What is the deadline for filing tax audit report?

September 30th of the assessment year. The corresponding ITR must be filed by October 31st. Late filing attracts a penalty of 0.5% of turnover or Rs 1.5 lakh, whichever is less.

Is statutory audit different from tax audit?

Yes. Statutory audit is required under the Companies Act for all companies regardless of turnover. Tax audit under Section 44AB is based on turnover thresholds. A company may need both.

Which companies does CARO 2020 apply to?

All companies except banking, insurance, Section 8 companies, OPCs, and small companies with paid-up capital up to Rs 50 lakh and turnover up to Rs 2 crore.

What are the auditor rotation rules under the Companies Act?

Individual CAs can serve for 5 consecutive years, audit firms for 10 years (two terms of 5). After maximum term, a 5-year cooling-off period applies before reappointment.

Are digital audit trails mandatory in India?

Yes, from April 2023, every company using accounting software must have an audit trail recording each transaction edit with timestamp and user ID. This trail cannot be disabled and must be retained for 8 years.

Statutory Audit & Compliance Services by CAs | Finamize

Q: Who needs a tax audit under Section 44AB?

Businesses with turnover exceeding Rs 1 crore (Rs 10 crore if 95% digital transactions) and professionals with gross receipts above Rs 50 lakh. Also required when claiming income lower than presumptive limits under 44AD/44ADA.

Stay compliant with Companies Act, Income Tax Act, and GST audit requirements. Experienced CAs handle your audit and regulatory filings.

Overview

Statutory audit and compliance in India is governed by the Companies Act 2013, Income Tax Act 1961, and the GST Act.

Statutory audit and compliance in India is governed by the Companies Act 2013, Income Tax Act 1961, and the GST Act. Every company must undergo mandatory statutory audit regardless of turnover, while businesses crossing turnover thresholds under Section 44AB face compulsory tax audit. A missed filing can attract penalties running into lakhs of rupees.

Finamize connects you with ICAI-registered CAs who specialise in audit engagements. Whether your business requires a tax audit under Section 44AB (mandatory for businesses with turnover exceeding Rs 1 crore, or Rs 10 crore where 95% of transactions are digital), a statutory audit under the Companies Act, or GST audit reconciliation, your CA handles everything from scope definition through fieldwork to final report signing — including Form 3CA/3CB, Form 3CD, and CARO 2020 reporting.

Ongoing ROC compliance is equally critical. Annual returns (MGT-7), financial statements (AOC-4), board meeting minutes, and statutory registers must be maintained and filed within prescribed timelines. Your CA tracks every deadline through a compliance calendar and ensures your company remains in good standing with the MCA and Income Tax Department.

ITR TYPES SUPPORTED

18+

BUILT-IN CALCULATORS

100%

ICAI VERIFIED CAS

24-48hrs

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Why Finamize

Why Choose Finamize

Tax Audit (44AB)

Mandatory for businesses with turnover above Rs 1 crore (Rs 10 crore with digital transactions). Your CA prepares Form 3CA/3CB and 3CD accurately.

Statutory Audit

Companies Act requires every company to get accounts audited annually. Your CA conducts the audit, prepares the report, and files with ROC.

GST Audit Support

For businesses with turnover above Rs 2 crore, GSTR-9C reconciliation statement preparation and certification by a CA.

ROC Compliance

Annual return filing (MGT-7), financial statements (AOC-4), board resolutions, and other MCA filings handled end-to-end.

How It Works

Get Started in 3 Steps

Engagement Setup

Your CA reviews your business structure, turnover, and compliance requirements to define the audit scope and timeline.

Audit Execution

Documents are reviewed, accounts are verified, and discrepancies are flagged. Your CA conducts the audit per applicable standards.

Report & Filing

Audit report is prepared, signed, and filed with the relevant authorities. Any compliance gaps are flagged with remediation steps.

Platform Features

What You Get

Audit Planning Dashboard

Structured engagement workflow covering scope definition, risk assessment, materiality thresholds, and audit programme preparation.

Compliance Calendar

Integrated calendar tracking audit report filing (Sep 30), ITR for audit cases (Oct 31), ROC annual return (Nov 29), and board meeting schedules.

ROC Filing Tracker

Track status of all MCA filings including AOC-4, MGT-7, DIR-3 KYC, ADT-1 auditor appointment with SRN-based status monitoring.

Auditor Appointment Tracking

Monitor auditor tenure for rotation compliance — individual auditors (5 years) and audit firms (10 years) as per Companies Act Section 139.

CARO Report Preparation

Structured workspace for CARO 2020 responses covering all 21 clauses with supporting documentation and cross-references.

Variance Analysis Tool

Automated comparison of current year figures against prior year and budgeted amounts to flag material variances requiring audit attention.

Regulatory Framework

Audit & Compliance Requirements in India

Section 44AB of the Income Tax Act mandates tax audit for businesses with turnover exceeding Rs 1 crore (threshold increased to Rs 10 crore where 95% of transactions are through banking channels) and professionals with gross receipts above Rs 50 lakh.

Under the Companies Act 2013, every company — private or public, regardless of turnover — must get its financial statements audited annually by a practising CA appointed through Section 139.

CARO 2020 (Companies Auditor's Report Order) requires auditors of specified companies to report on 21 matters including loans, fixed assets, inventory, statutory dues, fraud, and related party transactions.

Tax audit reports are filed using Form 3CA (for entities whose accounts are audited under another law) or Form 3CB (for other entities), accompanied by Form 3CD containing the statement of particulars with 44 clauses.

Penalty for failure to get accounts audited under Section 44AB is 0.5% of total sales/turnover/gross receipts, subject to a maximum of Rs 1,50,000 under Section 271B.

The due date for filing the tax audit report is September 30 of the assessment year, with the corresponding ITR due date being October 31 for audit cases.

FAQ

Frequently Asked Questions

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