Turnover limit for OPC audit ?

Page no : 2

Christine Diaz (132 Points)
Replied 10 May 2021

Thanks Poornima madam :) Thanks so much !

1. Is 25k large sum for such statutory audit ?

2. Should i given them monthly bank statement or yearly for audits ?

3. Will there be monthly audit or yearly audit on their side ?

CMA Poornima Madhava (CMA) (13097 Points)
Replied 10 May 2021

1) No (it can be even more depending on the scale of operations)

2) Yearly (but frequency can vary if you want)

3) Yearly

Your Auditor can provide you precise information regarding the process of audit.

Christine Diaz (132 Points)
Replied 10 May 2021

Thanks for all replies :)

Should the company director pay gst too madam ? I will taking 45 lakhs as director salary out of 54 lakhs company income ?

Thanks !!!!

Very helpful .

Chirag (Professional) (1979 Points)
Replied 11 May 2021

Just to add ,for companies there is no need of tax audit u/s 44AB because statutory audit under companies act is so comprehensive that it also includes taxation aspects ,IT Department relay on it and you can file ST audit at portal before filing ITR ...