Audit & Assurance · New Delhi
Statutory Audit & Tax Audit Services in Delhi
Comprehensive audit and assurance services for companies, LLPs, firms and individuals across Delhi NCR — statutory audit under the Companies Act 2013, tax audit under Section 44AB of the Income Tax Act, internal audit, concurrent audit, bank audit, and GST audit. Conducted by qualified Chartered Accountants following ICAI Standards on Auditing.
What We Do
Our Audit & Assurance Services
From mandatory statutory audits to risk-based internal audits, we deliver independent, thorough, and ICAI-compliant audit engagements.
Statutory Audit
Audit of financial statements under Companies Act 2013 (Sections 139–147). Independent examination of balance sheet, P&L, cash flow and disclosures. CARO 2020 reporting. Preparation of audit report with opinion on true and fair view.
Tax Audit (Section 44AB)
Mandatory tax audit for businesses with turnover exceeding Rs. 1 crore (Rs. 10 crore for digital transactions) and professionals with receipts above Rs. 50 lakh. Filing of Form 3CA/3CB and Form 3CD with detailed clause-wise reporting on the Income Tax portal.
Internal Audit
Risk-based internal audit for companies (mandatory under Section 138 of Companies Act), NGOs, educational institutions and government bodies. Process audits, compliance audits, operational reviews and internal control assessments with actionable recommendations.
Bank Audit & Concurrent Audit
Concurrent audit, revenue audit, credit audit, stock audit, and branch statutory audit for nationalised banks, cooperative banks and NBFCs. Verification of NPA classification, IRAC norms compliance, KYC norms, and credit appraisal processes.
GST Audit (GSTR-9C)
Certification of annual GSTR-9C reconciliation statement by a Chartered Accountant for taxpayers with aggregate turnover exceeding Rs. 5 crore. Reconciliation of turnover, ITC, and tax paid per books versus GST returns.
Special Purpose Audits
Stock audit, forensic audit, due diligence audit for M&A transactions, grant utilisation audit for NGOs and government grants, RERA audit for real estate developers, and limited review of quarterly financial statements.
Who Needs a Tax Audit
Tax Audit Threshold Limits — FY 2025-26
Understanding whether your business or profession crosses the tax audit threshold is critical. Here is the complete reference for FY 2025-26.
| Category | Condition | Threshold Limit | Form to File |
|---|---|---|---|
| Business (Regular) | Total sales/turnover/gross receipts in the financial year | Rs. 1 crore | Form 3CB + 3CD |
| Business (Digital) | Cash receipts ≤ 5% of total receipts AND cash payments ≤ 5% of total payments | Rs. 10 crore | Form 3CB + 3CD |
| Profession | Gross receipts from profession in the financial year | Rs. 50 lakh | Form 3CB + 3CD |
| Opting out of 44AD | Declares income below 8% (6% for digital) of turnover | If income < basic exemption limit | Form 3CB + 3CD |
| Opting out of 44ADA | Professional declares income below 50% of gross receipts | If income < basic exemption limit | Form 3CB + 3CD |
| Company (Statutory) | All companies under Companies Act 2013 | No threshold — mandatory for all | Form 3CA + 3CD |
⚠ Penalty for Non-Compliance
Failure to get a tax audit done when required under Section 44AB attracts a penalty of 0.5% of turnover or gross receipts, subject to a maximum of Rs. 1.5 lakh under Section 271B. Penalty can be waived only if there is a reasonable cause for failure.
Our Audit Framework
Key ICAI Standards on Auditing We Follow
Every audit engagement at Shahi & Co. follows the Standards on Auditing (SAs) issued by ICAI and applicable provisions of Companies Act 2013 and Income Tax Act.
SA 200 / SA 210
Overall Objectives & Terms of Engagement
Establishes the overall objectives of the independent auditor and the general principles governing an audit. SA 210 covers the terms of the audit engagement including the engagement letter.
SA 315 / SA 330
Risk Assessment & Response to Assessed Risks
Understanding the entity and its environment to identify and assess risks of material misstatement. SA 330 guides designing audit procedures to respond to those risks effectively.
SA 500 / SA 520
Audit Evidence & Analytical Procedures
Requirements for audit evidence design and sufficiency. SA 520 covers analytical procedures including ratio analysis and trend analysis as substantive audit procedures.
SA 700 / SA 705 / SA 706
Forming an Opinion & Audit Report
Standards for forming an opinion on financial statements and the content of the independent auditor’s report. SA 705 covers modified opinions (qualified, adverse, disclaimer); SA 706 covers emphasis of matter and other matter paragraphs.
SA 600 / SA 610
Group Audits & Internal Audit
SA 600 governs special considerations for group financial statement audits. SA 610 covers using the work of internal auditors as audit evidence, including assessment of their objectivity and competence.
Authenticity & Compliance
UDIN — Unique Document Identification Number
What is UDIN?
UDIN is an 18-digit system-generated unique number created by a Chartered Accountant through the ICAI UDIN portal (udin.icai.org) for every certificate, report, or document signed. It was made mandatory by ICAI from 1 July 2019. UDIN allows any stakeholder to verify the authenticity of a document signed by a CA in real time.
