit is conducted on their accounts. These forms are specifically mentioned in Rule 6G of the Income Tax Act with regards to income tax audits conducted as per Section 44AB.


     For persons or individuals carrying on a business or a profession, and whose accounts are to be audited as per the provisions stated under any kind      of law, then the forms mentioned below are required to be used:

  • Form Number 3CA - Audit Form.
  • Form Number 3CD - Statement showing relevant particulars

  •  For persons or individuals whose accounts are not required to be audited as per the provisions stated under any kind of law, with the exception of       income tax laws, then the forms mentioned below are required to be used

  • Form Number 3CA - Audit Form.
  • Form Number 3CD - Statement showing relevant particulars