Pvt ltd company audit

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

31 August 2011 Dear Experts,

A newly formed pvt ltd company is liable for what regulations..pls clarify

1. Tax Audits
2. Stat Audits
3. ROC matters and other formalities and timliness of filing returns.

Pl explain. Thanks.

Chinmay Kamat

Chinmay Kamat (Expert)
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31 August 2011 Hi,

STATUTORY AUDIT is applicable to all Comapnies registered under companies Act 1956 irrespective of their turnover. It is mandatory as per provision mentioned under Sec 224 of companies Act 1956.
Company has to file its Audited A/c & Annual Return with Roc within 1 month of the Date of their AGM.

Also other statutes like Cooprative Soceties, BANKS , INSURANCE Cos also require to do stat audit as per provisions of their respective acts in which they are being registered .

Where as TAX AUDIT is Applicable to All assessee (Viz; Individual , HUF, Firm, Companies, AJP, LA) on the basis of their Turnover Limit as prescribe under Section 44AB of incometax Act 1961. For A Y 2011-11 turnover limit if exceeding60 Lacs then Tax Audit is Applicable .

For a new company, the AGM has to be held withing 18 months of incorporation (proviso to 166(1))
The Balance Sheet and Profit and Loss account must be drawn out atmost 9 months before such agm. refer: 210(3)(a)

the annual return and balance sheet must be filed within 30 days and 60 days respectovely, after the agm. form 20B and 23AC 23ACA are to be filles.

Hope it helps

Querist : Anonymous

Querist : Anonymous (Querist)

31 August 2011 thanks a lot for such valuable information..

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Chinmay Kamat

Chinmay Kamat (Expert)
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31 August 2011 Ur welcome..