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Partnership Audit and Income Tax Filing

A tax audit is an audit of books of accounts conducted for ensuring compliance with the provisions of the Income Tax Act. In the case of corporates, the Companies Act already mandates that an audit should be performed.

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OVERVIEW
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Overview

To ensure accurate maintenance and correctness of the books of accounts by means of certification of the accounts by a CA and to facilitate the Income Tax Department to verify the truth and correctness of the information constituting the income tax returns filed by the taxpayer

To report observations and discrepancies noted by the auditor after conducting a systematic examination of the books of account

To make available to the Income Tax Department the relevant information required by the Act, including depreciation allowable under the Act and ensuring compliance with the various provisions of the Act

Overview

PAN and Aadhaar Card

Both PAN and Aadhaar Card of all Indian Shareholders and Directors

Identity Proof

Either Voter ID, Passport, or Driving License of the Shareholders and Directors.

Proof of Address

Copy of the latest Telephone Bill, Electricity Bill, or Bank Account Statement of the Shareholders and Directors

Photographs

Latest passport size photographs of all the Shareholders and Directors

Business Address Proof

Either of the latest Utility Bill (Electricity, Telephone, Gas, Water) or Property Tax Bill of the registered office address. Rent agreement and NOC from the owner in case of rented property

Proof of Address

Copy of the latest Telephone Bill, Electricity Bill, or Bank Account Statement of the Shareholders and Directors

Is Tax Audit necessary?

1.

Tax Audit is necessary if the total sales, turnover or gross receipts exceed one crore rupees.

2.

Tax Audit is necessary if the assessee claims profits which are lower than the prescribed limit under the presumptive taxation scheme.

3.

Tax Audit is necessary if the assessee has a total income which is in excess of the basic exemption limit.

4.

Tax Audit is necessary in case the total gross receipts of the business exceed fifty lakh rupees.

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Filing Requirements

Form 3CA

This form should be used when the books of the assessee have already been submitted for audit under other laws. The books may have been audited as per the Companies Act or the Societies Registration Act. I

Form 3CB

This form is used when the books of the assessee are audited exclusively to satisfy the requirements of the Income Tax Act.

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Have Questions? Find Answers Here

1. Minimum two directors and shareholders. One shareholder and director must be an Indian citizen and resident
2. A valid Registered Office Address for the business
3. Documents for shareholders and directors in a clear and legible format
4. Name of the company as per the MCA guidelines
5. Minimum authorized and paid-up capital

There is no minimum Paid-up capital requirement to start a Private Limited Company. However, per the Companies
Act, a company needs to keep a minimum Authorised Capital of {1 Lac divided into 10,000 equity shares with a face
value of 3 10 each. Each shareholder must subscribe to at least 1 share to introduce a sufficient amount for running
the business. The paid-up capital needs to be deposited in the Current Account of the company as Share Capital.

Authorized capital is the maximum amount of capital that a company can raise by issuing shares at present or in the
future. Authorized capital can be increased later as well if the company wishes to raise funds through the issue of
fresh equity. Stamp duty for company registration is paid on the authorized capital.
Whereas, the Paid-up Capital refers to the actual amount paid by the shareholders for issuing shares. One can
incorporate a company in India by any amount of paid-up capital which can be less or equal to the authorized capital.

Director Identification Number (DIN) is a unique number assigned by the Ministry of Corporate Affairs (MCA). It is
issued to Individuals who want to elect as directors in a company or a designated partner in an LLP. There is only
single DIN issued to an individual. DIN can be surrendered at any time with the help of filing appropriate forms with
MCA. AlI DIN holders need to comply with DIR 3 KYC filing for DIN Activation process every year.

Digital Signature Certificate (DSC) is a token issued by the Certified Authorities. A DSC is an Signature used for filing forms with MCA by the directors, promoters, and shareholders. All the directors and the subscribers to MOA (promoters of the company) need DSC for submitting e-forms for incorporation. Director's DSC is also used while filing GSTR, ITR, and ROC forms.Digital Signature Certificate (DSC) is a token issued by the Certified Authorities. A DSC is an Signature used for filing forms with MCA by the directors, promoters, and shareholders. All the directors and the subscribers to MOA (promoters of the company) need DSC for submitting e-forms for incorporation. Director's DSC is also used while filing GSTR, ITR, and ROC forms.
Yes, you can use your residential address to register a Private Limited Company. Either the latest Utility Bill (Electricity, Telephone, Gas, and Water) or Property Tax Bill of the address can be provided as a Business Address proof. In case the property is owned by another family member, you need to attach an NOC in the form. A registered office is a place where the business receives communication from the MCA and other concerned authorities. This address is displayed on the portal of the Ministry as well. Also, the residential address used for commercial purposes may attract property tax applicable to commercial properties.

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