Requirement:-

Every registered companies in India as per the requirement of Companies Act 2013.

Requirement:-

1. Every Listed Company

2. Every unlisted public Company if during previous financial year any of condition satisfied:

   1. Paid-up Capital >= 50 crores

   2. Turnover >=200 crores

   3. outstanding Loan from Bank/FI >=100 crores

   4. Deposits at any time >=25 crores

3. Every Private Limited Company if during previous financial year any of condition satisfied:

   1. Turnover >=200 crores

   2. outstanding loan from Bank /FI >- 100 crores

4. Organization can voluntarily opt for Internal audit also.

Cost Audit as prescribed under Companies act

Requirement:-

Section 44AD governs the Audit provisions under Income Tax Act.

For AY 2020-2021

1. in case of Business if turnover or gross receipt > 1 crores

2. in case of profession if gross receipt > 50 Lakh

For AY 2021-2022

as per AY 2020-21 except 1 crore to be read as 5 crore

in case of business if Cash received < 5% of Gross sales

and cash paid <5% of all expenditure

Requirement:-

Every listed company

for Private limited: - if Turnover > 50Crores or borrowing > 25 Crores