Statutory audit

Statutory Audit 1561 views 4 replies

George

Founder

28 Points Posted on 17 February 2013

I formed a Private limited company in June 2012. The quarterly IT filings have been done regularly. The company has not had any income till date. and the Current Account has barely had 2-3 transactions. Expenditures incurred have also been paid from my own pocket and I have not documented these expenses on the company account. All this has been primarily due to lack of proper guidance. Coming to my actual query.... I guess I need to get the Statutory Audit done for the company, but what will be audited in this and how can I get this done in a cost effective way. Please guide me on resources that will help me manage the expenses better so that I can at least incur these expenses to be offset from future income and how to tackle the pending Statutory Audit issue. Incidentally what would be the cheapest way to get this compliance taken care of?

Replies (4)

raj kamal singh

Auditor

528 Points Posted on 17 February 2013

if u ve no income,why u filing it return n wht u r filing in it.statutor audit may be avoided as ur co is jst 6 month old for f.y 2012-13,,(1st f.y can be more than 12 months)so u may audit for 18 months in nxt yr 2014 .know difference between propertiship &company.if u r new in business,start propertiorship,as,u ve not to follow any mandatory rules applied 4 co,u can maintain ur acounts on cash basis,u do as u wish.if businers flourishes,den,convert into company.in my opinion,forget u formed co n now start propertiorship fresh or covert it into proptshp,as,it wil cos -effective.majority business of vijay mallya in proptshp,so,nothing to shame.

Abhisek Rungta

PRACTISING CHARTERED ACCOUNTANT

234 Points Posted on 18 February 2013

Hey income tax returns are to be filed for the financial year 2012-13 which is going to end on March'2013 and you will have time till Sep'12. So you wud have to file Income Tax returns.

And Tax Audit whill be required to be done by CA if your turnover is more than 1 Crores and you can go for presumptive taxation when the Turnover is less than 1 crore

CA VEERENDRA MURASHILLIN HUBLI

CHARTERED ACCOUNTANT

123 Points Posted on 18 February 2013

safest way is to eait for mar 31 to happen and get a/c audited before due date. Cheapest way is to hire fresh CA who can serve you better at reasonable cost unlike non-freshers who find difficult to spend time for you