QUERY AGAINST TAX AUDIT AND COST AUDIT AND COMPANY AUDIT, Income Tax

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Dear Sir/Ma'am,
Actually, i am very confused and unhappy with my auditor because i am director of shestha india pvt ltd and i also finialized my company books of account but when i submit the finalized data to my auditor month of sep, 2023 then 20 days ago my auditor tell me your company is out of the tax audit thershold limit as well as they told me your company audit is exist under company audit act.

if my company turnover for assesment year (2023-24) approx. 3cr and my GP is 20% and NP is 1.22%


1. Please anyone tell me what is threshold limit of TAX AUDIT any profit creiteria limit & due date & interest & penalty please give me the complete provision, rule, circular, notification for pvt ltd company tax audit. ?

2.Please anyone tell me what is threshold limit of company audit any profit creiteria limit & due date & interest & penalty please give me the complete provision, rule, circular, notification for pvt ltd company company audit. ?

3. Please anyone tell me what is threshold limit of cost audit any profit creiteria limit & due date & interest & penalty please give me the complete provision, rule, circular, notification for pvt ltd company cost audit. ?

4. Please anyone tell me what is threshold limit of statutory audit any profit creiteria limit & due date & interest & penalty please give me the complete provision, rule, circular, notification for pvt ltd company statutory audit. ?

Please resolve my query with pracical example whether profit based/ thereshold limit based/or any other provision which is assigned by the company act 2013

Thanks & Regards
Shreshtha India Pvt Ltd

Posts / Replies

[Padmanathan Kollengode]

Dear director,

Even though your turnover is above 1 Cr, Income tax audit may not be required up to Rs.10 Crore if aggregate cash receipt and payment does not exceed 5% of total receipt and payment. This is as per proviso to section section 44AB(a).

However, the due date for filing Income Tax Return is October 31, that is today under section 139.

Hope this solves your query.