GST registration

Audit of Non-Corporate Entities

a) Audit under 44AB of Income Tax Act

Audit under 44AB of Income Tax Act or more commonly known as Tax audit is a compulsory audit if the annual turnover/receipts of assesse exceeds a specified limit. Such service can be provided by practicing Chartered Aaccountants only. The audit report is given as per format available in the forms 3CA/3CB and 3CD. The objective of Tax Audit is as follows:

  1. Ensuring proper maintenance of books of accounts and other revenue or expense records properly.
  2. Ensuring that total income and claims for deduction are correct and accurate.
  3. Reduce the chances of fraudulent practices.
  4. Helps in facilitating the administration of laws with proper presentation of accounts in front of tax authorities. It also helps save time of Assessing officers who are engaged in carrying out routine verification.

b) Audit of Trust, charitable institutions and others

Our main objective while conducting an Audit of charitable institutions is to allow the assessing officer to convince himself regarding the genuineness of the privileges and exemptions claimed under section 11.We also verify that the trust has complied with rules and regulation guided by the law or ordinance. We ensure proper checking of balance sheets and the Income & Expenditure Account and that they exhibit an authentic and fair view. Such an Audit also includes preservation of books of accounts, data returns from members and other related documents.