An Assessee is liable to get his Tax Audit done by a Chartered Accountant mandatorily, if in the previous year:

       (a) The Person is carrying on business and his Total Sales/Turnover exceeds Rs. 2 Crores or

       (b) The Person is carrying on Profession, and his Gross Receipts exceed Rs. 50 Lakhs or

       (c) The Person is carrying on business or profession and is covered under the provisions of section 44AD, 44AE, 44AF, 44BB

            or 44BBB and claims that his income from the said business is lower than the deemed profits and gains computed under

            the relevant section.

The Due Date of filing of Income Tax Return of an Assessee liable to get his Tax Audit done under Section 44AB is 30th September. In case of Corporate Assessee’s who are required to furnish a report under Section 92E for International transactions – the due date is 30th November.

Statutory audits are conducted in accordance with the Companies Act, 2013 and Standards on Auditing issued by the Institute of Chartered Accountants of India. We act as the statutory auditors of Public Limited Companies, Private Limited Companies ,Limited Liability Partnership (LLP), Partnership Firms, Charitable Trusts & Institutions, Societies, Clubs, Educational Institutions etc. It is mandatory for a company in India to get the Statutory Audit of its financial statements done according to the provisions of Companies Act 2013.

The Board of Directors of a Company are required by law to appoint an Auditor within 30 days of incorporation and thereafter conduct an audit of its financial statements each financial year. The accounts of a Limited Liability Partnership (LLP) must be audited if it has an annual turnover of Rs.40 lakhs or more or Rs.25 lakhs or more capital contribution.

Our Key Deliverables

       1. Statutory Auditors' Report

       2. Report under Companies (Auditor’s Report) Order (“CARO”), 2016

       3. Report on Internal Financial Controls Over Financial Reporting (IFCFR).

In Transfer Pricing Audit, a Chartered Accountant is required to comment on pricing of transactions between two or more associated enterprises vis- vis also commenting on Arm’s Length Price by applying any of the following most appropriate method prescribed under Transfer Pricing regulation:

• Comparable Uncontrolled Price Method
• Resale Price Method
• Cost plus Method
• Profit Split Method
• Transactional Net Margin Method

The taxpayer may choose any method which is most appropriate based on the facts and circumstances in his case.

The Applicability of Transfer Pricing can be better understood from following chart:

We can assist you in:

• Determining the Arm Length Pricing.
• Preparation of Transfer Pricing Report.
• Conducting Transfer Pricing Audit.
• Representation before taxing authorities.

Our emphasis is on ensuring strong control systems to minimise the risk of accidental or deliberate errors and omissions. Our objective is to ensure that resources of the organisation are optimised to deliver maximum possible value.

How can we help:

We assist clients in conducting

• Stock/inventory verification
• Age-wise analysis
• Variance analysis by comparing actual with book records
• Setting-up stores manuals
• Improving systems.

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Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently

Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently

At A.Chandak & Co., we provide wide range of Services. 

A trustworthy name, A Chandak & Company is a professionally managed & service oriented. Our firm provides quality service to our clients because of our dedication to our underlying principles. We offer financial advice, audit accounts and provide trustworthy information about financial records.