Statutory audits

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Who is required to get his accounts  compulsory audited from a Chartered Accountant under Income Tax Act ?

• A person carrying on business and the total sales/, turnover or gross receipts in  business for the previous year(s) relevant to the assessment year exceed or exceeds Rs 1 Crore.
• A person carrying on profession and the gross receipts in profession in the previous year(s) relevant to the assessment year exceeds Rs 50 Lakhs.
• A person covered u/s 44AD and shows her Income lower than 6%/8% of Turonver.
• A person covered u/s 44ADA i.e professionals and shows her Income lower than 50% of Gross Receipts.
• A person covered u/s 44AE, 44BB or 44BBB and she claims that the profits & gains from business are lower than the profit and gains computed under these sections.

Any business providing taxable supply of goods and services and whose turnover in a financial year exceeds Rs 2 Crores has to get her accounts audited under Goods and Service Tax Act(GST) from a Chartered Accountant or cost accountant in FORM GSTR 9C.

 Every company has to get its accounts audited by its Statutory Auditor irrespective of size and turnover and file the same with the registrar of companies  under Companies Act 2013.