Q - A newly setup company (under co act 2013) having turnover of rs. 100000/- and having net profit of around Rs. 30000/- for the FY 17-18. My questions is that whether such company need to submit tax audit report under section 44AB?
"Provided that in a case where such person is required, by or under any other law to get his accounts audited by an accountant, it shall be sufficient compliance with the provisions of this section If such person gets the accounts of such business or profession audited under such law before the specified date and obtains before that date the report of the audit as required under such other law and a further report in the form prescribed under this section."
after reading this, I think, tax audit is compulsory for companies.
limited company and one person company are required to obtain a tax audit every year, irrespective of annual turnover or capital. Also, maintenance of book of accounts is mandatory for company, irrespective of annual turnover.
Section 44AB provides that, if a person is required by or under any other law to get his accounts audited, then he need not again get his accounts audited to comply with the requirement of section 44AB. Is such a case, it shall be sufficient if such person gets the accounts of such business or profession audited under such law and obtains the report of the audit as required under such other law and also a report by the chartered accountant in the form prescribed under section 44AB, i.e., Form No. 3CA and Form 3CD (refer to next FAQ for relevance of these forms).
***(if a person is required by or under any other law to get his accounts audited, then he need not again get his accounts audited to comply with the requirement of section 44AB)
Section 44AB provides that, if a person is required by or under any other law to get his accounts audited, then he need not again get his accounts audited to comply with the requirement of section 44AB.Is such a case, it shall be sufficient if such person gets the accounts of such business or profession audited under such law and obtains the report of the audit as required under such other law and also a report by the chartered accountant in the form prescribed under section 44AB, i.e., Form No. 3CA and Form 3CD (refer to next FAQ for relevance of these forms).