Tax & Statutory Audit
Tax Audit under the Income Tax Act
Tax Audit under the Income Tax Act

Tax Audit under section 44AB of the Income Tax Act, 1961
Tax Audit Report Forms
Step - 1 - FORM NO. 3CA
The tax audit report needs to be prepared as per prescribed form 3CA in case the assessee is also required to get its books of accounts audited under any other law. For instance in cases of the company, every company is required to get the books audited under the companies act, 2013.
step - 2 - FORM NO. 3CB
In case the assessee /taxpayer is not required to get its books of account audited under any law then the tax audit report need to be prepared as per prescribed form 3CB. For instance, in case of a salaried individual or firms, if their income is more than Rs. 1 crore.
step - 3 - FORM NO. 3CD
Form 3CD is an annexure to form 3CA or 3CB as the case may be. The tax auditor is required to fill particulars of the taxpayer for which tax audit was conducted. The form 3CD is in the form of an information memorandum and forms part of the audit report u/s. 44AB.
Difference Between Tax Audit & Other Forms of Audit
Step - 1 - Audit Under Company Act
Every company registered in India under the companies act,2013 is required to get its books of account audited irrespective of its turnover. This kind of audit is a thorough checking of the books of account, the vouchers and supporting documents so that the auditor can express their opinion as required under the law.
Step - 2 - Audit Under LLP Act
Under LLP act, 2008 only those LLP is required to get their books audited where the contribution/capital of the LLP is equal to or more than 25 lac or where the turnover of the LLP has reached or crossed Rs. 40 lac. The scope of the audit is similar to company audit, and it also is known as the statutory audit for LLP.
Step - 3 - Audit Under GST
The new law of The goods and services tax act imposes a universal audit on all persons registered under GST act in case the turnover of the taxpayer is equal to or more than one crores. This audit is a detailed reconciliation report prepared and certified by a practicing chartered accountant concerning the GST Act.
How Audit Under Income Tax Act is Different from Statutory Audit
Statutory Audits
In India, various laws and regulatory bodies like the Reserve Bank of India, Income Tax, and Companies Act, etc. establish the requirement and provisions of statutory audit. Only A Chartered Accountant in practice is authorized to conduct the statutory audit.
Finanezy is one of the leading Statutory Audit firm & Tax Audit Firm to perform Auditing Services & Tax Audit Services including all Statutory & Other Laws Audit services for Income Tax & Others in Noida, Delhi, Gurgaon, NCR & All over India.
Statutory Audits of Companies:
Companies Act 2013 makes it compulsory for every company to get its accounts audited by a chartered accountant in practice. This Auditor is called a Company Auditor & this activity is called a Company Audit. Provisions of the Company Audit Report Order (CARO) have to be taken into consideration while doing the statutory audits. Finanezy prepares an extensive audit plan and strictly adheres to it during the audit to identify the key observations and advice to enhance productivity and achieve results at the same time.
First, we identify the applicability of Ind-AS or not. Generally, Ind- AS is applicable to the below entities.
1). All listed companies.
2). Unlisted companies having net worth greater than or equal to ₹ 250 crores.
All the Parent, Subsidiary, Associate, and Joint Venture of the above-mentioned point 1 & 2 companies. Once IND AS is applicable, an entity should be required to follow IND AS for all the subsequent financial statements.
Our Detailed Audit files & documentation for Statutory Audit Services in India makes us one of the Leading Audit Firm in India:
Generally, there are two types of files in case of recurring audits in India:
A) Permanent Audit Files means where we keep all the structural records of the company. This starts from Auditor appointment papers, All the documents relating to the previous auditor, All the Records of Organization Key documents including details of ownership, All Legal documents, All the previous audited financials as well as all the SOPs & related systems & procedures for the entity & a lot of others.
B) Current Audit Files means where generally records related to the current audit period are kept. This includes all the Resolutions and minutes of the current period, the Entire Audit planning & Audit Programme, All the working papers for audit including balance confirmations, All the statements & reconciliations, Compliance status records & all other working papers used in the audit.
Why choose us for Audit Services?
We, at Finanezy, a leading Statutory Audit Services Firm, Tax auditing services firm & Consultants in India have a dynamic team of professionals & Statutory Auditors who understand the sole purpose of Statutory Audit Services in India which is to understand whether an organization’s financial statements represent a true & fair view or not. We have our complete Statutory Audit checklist in place to perform audit services and that are too specific for each of the industries from manufacturing, trading, online, E-commerce as well as Service Companies in India.