Reviewed: 25 October 2026 · Talwar Zone — Audit, Tax & Corporate Advisory
Start with one reliable accounting record
GST returns, tax statements, financial accounts and corporate filings should reconcile to the same underlying records.
Maintain a calendar that identifies the entity, reporting period, filing, applicability, responsible person, supporting documents and verified due date. Keep statutory deadlines separate from additional-fee concessions.
Complete the core reconciliations
Sales and GST: Reconcile invoices, advances where relevant, credit/debit notes, export records and amendments with GSTR-1/1A and GSTR-3B.
Purchases and ITC: Compare purchase records with GSTR-2B and relevant IMS actions. Also assess eligibility, blocked credits, reverse charge, reversals and time limits; appearance in GSTR-2B alone does not establish entitlement.
Tax information: Reconcile applicable tax statements, AIS/TIS, deductions, collections and credits with books and challans. Investigate differences instead of treating every reported item as additional income.
Micro and small suppliers: Identify eligible suppliers and track contractual and statutory payment dates. Review tax treatment and company reporting separately; MSME Form-1 is not a general LLP filing.
Separate company and LLP governance
| Companies | LLPs |
|---|---|
| Board/member approvals, minutes and statutory registers appropriate to company category. | LLP agreement, amendments, partner decisions and contribution records. |
| AGM and financial-statement requirements, subject to exemptions and special rules. | Annual Return in Form 11 and Statement of Account & Solvency in Form 8. |
| AOC-4 and MGT-7/MGT-7A as applicable. | Applicable partner/designated-partner changes and agreement filings. |
| Auditor appointment and other event-based filings where triggered. | LLP audit applicability assessed separately from tax audit. |
OPCs and other eligible categories have specific exemptions. Do not apply an ordinary company AGM or board-meeting checklist indiscriminately.
Director KYC is no longer universally an annual exercise: MCA introduced a three-year cycle effective 31 March 2026. Changes and DIN status still require individual review.
Assess audits and filing periods
Company statutory audit, LLP audit and income-tax audit are separate requirements.
For tax audit, assess turnover or receipts, cash conditions, presumptive provisions and the relevant period before deciding applicability. Crossing a single headline threshold is not a complete assessment.
Income for FY 2025–26 is reported for AY 2026–27 under the Income-tax Act, 1961. Tax Year 2026–27 onwards falls under the Income-tax Act, 2025, subject to transition provisions.
Use legacy forms for the periods to which they apply and the new forms for applicable 2026-framework compliances. Do not replace an AY 2026–27 audit report with a new-form report solely because it is filed in 2026.
The official 2026 schedule maps tax-audit reporting to Form 26, salary TDS statements to Form 138, domestic non-salary TDS statements to Form 140, non-resident TDS statements to Form 144 and TCS statements to Form 143. Confirm the relevant period and category before using a form.
Prepare the review pack
Provide complete books, bank reconciliations, loan records, fixed-asset details, GST summaries, supplier records, prior filings and pending notices through an agreed secure channel.
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Official references
- Income Tax Department: Transition FAQs
- Income Tax Department: 2026 form mapping and guidance
- MCA: Revised director KYC cycle
- MCA: Official portal
- GST: Official portal
Scope note: Management remains responsible for records and approvals. Statutory audit, tax audit, secretarial certification and reserved attestations are performed by appropriately authorised professionals. This guide provides general information; a written engagement defines the assignment.