QUERY AGAINST TAX AUDIT AND COST AUDIT AND COMPANY AUDIT

[Mail Box]

Dear Sir/Ma'am,
Actually, i am very confused and unhappy with my auditor because i am director of shestha india pvt ltd and i also finialized my company books of account but when i submit the finalized data to my auditor month of sep, 2023 then 20 days ago my auditor tell me your company is out of the tax audit thershold limit as well as they told me your company audit is exist under company audit act.

if my company turnover for assesment year (2023-24) approx. 3cr and my GP is 20% and NP is 1.22%


1. Please anyone tell me what is threshold limit of TAX AUDIT any profit creiteria limit & due date & interest & penalty please give me the complete provision, rule, circular, notification for pvt ltd company tax audit. ?

2.Please anyone tell me what is threshold limit of company audit any profit creiteria limit & due date & interest & penalty please give me the complete provision, rule, circular, notification for pvt ltd company company audit. ?

3. Please anyone tell me what is threshold limit of cost audit any profit creiteria limit & due date & interest & penalty please give me the complete provision, rule, circular, notification for pvt ltd company cost audit. ?

4. Please anyone tell me what is threshold limit of statutory audit any profit creiteria limit & due date & interest & penalty please give me the complete provision, rule, circular, notification for pvt ltd company statutory audit. ?

Please resolve my query with pracical example whether profit based/ thereshold limit based/or any other provision which is assigned by the company act 2013

Thanks & Regards
Shreshtha India Pvt Ltd

AI Summary

Director Confused Over Audit Requirements; Clarification Sought on Tax Audit Criteria Under Section 44AB(a) and Deadlines A director of a private company expressed confusion over audit requirements after being informed by their auditor that the company is not subject to a tax audit but falls under the company audit act. The director sought clarification on the threshold limits, profit criteria, due dates, interest, and penalties for tax, company, cost, and statutory audits. A respondent clarified that a tax audit might not be necessary if cash transactions are below 5% of total receipts and payments, despite turnover exceeding 1 crore, as per section 44AB(a). The deadline for filing the Income Tax Return is October 31.