Audit & Assurance Services
Keep Risk under check with our systematic Audit and Assurance services
Audit & Assurance Compliances helps to keep a tab on how your business adhering to Taxation Operational & Legal compliances as well as towards maintaining transparency in business operations to meet the expectations of all stakeholders. We are a proven top audit firms in Mumbai who have the capability to handle Audit & Related Compliances Following types of Audit and Assurance Assignments.
- Tax Audit:-
Tax Audit requirement under Income Tax Act 1961 is turnover based and Tax Audit is applicable to only those Taxpayers whose turnover exceeds specified Limits in the previous year. As provided in Section 44AB of Income Tax Act, the turnover for tax audit applicability is Rs 1 cr for Trader & manufacturer of Goods while for Provider of Services Gross receipt limit is Rs 50/- Lakh. Further Tax Audit also required in case a person is declaring lower net profit while declaring income U/s 44AD, 44ADA or 44AE. The last date / due date to submit Tax Audit in 30th September of Assessment Year. The tax Audit report is submitted in for 3CA-3CB. The whole procedure of tax audit is to ensure the Income Tax compliance has been properly manner. Our Tax Audit team is well equipped and train to handle Tax Audit systematically and time-bound manner.
- GST Audit:-
GST Act of 2017 prescribes yearly Audit under GST regime return and Provide a GST Audit report which is also known as GST reconciliation report (As the nature of Audit Under GST) in Form No GSTR-9C.The Prescribed Limit for GST Audit limit is 2 cr exceeding which a Registered GST Dealer or Service Provider need to undertake audit under GST. GST Audit Due date for the 1st year of GST Audit has been extended to 30th August 2019. Audit Under GST can be Undertaken only after filing of Annual GST Return in the form of GSTR 9. MGR & CO. Chartered Accountants has been Pioneer in GST Compliance and Training and Our Team has been trained in line to provide complete and correct GST Audit within due date for GST Audit.
- Statutory Audit:-
The Audit as prescribed in Company Act 2013 is known as Companies Audit, however, any audit provided in any statute (i.e. Law can be termed as statutory audit, Hence even Tax Audit and GST Audit can also be called statutory audit. However many time company audit and statutory audit words are used Interchangeably. Every Company registered under companies act 2013, have mandatorily need to undertake a yearly audit to check compliance with companies act and prescribed accounting standards, to see if books of account have been presented in a reasonably fair manner and disclosing required information for its stakeholders. The statutory audit needs to be carried out by statutory auditor appointed by the company as per the appointment of auditor provisions of companies Act. MGR & Co. Chartered Accountant has a dedicated team of Experienced Partners and qualified team to undertake Company audit as per audit provisions and respective rules of statutory audit for companies registered under Company Act 2013.
- Other Audits:-
We also undertake following statutory and non-statutory audits, such as Bank Branch Audit, DP/Stock audit, TDS audit, Statutory audit of banks, Concurrent Audit, Internal Audit, Cost Audit, Due Diligence, Inventory audit for Insurance Claim, Proprietory audit, Operational Audit, Litigation support Audit, Compliance Audit, Business Process audit, Forensic Audit, Management Audit, Revenue Audit,