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If somebody is necessary to get its account audited below another legislation, then is it compulsory to find the accounts audited underneath Section 44AB also?
It is always needed for the secretarial auditor to receive a letter of commitment within the client and also to formally approve a letter of commitment.
As per Part 44AB of your Money Tax Act, 1961, specified people who will be carrying on a business or occupation are necessary to get their publications of accounts audited by a practising Chartered Accountant. If the whole volume of sales, turnover or gross receipts exceeds Rs.
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If publications of account are held in many places, the auditor have to supply the addresses of all sites and also the knowledge on the textbooks of account preserved at Every single location.
Secretarial inspection is an intensive overview of all The principles, polices and regulation connected with the organization. When finishing up a secretarial review, the Group might conform with numerous regulations and legislation according to its space of Procedure.
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Getting turnover/gross receipts from business enterprise/occupation exceeding the bounds can make 1 accountable for a tax audit.
The Chartered Accountant tasked with getting ready and protecting the assessee’s guides of account must not audit these accounts.
Carrying about the organization and is not suitable to assert presumptive taxation underneath Part 44AD resulting from opting out for presumptive taxation in Anyone money yr of your lock-in period of time i.e. five consecutive a long time from in Tax Audit in Delhi the event the presumptive tax plan was opted
Any associate or staff of an experienced firm of Chartered Accountants is not really permitted to audit the business’s accounts.
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