Rigorous statutory audit under the Companies Act 2013 and tax audit under Section 44AB — conducted with professional scepticism and a management letter every engagement.
Statutory Audit is mandatory for every company under the Companies Act 2013. Tax Audit under Section 44AB is required for businesses and professionals exceeding prescribed turnover thresholds. CA Jatin Karda & Co. conducts both in compliance with Standards on Auditing (SAs) issued by ICAI.
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💬 WhatsApp Us Now ✉ Send a Message →Statutory and tax audits are mandatory for specific entity types and turnover thresholds.
Every company must get a statutory audit annually under Section 143, Companies Act 2013.
Tax audit u/s 44AB mandatory for businesses above ₹1 crore (₹10 crore for 95%+ digital).
Tax audit for doctors, lawyers, CAs, consultants with gross receipts above ₹50 lakh.
Persons opting out of 44AD/44ADA below threshold but showing lower profit must get audit.
Statutory audit is under the Companies Act — opinion on financial statements. Tax audit is under Income Tax Act — verifying tax compliance and certifying the Tax Audit Report.
Tax audit report must be filed by 30th September of the assessment year. The auditor uploads on IT portal and the assessee accepts it.
Penalty u/s 271B: 0.5% of turnover or ₹1,50,000, whichever is less. Additionally, ITR may be treated as defective.
LLPs with turnover above ₹40 lakh or capital contribution above ₹25 lakh must get accounts audited by a CA — filed with MCA in Form 11.