Tag Archives: #StatutoryAudit

What is the threshold limit of Statutory audit due date for Architectural, Engineering and Surveying Services?

Audit Dedline for Architectural The threshold limit of statutory audit dedline for Architectural, Engineering, and Surveying Services in India depends on the annual turnover of the business. Businesses that fall under the category of Architectural, Engineering, and Surveying Services are require to get their accounts audited if their annual turnover exceeds Rs. 1 crore.… Read More »

What is the threshold limit and due date of Statutory audit for Mall Owners?

Statutory Audit for Mall Owners The threshold limit for statutory audit for mall owners in India is Rs. 2 crores. This means that if the total turnover of a mall is more than Rs. 2 crores in a financial year, it is required to get its accounts audited by a chartered accountant. The due date… Read More »

What is the threshold limit and due date of Statutory audit for Freelancers?

Statutory Audit for Freelancers The threshold limit and due date for statutory audit are important considerations for freelancers in India. In India, freelancers determine their eligibility for statutory audit based on their annual turnover. Under the provisions of the Income Tax Act, freelancers must undergo a statutory audit if their annual turnover exceeds Rs. 1… Read More »

How to do the statutory audit of computer repair and maintenance services?

Statutory Audit of Computer Repair To conduct the statutory audit of computer repair and maintenance services, follow these steps: 1. Gather Financial Records: Collect all financial documents related to your computer repair and maintenance business, such as income statements, balance sheets, cash flow statements, and relevant invoices. 2. Identify Applicable Standards: Determine the relevant… Read More »

How to do the statutory audit for Motor & Truck Rental Services?

Statutory Audit for Motor & Truck Financial compliance Statutory audit of Motor & Truck Rental Services in India involves a systematic examination of the financial records, transactions, and operations of the business to ensure compliance with legal and regulatory requirements. Here’s how it can be done: 1. Understanding the Business and Scope of… Read More »

What are the key objectives of a statutory audit for Motor & Truck Rental Services?

Statutory Audit Objectives for Motor & Truck The statutory audit objectives for Motor & Truck Rental Services in India serves several important objectives. Firstly, it ensures compliance with legal and regulatory requirements, including the Companies Act and the Income Tax Act. This involves examining financial statements to verify their accuracy and adherence to applicable… Read More »

What is the threshold limit of Statutory audit due date for Automotive Repair Services?

Statutory Audit for automotive repair The threshold limit for statutory audit for automotive repair services in India is Rs. 1 crore. This means that businesses with an annual turnover of more than Rs. 1 crore are required to have their books audited by a chartered accountant. The statutory audit is a mandatory requirement for… Read More »

How do you ensure that your engineering processes and practices comply with the relevant statutory audit requirements?

Statutory Audit Requirements Ensuring compliance with relevant statutory audit requirements in engineering processes and practices involves several steps to maintain transparency and accountability. Here’s a detailed explanation: 1. Documentation and Records: Maintain comprehensive records of all engineering activities, processes, and decisions. This includes design plans, technical specifications, project timelines, and communication records. Having accurate… Read More »

What is the threshold limit of Statutory audit due date for Organizations, Charitable and Social Service?

Threshold Limit of Statutory Audit The threshold limit of statutory audit and the due date for Organizations, Charitable, and Social Service entities in India are as follows: 1. Threshold Limit: Organizations, Charitable, and Social Service entities in India can requir to undergo a statutory audit if their total gross receipts or total income in… Read More »

What is the threshold limit of Statutory audit due date for School, Colleges, Universities, Professional Schools?

Statutory audit dedline for School The threshold limit for statutory audit dedline for School different entities in India, including schools, colleges, universities and professional schools. If an entity’s total gross receipts or turnover exceeds ₹1 crore in a financial year, they required to undergo a statutory audit. This means that if a school, college,… Read More »