Tax Audit is an independent audit by a chartered accountant in full-time practice concerning the matters related to Taxation only and a report confirming that there is no concealment of income by the taxpayer and that there is no non-payment of tax liability and the same has been paid on due dates. The tax audit is a statutory obligation on the part of the taxpayer and is applicable on all cases where the turnover or the gross receipts during the previous year is more than the limit prescribed under section 44AB for the respective assessment year. The due date for filing the tax audit report is 30th September of the assessment year. In case the audit report is not submitted within its due date then the taxpayer is required to pay a penalty of an amount equal to 1.5% of the gross receipts/turnover, however, subject to a maximum fine of Rs. 1.5 lac.
The tax audit report needs to be prepared as per prescribed form 3CA in case the assessee is also required to get its books of accounts audited under any other law. For instance in cases of the company, every company is required to get the books audited under the companies act, 2013.
In case the assessee /taxpayer is not required to get its books of account audited under any law then the tax audit report need to be prepared as per prescribed form 3CB. For instance, in case of a salaried individual or firms, if their income is more than Rs. 1 crore.
Form 3CD is an annexure to form 3CA or 3CB as the case may be. The tax auditor is required to fill particulars of the taxpayer for which tax audit was conducted. The form 3CD is in the form of an information memorandum and forms part of the audit report u/s. 44AB.
While the Stautory audit as required under the companies act 2013 or the Limited Liability Partnership Act, 2008, is general in nature and comprehensive. The scope of work under the statutory audit involves detailed checking of books of account maintained by the company or LLP. The statutory auditor is required under law to express a written opinion whether the books of account and records kept by the company or LLP gives a true or fair view of the affairs of the business or not. Whereas the tax audit as required under the Income tax act has an entirely different objective, wherein the tax auditor is required to prepare a detailed report in a specified format, ie. 3CA/ 3CB and 3CD giving details of the compliance with various provisions of the income tax act. In other words, the tax audit is narrow in its scope in comparison with the statutory audit.
Tax Audit is an independent audit by a chartered accountant in full-time practice concerning the matters related to Taxation only and a report confirming that there is no concealment of income by the taxpayer and that there is no non-payment of tax liability and the same has been paid on due dates. The tax audit is a statutory obligation on the part of the taxpayer and is applicable on all cases where the turnover or the gross receipts during the previous year is more than the limit prescribed under section 44AB for the respective assessment year. The due date for filing the tax audit report is 30th September of the assessment year. In case the audit report is not submitted within its due date then the taxpayer is required to pay a penalty of an amount equal to 1.5% of the gross receipts/turnover, however, subject to a maximum fine of Rs. 1.5 lac.
The tax audit report needs to be prepared as per prescribed form 3CA in case the assessee is also required to get its books of accounts audited under any other law. For instance in cases of the company, every company is required to get the books audited under the companies act, 2013.
In case the assessee /taxpayer is not required to get its books of account audited under any law then the tax audit report need to be prepared as per prescribed form 3CB. For instance, in case of a salaried individual or firms, if their income is more than Rs. 1 crore.
Form 3CD is an annexure to form 3CA or 3CB as the case may be. The tax auditor is required to fill particulars of the taxpayer for which tax audit was conducted. The form 3CD is in the form of an information memorandum and forms part of the audit report u/s. 44AB.
While the Stautory audit as required under the companies act 2013 or the Limited Liability Partnership Act, 2008, is general in nature and comprehensive. The scope of work under the statutory audit involves detailed checking of books of account maintained by the company or LLP. The statutory auditor is required under law to express a written opinion whether the books of account and records kept by the company or LLP gives a true or fair view of the affairs of the business or not. Whereas the tax audit as required under the Income tax act has an entirely different objective, wherein the tax auditor is required to prepare a detailed report in a specified format, ie. 3CA/ 3CB and 3CD giving details of the compliance with various provisions of the income tax act. In other words, the tax audit is narrow in its scope in comparison with the statutory audit.
Company registration in India is a straightforward, online process. It involves submitting the SPICe+ form to the Registrar of Companies (ROC). At Setindiabiz, we ensure accurate completion and filing of the SPICe+ form along with the required documentation. So, for a seamless end-to-end company registration process in India, hire us as your Company Registration consultant.
Company registration cost in India depends on the number of shareholders and directors, the company’s authorised capital, and the location of the registered office. These costs can vary based on your company’s specifics. For cost-effective company registration, turn to Setindiabiz. We offer competitive pricing, and comprehensive, end-to-end quality services.
Choosing the right type of company registration for startups is critical. It impacts the liability of owners, compliance burden, growth potential, and fundraising ability of the business. Among the different types of companies available in India, a Private Limited Company happens to be the most favoured. This is due to its benefits such as limited liability protection, ease of securing funding, enhanced credibility, and continued existence. It’s vital to consider your specific business needs, growth plans, and available financial resources. With Setindiabiz, you receive expert guidance through this process, helping you make the most beneficial decision for your startup.
