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Audit and Taxation Services

About Audit and Taxation Services

The main aim of Munafawala Audits and Taxation Services is for protecting the shareholders of a company. Since auditing indicates a company’s business health and its performance, it helps in strengthening the confidence of investors. An ever changing and growing business environment along with the need for companies to be in sync with the global standards has given rise to competitiveness and the requirement of high-quality performance standards.

All India ITR provides excellent audit examination on the financial report of an organization. We cater our clients on the following factors:

  • Statutory Audit
  • Tax Audit
  • Internal Audit

Statutory Audit

Statutory Audit

All things regulated by the state law is defined as statutory. Statutory audit is referred to the inspection which is officially made by an independent party upon a company. A statutory audit involves the auditing of the company’s book of accounts as per requirement to ensure that the company’s financial records are presented accurately and correctly. Generally, in India, statutory audit deals with all the requirements as mandated by the Companies Act, 2013.

The right approach for performing statutory audit

The consistent questioning and microanalysis involved in the statutory audit can be daunting for the employees as well as the company. Irrespective of the size of the company or its net value, the audit procedure is the same which is why it is important to be prepared prior to the audit.

The following stages are involved in the process of statutory audit:

  • Plan for the audit.
  • Making a draft of the schedule and the plan.
  • The Audit
  • Verification of numerous registers and files.
  • Auditors will then physically verify the stock-in trade.
  • Presentation of the important files.
  • Discussion and feedback
  • Finally, the audit report is presented.

Tax Audit

When business is being conducted it is vital to have a knowledge of what exactly you are stepping into, what you need and how much you owe. All India ITR provides legal provisions applicable to tax audit so that you could conduct a legal and correct operation of the business.

Tax Audit

Section 44AB of the Income Tax Act 1961 covers the provisions for tax audits in India. This section states that anyone falling below one of the following categories must have their accounts audited by a professional Chartered Accountant. The audit report must then be submitted before the due date of filing income tax return.

  • Any business whose total turnover, sales or gross receipts exceeds Rs. 1 Crore.
  • Any professional whose gross receipts is more than Rs. 25 Lakhs.
  • Any business whose profits and gains from the business are calculated on a presumptive basis as per section 44AE, 44BB or 44BBB, however, the claim made on their income is lower than the actual profits or gains of business.
  • Any business whose profits and gains from the business are calculated on a presumptive basis as per section 44AD however, the claim made on their income is lower than the actual profits, but exceeds the maximum non-chargeable amount of income tax.

Internal Audit

Internal Audit is a key factor in determining the assurance in the state of affairs of a business entity. As the name suggests, internal audit involves auditing within the entity. The role of internal audit is to understand, determine risks and evaluate the controls inside a business. Through this, a company can make optimum use of resources and identify any liabilities which can be harmful to business.

Advantages of Internal Audit

  • Growth in the size of businesses.
  • Internal Audit is a risk management as it helps understand exposure to any risk and provides internal controls to manage such risks.
  • Increases transparency for establishing a sound corporate governance.

Functions of All India ITR as an Internal Auditor

  • We review the operations, policies, and procedures of our clients to provide a better management system for fair policies and processes.
  • Providing assurance on risks is our focus. Our auditing service ensures that the business is managed as per the exemplary limits laid down by the Board of Directors.
  • Our team of experts examine and evaluate the effectiveness of the internal control system as well as provide professional advice on improving effectiveness.
  • We assist the management in fulfilling its responsibilities for prevention or detection of fraud.
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Reason to Choose us

We offer award-winning, low-rate mortgage loans with no ongoing fees, saving our customers thousands of dollars.

Income Tax Consultancy

Get consultation from qualified experts on legal matters relating to income tax hearing or income tax appeal.

GST Consultancy

We help clients in filing of their GST returns as well as for all periodic returns under other tax schemes.

Compliance & Legal Consultancy

Munafawala Legal Consultancy provide compliance advice and assistance to Officers, Managers, Partners, Directors and Investors of law firms.

Audit and Taxation Services

We are leading legal firms in India offering Audit and Taxation Services of all types keeping in mind the need and budget of the client.

Audit Requirements

The requirement for audit become applicable on the following:

Taxpayer Types Compulsory Audit
A professional businessman If the total sales, turnover or gross receipts are more than Rs. 1 crore (From FY 16-17, Rs. 2 crores)
A professional individual If the gross receipts are more than Rs. 25 lakhs (From FY 16-17, Rs. 50 lakhs)
An individual who is covered under Presumptive Income Scheme Section 44AD If the business income is lower than the presumptive income, calculated as per Section 44AD and the individual’s total income is more than the minimum income which is exempted from tax.
An individual who is covered under Presumptive Income Scheme Section 44AE If the business income is lower than the presumptive income calculated as per Section 44AE.

