Exemption of note on internal financial controls

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Priyanka.S (Querist)

22 December 2017 1.A Company till now dt: 22-12-2017 has not filed its return and financial statements due to some reasons.Now they want to file IT return.While preparing Audit Report, Is it necessary to include note on Internal Financial Controls in Audit Report.
(Note:Its a Private Company having Turnover less than 50 Crores and Borrowings less than 25 Crores)
2.What are the conditions required for a company to file 3CA and 3CD?

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)

22 December 2017 1.Necessary to include report on internal financial control since the condition
mentioned in Notification GSR 583(E) dated 13-06-2017 is not met.

2. If turnover / gross receipts > Rs. 1 crore.

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Priyanka.S

Priyanka.S (Querist)

22 December 2017 Sir Can you give a small notes to be included in Auditors Report that Company has not filed its Financial Statements within due date because the company name has been strike off from name of companies of ROC

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)

22 December 2017 If company is struck off, don't file Income tax return because the assessee is
no more.

Priyanka.S

Priyanka.S (Querist)

23 December 2017 Now the ROC has declared the company status as active and now want to file IT return.Please give a notes to be included in Audit report for this issue

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