Turnover limit for OPC audit ?

Quick Summary
This discussion clarifies the audit requirements for One Person Companies (OPCs). It explains that statutory audit is mandatory for OPCs regardless of turnover, distinguishing it from tax audits under the Income Tax Act and GST. The conversation also covers the documentation required for a statutory audit, such as bank statements and invoices, and addresses common concerns about auditor fees and the audit process.

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 ?

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.

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 .

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 ...

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register