Due date for auditing records and submitting the audit report

Taxpayer Audit Form Statement Form Due date for Audit Due date for submission of report
A business or a professional who is compulsorily required to get audited Form 3CA Form 3CD September 30th of the assessment year September 30th of the assessment year
Anyone apart from those mentioned above Form 3CB Form 3CD September 30th of the assessment year September 30th of the assessment year

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The dictionary meaning of the term “audit” is check, review, inspection, etc. There are various types of audits prescribed under different laws like company law requires a company audit, cost accounting law requires a cost audit, etc. The Income-tax Law requires the taxpayer to get the audit of the accounts of his business/profession from the view point of Income-tax Law.

Section 44AB gives the provisions relating to the class of taxpayers who are required to get their accounts audited from a chartered accountant. The audit under section 44AB aims to ascertain the compliance of various provisions of the Income-tax Law and the fulfillment of other requirements of the Income-tax Law. The audit conducted by the chartered accountant of the accounts of the taxpayer in pursuance of the requirement of section 44AB​ is called tax audit.

The chartered accountant conducting the tax audit is required to give his findings, observation, etc., in the form of audit report. The report of tax audit is to be given by the chartered accountant in Form Nos. 3CA/3CB and ​3CD. ​

​One of the objectives of tax audit is to ascertain/derive/report the requirements of Form Nos. 3CA/3CB and 3CD. Apart from reporting requirements of Form Nos. 3CA/3CB and 3CD, a proper audit for tax purposes would ensure that the books of account and other records are properly maintained, that they truly reflect the income of the taxpayer and claims for deduction are correctly made by him. Such audit would also help in checking fraudulent practices. It can also facilitate the administration of tax laws by a proper presentation of accounts before the tax authorities and considerably save the time of Assessing Officers in carrying out routine verifications, like checking correctness of totals and verifying whether purchases and sales are properly vouched for or not. The time of the Assessing Officers saved could be utilised for attending to more important and investigational aspects of a case.​

​​​As per section 44AB, following persons are compulsorily required to get their accounts audited :
• A person carrying on business, if his total sales, turnover or gross receipts (as the case may be) in business for the year exceed or exceeds Rs. 1 crore. This provision is​ not applicable to the person, who opts for presumptive taxation scheme under section 44AD​ and his total sales or turnover doesn’t exceeds Rs. 2 crores.

Note: The threshold limit, for a person carrying on business, is increased from Rs. 1 Crore to Rs. 10 crore in case when cash receipt and payment made during the year does not exceed 5% of total receipt or payment, as the case may be. In other words, more than 95% of the business transactions should be done through banking channels.

• A person carrying on profession, if his gross receipts in profession for the year exceed Rs. 50 lakhs.

• An assesse who declare profit for any previous year in accordance with section 44AD​ and he decreases profit for any of one 5 assessment year relevant to the previous year succeeding such previous year lower than the profit computed as per section 44AD​ ​ and his income exceeds the amount which is not chargeable to tax.
• ​If an eligible assesse opts out of the presumptive taxation scheme, within the aforesaid period, he cannot choose to revert back to the presumptive taxation scheme for a period of five assessment years thereafter.
For provisions of section 44AD​ refer tutorial on “Tax on presumptive basis in case of certain eligible business”.
• ​A person who is eligible to opt for the presumptive taxation scheme of section 44ADA but he claims the profits or gains for such profession to be lower than the profit and gains computed as per the presumptive taxation scheme and his income exceeds the amount which is not chargeable to tax.
• ​This provision is not applicable to the person, who opts for presumptive taxation scheme under section 44AD​ and his total sales or turnover does not exceeds Rs. 2 crores.

For provision of section 44ADA​, refer tutorial on “Tax on presumptive basis in case of certain eligible business”

• A person who is eligible to opt for the presumptive taxation scheme of sections 44AE but he claims the profits or gains for such business to be lower than the profits and gains computed as per the presumptive taxation scheme of sections 44AE.

For provisions of sections 44AE refer tutorial on “Tax on presumptive basis in case of certain eligible business”.
• A person who is eligible to opt for the taxation scheme prescribed under section 44BB or section 44BBB but he claims the profits or gains for such business to be lower than the profits and gains computed as per the taxation scheme of these sections.
Section 44BB is applicable to non-resident taxpayers engaged in the business of providing services or facilities in connection with, or supplying plant and machinery on hire basis to be used in exploration of mineral oils. section 44BBB​ is applicable to foreign companies engaged in the business of civil construction or erection of plant or machinery or testing or commissioning thereof, in connection with a turnkey power project.

​​​​​​​​Persons like company or co-operative society are required to get their accounts audited under their respective law. S​ection 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). ​

​​​​​The report of the tax audit conducted by the chartered accountant is to be ​furnished in the prescribed form. The form prescribed for audit report in respect of audit conducted under section 44AB​ is Form No. 3CB and the prescribed particulars are to be reported in Form No. 3CD.

In case of persons covered under previous FAQ, i.e., who are required to get their accounts audited by or under any other law, the form prescribed for audit report is Form No. 3CA​ and the prescribed particulars are to be reported in Form No. 3CD.​

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