Statutory & Tax Audit in Avadi IAF, Chennai
Last updated: 15 Oct 2026
Quick Answer: Virtual Auditor carries out statutory audits of companies, tax audits, LLP audits and internal audits for businesses in Avadi IAF, Chennai, from our head office at Spencer Plaza, Anna Salai. Reports are signed by a chartered accountant and filed online with the MCA and the Income Tax Department.
Avadi IAF: the local picture for Audit Services
Avadi IAF lies in Thiruvallur district, Tamil Nadu. Its business mix is typical of an area built around public institutions and campuses. Nearby areas we also serve include Pattabiram, Tirumullaivoyal, Avadi and CRPF Camp, Avadi. We serve clients in Avadi IAF from our head office at Spencer Plaza, Anna Salai. Trusts, societies and Section 8 companies here need audits that show income applied to their objects, which their tax exemption depends on. Companies with a registered office in Avadi IAF come under the Registrar of Companies, Chennai. Income-tax appeals from Avadi IAF go to the Commissioner (Appeals) and then to the ITAT Chennai Benches; writs lie to the Madras High Court.
What is a statutory audit?
An audit is an independent chartered accountant's examination of your books and financial statements. Company audits are compulsory under the Companies Act, 2013; tax audits and LLP audits apply above set turnover or contribution limits.
Which audits does a business in Avadi IAF need?
Every company, whatever its size, must have its financial statements audited (sections 139 and 143 of the Companies Act, 2013). Most companies also need a CARO 2020 report; small companies, one person companies and private companies within the CARO exemption limits do not.
A tax audit is required when business turnover exceeds ₹1 crore, or ₹10 crore where cash receipts and cash payments are each within 5% of the total, and when a profession's gross receipts exceed ₹50 lakh. Under the Income-tax Act, 2025 the requirement sits in section 63 (formerly section 44AB of the 1961 Act).
An LLP must be audited when its turnover exceeds ₹40 lakh or its partners' contribution exceeds ₹25 lakh in a financial year.
How is the auditor appointed and changed?
The board appoints a new company's first auditor within 30 days of incorporation (section 139(6)). After that the members appoint the auditor at the annual general meeting for a term of five years (section 139(1)), and the company files Form ADT-1 within 15 days. Resignations are reported in ADT-3.
Full details of a statutory audit, including the law, the process and our method: https://virtualauditor.in/statutory-audit-services-india
What you get from Virtual Auditor in Avadi IAF
- Audit-trail and internal-control review
- Statutory audit report and CARO 2020 report
- Tax audit report under the Income-tax Act
Documents to keep ready
- Loan, lease and major contract documents
- Board and shareholder minutes
- Trial balance, ledgers and bank statements for the year
Indicative Fee Structure
| Service | Fee |
|---|---|
| Statutory audit (private company) | From ₹25,000 |
| Consultation | Complimentary 30 minutes |
*Prices are indicative and exclude government fees and taxes. Actual fees depend on scope and complexity; contact us for a fixed quote.
Frequently Asked Questions
When is a tax audit required?
When business turnover exceeds ₹1 crore (₹10 crore if cash receipts and payments are each within 5%), or a profession's gross receipts exceed ₹50 lakh, and in some presumptive-tax cases where lower profits are declared.
When must an LLP be audited?
When its turnover exceeds ₹40 lakh or its partners' contribution exceeds ₹25 lakh in the financial year.
Which offices deal with a statutory audit for a business in Avadi IAF?
Companies with a registered office in Avadi IAF come under the Registrar of Companies, Chennai. Income-tax appeals from Avadi IAF go to the Commissioner (Appeals) and then to the ITAT Chennai Benches; writs lie to the Madras High Court.
Do you also handle a statutory audit for businesses near Avadi IAF?
Yes. We also work with businesses in Pattabiram, Tirumullaivoyal, Avadi, CRPF Camp, Avadi and Kamaraj Nagar, Avadi and elsewhere in Chennai, on the same terms and online.
Do I need to visit your office from Avadi IAF?
No. We serve Avadi IAF from our head office at Spencer Plaza, Anna Salai. Documents are shared securely online, filings are signed with a digital signature, and meetings are by video or at our office by appointment. Call +91 99622 60333 or email support@virtualauditor.in.