ITR Filing For Pvt Ltd In Panaji

Statutory Audit (Companies Act, 2013)

• Mandatory for all Private Limited Companies registered in Panaji, regardless of turnover, profit, or business activity.

• Conducted by a Chartered Accountant (CA) appointed as the statutory auditor.

• Auditor examines books of accounts, ensures compliance with accounting standards, and issues an audit report.

• Audit Report and financial statements must be filed with the Registrar of Companies (ROC).

Tax Audit (Income Tax Act, 1961)

• Applicable if:

  • Business turnover exceeds ₹1 crore, or

  • Professional receipts exceed ₹50 lakh.

• If at least 95% of transactions are digital, turnover threshold increases to ₹10 crore.

• CA files Form 3CA/3CB and Form 3CD along with the Income Tax Return (ITR).

GST Audit (if applicable)

• Required if the company’s aggregate annual turnover crosses the prescribed GST audit limit.

• The GST Department may also initiate special or departmental audits to verify compliance.

Other Specific Audits (depending on business nature & scale):

• Cost Audit – For notified manufacturing/production companies maintaining cost records.

• Secretarial Audit – Applicable to certain classes of companies for corporate governance compliance.

• Internal Audit – Mandatory for larger companies crossing prescribed thresholds for turnover or borrowings.