Statutory Audit Completion
Every company incorporated under the Companies Act 2013 must have its accounts audited by a Chartered Accountant (CA) firm. While there is no single statutory audit deadline, the audit must be completed in time to present audited accounts at the AGM (30 September for 31 March year-end companies) and before filing the ITR-6 (due 31 October) and ROC forms AOC-4/MGT-7. The Tax Audit under Section 44AB (if turnover exceeds INR 1 crore for non-cash or INR 10 crore for all transactions) must be completed and Form 3CD filed before the ITR-6 filing date.
Who this applies to
- All companies under the Companies Act 2013 (statutory audit is mandatory regardless of size)
- Companies with turnover above INR 1 crore (non-cash transactions) or INR 10 crore (all transactions): tax audit under Section 44AB is also required
- Companies claiming deductions under Section 80-IC, 80-IE, 10AA: additional CA certification requirements
What to file
Statutory audit: Companies Act audit report signed by Chartered Accountant, included in Annual Report and filed with AOC-4. Tax audit: Form 3CD (detailed tax audit report) and Form 3CA uploaded on the Income Tax e-Filing portal under the Chartered Accountant's login and then accepted by the company's login. Form 3CB/3CD for businesses not maintaining accounts under any other law.
How to file
Appoint a CA firm early (April-May for March year-end). Provide trial balance, schedules, contracts, and bank statements. Review and sign the audit report. For tax audit: the CA uploads Form 3CD on incometax.gov.in and the company's authorised signatory accepts it in the portal.
Payment due
No government payment for the audit itself — professional fees to the CA firm. For the statutory audit, the appointment of auditors is approved at the AGM, and remuneration is disclosed in the Annual Report.
Penalties for missing this deadline
For companies defaulting on the statutory audit: fine on the company INR 25,000 to INR 5 lakh; auditor fined INR 25,000 to INR 5 lakh; officer in default fined up to INR 10,000. For tax audit under Section 44AB: penalty of 0.5% of turnover (maximum INR 1,50,000) for non-completion. Late tax audit also means ITR-6 cannot be filed on time, triggering late filing fees.
Filing checklist
- Appoint external auditor (CA firm) at previous year's AGM for current year audit
- Close books of accounts by mid-April for March year-end
- Provide trial balance and supporting schedules to auditors by May
- Address audit queries and complete management representations by August
- Ensure CA uploads Form 3CD on Income Tax portal by 30 September
- Accept Form 3CD on company's Income Tax portal login
- Present signed audited accounts at AGM by 30 September
- File ITR-6 by 31 October using the audited financials
Common mistakes to avoid
- Starting the audit too late — delaying book closure to June/July puts everything else at risk
- Not having a separate statutory audit and tax audit appointment (same CA firm can do both, but both must be done)
- Forgetting to accept Form 3CD on the company's portal after CA uploads — ITR-6 submission is blocked without acceptance
- Not maintaining proper records for all TDS deductions throughout the year — audit queries slow down completion
- Skipping the audit because the company has no revenue — statutory audit is mandatory for all incorporated companies regardless of activity
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