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Tax and audit compliance in India is governed by the [Income-tax Act 1961](https://www.incometaxindia.gov.in/) (ITR-1 to ITR-7, Section 139 due dates, Section 44AB tax audit threshold of ₹1 crore turnover or ₹10 crore if 95% digital receipts), the [CGST Act 2017](https://www.gst.gov.in/) (GSTR-1, GSTR-3B, GSTR-9, GSTR-9C), the Income-tax (TDS) Rules 1961 read with Section 200 (TDS return due dates - quarterly Form 24Q, 26Q, 27Q, 27EQ), the [Companies Act 2013 Section 139](https://www.mca.gov.in/MinistryV2/actsbills.html) (statutory audit mandatory for every company), and Section 204 of the Companies Act 2013 (secretarial audit mandatory for listed companies and prescribed class of public companies - paid-up capital ≥ ₹50 crore or turnover ≥ ₹250 crore). Audit reports under Section 143(3) - Form 3CA/3CB + 3CD - must be e-filed by the statutory auditor. I-Pro Solutions' tax-and-audit practice is led by practising Chartered Accountants (FCA). We handle monthly/quarterly GST and TDS filings as a flat-fee retainer, annual statutory audits under Section 139, and secretarial audits under Section 204 (in partnership with a practising Company Secretary). The Section 234E late fee (₹200/day for late TDS return) and Section 234F (₹1,000-₹5,000 for late ITR) are avoided through our 7-day-prior deadline alerts.
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Under Section 139(1) of the Income-tax Act 1961, companies (ITR-6) must file by 30 October (non-transfer-prricing cases) or 30 November (where Section 92E transfer pricing report is required). LLPs and AOPs (ITR-5) file by 31 July (non-audit) or 31 October (audit). Trusts (ITR-7) file by 31 October. Individuals (ITR-1 to ITR-4) file by 31 July (non-audit) or 31 October (audit).
Yes. Under Section 44AB of the Income-tax Act 1961, every company (private, public, OPC, small) is required to have its accounts audited under Section 139 of the Companies Act 2013 - and that audit also serves as the tax audit. For non-company entities, tax audit is mandatory if turnover exceeds ₹1 crore (₹10 crore if 95% of receipts/payments are digital) - Section 44AB(a) post Finance Act 2021 amendment.
Under Section 234E of the Income-tax Act 1961, late filing of TDS/TCS returns attracts a flat ₹200 per day of delay, subject to a cap equal to the TDS/TCS amount. Additionally, Section 271H permits a penalty of ₹10,000 to ₹1,00,000 for late filing beyond one year from the due date or for incorrect TDS return. Section 201(1A) levies interest at 1% per month for non-deduction and 1.5% for late deduction.
GSTR-3B (monthly summary return) is due by the 20th of the following month for regular taxpayers (or 22nd/24th for QRMP taxpayers with turnover up to ₹5 crore, depending on State). GSTR-9 (annual return) is due by 31 December of the following financial year for taxpayers with turnover above ₹2 crore. GSTR-9C (reconciliation statement) is due along with GSTR-9 for taxpayers above ₹5 crore turnover.
Rule 9 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules 2014 prescribes secretarial audit for: (i) every listed company; (ii) every public company with paid-up share capital of ₹50 crore or more; (iii) every public company with turnover of ₹250 crore or more; (iv) every private company which is a subsidiary of a public company meeting (ii) or (iii); and (v) certain other prescribed companies. The audit is conducted by a practising Company Secretary (PCS) and Form MR-3 is filed with the ROC.