Registering a small company in India requires a capital not exceeding Rs.4 crores and a turnover not exceeding Rs.40 crores. The registration process is similar to that of a private limited company, which involves obtaining digital signatures for promoters, applying for a unique company name, drafting official company documents (MOA and AOA), and submitting the SPICe+ form. After approving the application, the ROC issues a Certificate of Incorporation in the Company’s name. Setindiabiz assists in accurately and promptly completing these steps.
Registering as a Private Limited Company offers many benefits. These include limited liability, protection of shareholders’ personal assets against company debts, enhanced credibility, easier fundraising, and simplified ownership transfer. It suits businesses of all sizes, from startups to large enterprises.
However, your business goals and industry should guide your decision to register as a Limited Company. At Setindiabiz, we help you navigate these factors to choose the best structure for your business.
You can effortlessly verify the registration status of a Private Limited Company online on the Ministry of Corporate Affairs’ website. If you need assistance, our team at Setindiabiz is available for your help. Here’s a step-by-step guide on how to check company registration status:
The online Company Registration in India typically takes around 2-7 days. It may take longer if the documents are not in order, or the details submitted are incorrect.
For Pvt Ltd Company Registration in India, you need KYC documents of the promoters. You also need proof of the company’s registered office address and a No Objection Certificate from its premises owner.
Yes, a foreign national can register a Company in India, provided one of the directors is an Indian resident. All the other requirements and the core process of company registration are similar to that of an Indian national.
The most important benefit of Pvt Ltd Company registration online is its quick, online, and efficient process. It drastically reduces paperwork, time overruns, and allows real-time tracking of the application status.
Once the incorporation of company is complete, the ROC issues a Certificate of Incorporation. Along with it, the Company also receives PAN and TAN. The company can then open a bank account and commence its business operations. For this, it will have to file INC 20A Form to the Registrar of Companies.
Yes, it’s possible to handle the Private Limited Company Registration process by yourself. However, it involves a good understanding of the Companies Act and the registration process. So, hiring a professional company registration service provider like Setindiabiz can ensure the success of your application.
Company Registration and Company Incorporation are one and the same thing. Both refer to the process of legally forming a company or a corporate entity. After a company gets registered or incorporated, it becomes a distinct entity under the law.
Setindiabiz offers expert, efficient, and affordable services for Private Limited Company Registration in India. With a team of seasoned professionals, we ensure seamless registration, saving you time and removing any legal roadblocks.
A director in a Private Limited Company plays a pivotal role in decision-making. They are responsible for strategic direction, compliance, and maintaining the company’s financial health.
Yes, a Private Limited Company must meet several annual compliance requirements. These include annual returns filing, financial statement preparation, and holding an Annual General Meeting. Non-compliance with annual requirements can lead to penalties and fines imposed on directors.
Yes. With Setindiabiz, you can register your company anywhere in India. Our company registration service is completely online and you can avail it from the comfort of your home. You can also approach our offices in different cities all over India for customized assistance.
SPICe+ is an integrated form for Private Limited Company Registration in India. It has greatly simplified and streamlined the incorporation process.
Company names should be distinctive, not similar to existing companies, and should ideally signify the business’s nature. At, Setindiabiz, we help you check the availability of your proposed company name and suggest any changes if required.
Yes, a Private Limited Company can have foreign directors, provided at least one director is a resident of India.
A DSC is an electronic signature, providing an identity to a person online. It’s necessary for filing e-forms on the MCA portal for online company registration in India.
Authorized capital is the maximum amount of capital a company can issue to shareholders. Paid-up capital is the amount of money a company has received from shareholders in exchange for shares.
Shareholders own the company in the ratio of their shareholding, while directors manage its internal affairs.
GST Registration is mandatory if a company’s annual turnover exceeds Rs.40 lakhs. However, it’s mandatory for conducting interstate operations, irrespective of turnover.
You can close a Private Limited Company at will or by order of the Tribunal. Voluntary closure might include settling all liabilities, preparing a declaration of solvency, and filing an application to the ROC.
Yes, you can convert your Private Limited Company into an LLP. For this, you need to follow the procedures and conditions outlined in the Companies Act, 2013 and LLP Act, 2008.
The Certificate of Incorporation is a legal document related to the formation of a company or corporation. It is a license to form a corporation issued by the government or its agency.
No, you require at least two members to form a Private Limited Company in India. However, one person can form a One Person Company (OPC).
A company can change its registered office by following the procedures laid down in the Companies Act, 2013. This includes passing a board resolution, notifying the ROC, and updating the address in company records.
Startup Company Registration in India is a process to set up a new private limited company. The steps involved are similar to any other company incorporation process. However, you may consider obtaining the DPIIT Recognition for your Startup Company and avail several benefits under the startup India initiative of the Government.
Startup Registration is an application based process and usually takes 7 days for completion. If the application and documents filed are incorrect, it may take longer.
We provide vide range of services from business startup registrations to complete compliance services under expert professional guidance
Once you decide to avail our services, we will provide a single point of contact, who will help you throughout the process, this will ensure smooth flow of work without any hassle.
We are very committed to serve you with the best of our capabilities. You can reach out to us via call, email, whatsapp, anytime, anyday and we will revert back with the resolution at the earliest possible on all our working hours.
We are amazingly affordable while delivering high-quality professional service. We can assure that our pricing plans will always be competitive compared to any other similar service providers.
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