Why UDIN Matters for You
Banks, financial institutions, and government departments now require UDIN verification on CA-certified documents before accepting them. All audit reports, certificates, Form 3CD, Form 3CB, and financial statements signed by our CAs are mandatorily UDIN-stamped. You can verify any document we sign at udin.icai.org using the UDIN number provided.
UDIN for Tax Audit Reports
Tax audit reports (Form 3CA/3CB and 3CD) must have a valid UDIN. Income Tax portal will reject the filing if UDIN is invalid or revoked. We generate UDIN for all forms within 24 hours of signing. The UDIN must be generated within 60 days of the date of signing the document.
Applicability Across Documents
UDIN is required for: audit reports under Companies Act, tax audit reports (44AB), GST audit (GSTR-9C), net worth certificates, projected financial statements, certificates for bank loans, KYC certificates, and any attestation or certification by a Chartered Accountant.
Why Shahi & Co.
Our Audit Expertise
ICAI-Compliant Methodology
Every audit is conducted following the full suite of ICAI Standards on Auditing. We maintain complete working paper documentation, audit files, and evidence files for every engagement — giving you and your stakeholders full confidence in the report.
Experienced Audit Team
Our team has conducted statutory audits, tax audits, bank audits and concurrent audits across a wide range of industries — manufacturing, trading, real estate, education, healthcare, NBFCs, and professional services. No audit is too complex for us.
Timely Completion & Filing
Audit deadlines under Companies Act and Income Tax Act are strict. We plan every engagement well in advance, set interim milestone deadlines with your team, and ensure the audit report and tax audit forms are filed before the due date — every time.
Beyond Compliance — Business Insights
A good audit is not just a compliance exercise. We use our audit findings to provide practical insights on internal control weaknesses, process gaps, working capital inefficiencies, and compliance risks — adding real value beyond the audit opinion.
How It Works
Our Audit Engagement Process
01
Engagement & Planning
We issue an engagement letter, obtain required management representations and plan the audit including risk assessment, materiality and sampling approach.
02
Interim Audit
We conduct interim fieldwork during the year: system understanding, internal control evaluation, test-of-controls, and interim substantive procedures.
03
Final Audit
Year-end substantive procedures: verification of balances, cut-off testing, related party transactions, provisions, contingencies and disclosures review.
04
Management Review
Draft observations are shared with management. We discuss audit findings, adjust for additional information, and finalise the report with management response.
05
Report & Filing
Final audit report is signed with UDIN. For tax audits, Form 3CA/3CB and 3CD are filed on the Income Tax portal before the statutory deadline.
Common Questions
Frequently Asked Questions
Tax audit under Section 44AB is mandatory for: (a) a person carrying on business with total sales, turnover or gross receipts exceeding Rs. 1 crore (Rs. 10 crore if cash receipts and payments are each less than 5% of total receipts and payments); (b) a person carrying on a profession with gross receipts exceeding Rs. 50 lakh; (c) a person who has opted for presumptive taxation under Section 44AD, 44ADA, or 44AE but declares income below the prescribed rate and has income exceeding the basic exemption limit.
UDIN (Unique Document Identification Number) is a mandatory 18-digit number generated by a Chartered Accountant on the ICAI UDIN portal (udin.icai.org) for every certificate, audit report, or document signed. It was introduced to prevent forged CA certificates. Banks, income tax portal, MCA21, and government departments all verify UDIN before accepting CA-signed documents. Every audit report and Form 3CD we issue carries a valid UDIN that can be independently verified.
The tax audit report under Section 44AB for FY 2025-26 must be furnished electronically on the Income Tax e-filing portal by 30 September 2026. The ITR for tax audit cases must be filed by 31 October 2026. These deadlines are frequently extended by the CBDT — we monitor and track any extensions. Late filing of the audit report can attract penalty under Section 271B.
Yes. Statutory audit under Section 139 of the Companies Act 2013 is mandatory for every company — including private limited companies, one-person companies, and section-8 companies — regardless of turnover, profit or loss, or whether the company has commenced business. The auditor must be appointed within 30 days of incorporation (by the Board) and the appointment ratified at every Annual General Meeting. The audit report under Schedule III must be filed with the ROC along with financial statements in Form AOC-4.
CARO 2020 (Companies (Auditor’s Report) Order 2020) requires auditors to report on specific matters including loans and advances, fixed assets, investments, statutory dues, related party transactions, internal financial controls, and fraud. It applies to all companies except private limited companies that meet ALL of: (a) paid-up share capital and reserves ≤ Rs. 1 crore, (b) total borrowings from banks/financial institutions ≤ Rs. 1 crore, and (c) total revenue ≤ Rs. 10 crore. Non-applicability to a subsidiary, holding, or associate of a listed company must be separately checked.
Internal audit is an independent, objective assurance function that evaluates and improves the effectiveness of risk management, controls, and governance processes. Under Section 138 of the Companies Act 2013, internal audit is mandatory for: (a) listed companies; (b) unlisted public companies with paid-up capital ≥ Rs. 50 crore, or turnover ≥ Rs. 200 crore, or outstanding loans/borrowings ≥ Rs. 100 crore, or outstanding deposits ≥ Rs. 25 crore; (c) private limited companies with turnover ≥ Rs. 200 crore or outstanding loans ≥ Rs. 100 crore. The internal auditor can be a CA firm, cost accountant, or other professional as decided by the audit committee.
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