Overview
An audit gives owners, investors, banks and authorities confidence that financial statements are true and fair. Beyond compliance, a good audit identifies control gaps, leakages and tax risks. TaxBucket coordinates audits through qualified Chartered Accountants and supports you with the preparation of books, schedules and reconciliations, so audits are completed smoothly and on time.
Who needs it?
- All companies (statutory audit is mandatory)
- LLPs above Rs 40 lakh turnover or Rs 25 lakh contribution
- Businesses and professionals above tax audit limits
- Businesses needing internal, stock or GST audits for banks or management
Key benefits
- Timely statutory compliance and no penalties
- Reliable financial statements for banks and investors
- Identification of control gaps and leakages
- Reduced tax risk through proper reconciliations
- Practical recommendations for improvement
Documents required
Checklist: keep these ready
- Books of accounts and trial balance
- Bank statements and reconciliations
- Sales, purchase and expense records
- Fixed asset register and stock records
- GST returns, TDS returns and previous audit reports
- Loan statements and other confirmations
Step-by-step process
- 1
Step 1
Planning and understanding of the business
- 2
Step 2
Collection of books and documents
- 3
Step 3
Verification, testing and reconciliations
- 4
Step 4
Discussion of observations with management
- 5
Step 5
Finalisation of financial statements
- 6
Step 6
Issue of audit report and filing support (e.g., tax audit report, AOC-4)
Key facts: fees, timelines, due dates and penalties
- 1Tax audit limit: business turnover above Rs 1 crore (Rs 10 crore if cash receipts and payments are within 5%); professionals above Rs 50 lakh (Rs 75 lakh if cash within 5%)
- 2Tax audit report due date: 30 September for most taxpayers
- 3Statutory audit is mandatory for every company regardless of turnover
- 4LLP audit: turnover above Rs 40 lakh or contribution above Rs 25 lakh
Why choose TaxBucket for Auditing Services?
- 14+ years of experience in tax, GST, MCA and legal compliance
- ISO 9001:2015 certified company with a team of tax and compliance professionals
- Transparent pricing with no hidden charges
- End-to-end online process with a dedicated expert and regular status updates
- Office in South West Delhi; serving clients across India
Frequently asked questions
Is audit mandatory for a Private Limited Company with no turnover?
Yes. Every company must get its accounts audited, even if there is no business activity.
What is the penalty for not getting a tax audit done?
A penalty of 0.5% of turnover, up to a maximum of Rs 1.5 lakh, can be levied.
What is the difference between statutory and internal audit?
Statutory audit is required by law and reports to shareholders; internal audit is a management tool to review processes and controls.
When is the tax audit report due?
Generally by 30 September of the year following the financial year, one month before the ITR due date for audit cases.
Get expert help with Auditing Services today
Call +91 7838-000-475 or send your enquiry and our expert will get back to you.