Tax and statutory audits are mandatory for specific businesses to ensure compliance with tax and
corporate laws.

Legal Requirements:
– Tax audits as per Section 44AB of the Income Tax Act, 1961, for businesses exceeding turnover thresholds.
– Statutory audits as per Section 139 of the Companies Act, 2013.
– Filing of Form 3CA, 3CB, and 3CD under the Income Tax Rules, 1962.

Scope:
– Examination of financial records and tax compliance.
– Filing accurate audit reports with regulatory authorities.

Benefits:
– Identification of non-compliance and correction before regulatory scrutiny.
– Reduced exposure to tax penalties and interest.