Types of Audit for Private Limited Companies

1. Statutory Audit (Mandatory for All Companies)

Every private limited company registered under the Companies Act 2013 must undergo a statutory audit every financial year, regardless of turnover. This is conducted by a practicing Chartered Accountant appointed at the AGM.

Key Requirements:

• Appointment of auditor at AGM within 30 days of incorporation
• Auditor holds office from one AGM to the next
• Audit report must be filed with ROC along with annual returns
• Non-compliance penalty: ₹25,000 to ₹5,00,000

2. Tax Audit (Section 44AB)

Tax audit is mandatory when:

• Business turnover exceeds ₹1 crore (₹10 crores if cash transactions are less than 5%)
• Professional receipts exceed ₹50 lakhs
• Company claims profits lower than deemed profits under presumptive taxation

Tax audit report must be filed in Form 3CA/3CB and 3CD before September 30 of the assessment year.

3. Internal Audit

Internal audit is mandatory for companies meeting any of these criteria:

• Turnover ≥ ₹200 crores
• Outstanding loans/borrowings ≥ ₹100 crores
• Outstanding deposits ≥ ₹25 crores

Even if not mandatory, internal audit support for small businesses is highly recommended to identify financial risks and improve internal controls.

4. GST Audit

Companies with annual aggregate turnover exceeding ₹5 crores must file self-certified reconciliation statement in Form GSTR-9C along with audited annual returns.

Audit Deadlines for FY 2024-25

• Statutory Audit: Before AGM (within 6 months of FY end — by September 30)
• Tax Audit: September 30, 2025
• ITR Filing (with audit): October 31, 2025
• GST Annual Return: December 31, 2025

Choosing the Right Audit Support Partner in Singasandra

Balu Associates is a trusted tax preparation & bookkeeping support service in Singasandra. While statutory and tax audits must be conducted by independent practicing Chartered Accountants under Indian law, we ensure your financial records are immaculate and coordinate seamlessly with qualified auditors for a smooth, stress-free filing process. With 7+ years of experience, we deliver precision and timely support.