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If you’re a foreign-owned company or NRI-owned business operating in India, annual audit compliance is mandatory under Indian law. Even companies with zero turnover or minimal activity may still be required to undergo audit depending on their legal structure. An audit ensures your financial statements present a true and fair view and confirms compliance with the Companies Act, Income Tax Act, and GST laws.
Our firm delivers professional company audit services in India, ensuring complete compliance with statutory and regulatory requirements.
Mandatory for all companies registered under the Companies Act, including foreign-owned and NRI companies, regardless of turnover.
Due Date: 30 September
Required under Section 44AB of the Income Tax Act if:
Due Date: 30 September
We handle Tax Audit Filing with Form 3CD end-to-end.
While mandatory GST audit has been removed, companies with turnover exceeding ₹5 crore must still file GSTR-9 and GSTR-9C. Companies must also comply with GST audit in India where applicable to ensure proper tax reporting and compliance.
Due Date: 31 December
Our GST Audit Consultant India team performs full reconciliations to avoid notices.
Foreign-owned companies are generally not exempt from statutory audit. Exemptions may apply only in specific cases:
Always consult an Indian CA for business audit before assuming exemption.
Failure to comply can result in:
To stay compliant, you need:
We help you set up and manage everything from day one.
Paying high audit fees without any actionable insights.
Receiving government notices even after clean audits.
Discovering unexpected tax liabilities during reconciliations.
No support for business decision-making post-audit.
Lack of meaningful reporting or takeaways.
Instead of clarity, audit adds confusion and cost.
Fail to use audit to their advantage.
The #1 Choice for Audit for NRI or Foreign-Owned Company
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MAG conducted our audits periodically, identified mistakes, and ensured all statutory dues were paid on time. They highlighted key issues in our finance department, helped us strengthen controls, and gave me more confidence in our financials.
The audit was thorough and independent, which gave us clarity and confidence. They helped us avoid any risk of notices or penalties.
MAG carried out quarterly audits of our books, ensuring immediate corrective action. Earlier, mistakes were only caught at year-end, repeated across four quarters. Their process saved us significant time and money.
| Others | MAG |
|---|---|
| ❌ Superficial review of trial balance and issue report; no in-depth checks | ✅ Comprehensive audit with complete financial and compliance review |
| ❌ Tax audit filing with Form 3CD contains errors, unsupported figures, and mismatches | ✅ Tax audit and Form 3CD preparation fully aligned with books and ITR |
| ❌ ITC not reconciled, increasing risk of scrutiny and notices | ✅ GSTR-9C audit fully reconciled with books, GSTR-3B, and GSTR-2A/2B |
| ❌ Only a basic balance sheet and P&L shared, ignoring legal compliance | ✅ Statutory audit includes board resolutions, notes to accounts, CARO |
| ❌ Data mismatches go unchecked, leading to notices | ✅ Cross-verification across GST, TDS, Income Tax, and MCA for consistency |
| ❌ Final output is just a signed PDF emailed with no context | ✅ Detailed audit report with management summary, red flags, and recommendations |
| ❌ No documentation trail, which means high audit risk later | ✅ Audit-ready file prepared with working papers and vouchers |
| ❌ Execution delegated to junior staff with limited experience | ✅ Handled by experienced CAs, not semi-qualified assistants |
| ❌ Audit done in silo—doesn’t support broader compliance or funding | ✅ Integrated with your tax filings, ROC filings, and investor requirements |
Make statutory, tax, and GST audits simple — stay prepared year-round, not scrambling at the last minute.
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Many business owners think of audits as a year-end formality. Something the accountant handles in September. But in reality, an audit is one of the
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Before reading about what Tax Audit is, we must be clear with the term ‘Audit’. The dictionary meaning of the expression ‘audit’ is to check,
Read MoreIt is mandatory if you’re a company (Private/Public Ltd) or LLP with:
-Annual turnover over ₹40 lakhs (for LLP audit)
-Or any company under Companies Act (regardless of turnover)
We assess applicability for audit for NRI or foreign-owned company cases.
A tax audit under Section 44AB is required if:
-Turnover > ₹1 crore (normal case)
-Turnover > ₹10 crore (if 95%+ transactions are digital)
We prepare Form 3CB/3CD Filing India compliantly.
Mandatory audit removed, but GSTR-9/9C filing continues for high turnover. We perform internal GST audits to avoid notices.
We offer:
-Preparation of audit schedules
-Ledger & voucher review
-GST and TDS reconciliation
-Drafting Form 3CA/3CB & 3CD
-Coordination with your auditor (or using our own if needed)
Yes. We collect, verify, and structure all records. If needed, our in-house audit partners can also sign and file the reports.
No problem. We’ll first clean your books, reconcile ledgers, and bring them up to audit readiness. Many clients come to us mid-year with scattered records and we handle the full fix and filing process.
You will need to provide:
-Trial balance
-Ledger extracts
-GST returns
-TDS data
-Fixed asset details
-Expense classifications
We’ll send a checklist with document formats post-consultation.
Penalties include:
-₹1.5 lakh for missed tax audit
-ROC fines for late financial filings
-Scrutiny from Income Tax or GST departments
We help avoid this by tracking your due dates and preparing early.
Yes. Whether you use our auditor or your own, we handle:
-Query resolution
-Revisions
-Justification for entries
-Audit notes or explanation letters
We’re your backend and your defence.
Absolutely. We are a CA Firm for Startup Audit in India, specializing in foreign-owned, VC-backed, and NRI businesses.
Statutory & tax audit services in India for foreign-owned companies include statutory audit, tax audit, and regulatory reporting as per Indian laws, ensuring audit-ready financials for overseas shareholders.
Yes. Audit for NRI or foreign-owned companies and startups in India is mandatory once prescribed turnover or regulatory thresholds are crossed, and must be conducted by an Indian CA firm.
An Indian CA for business audit handles statutory audit, Form 3CB/3CD filing, GST audit support (where applicable), and end-to-end compliance under Indian audit regulations.
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