+91 99865 04443 / 9743637991

Other Services

Audit and Assurance

We are in the audit practice for over the last 30 years. We mainly practice in the following areas -

  • Tax Audits under Income Tax act
  • Statutory Audit under Companies Act
  • Internal and concurrent Audits
  • Pre-investment management audits
  • Bank and Government Audits

We at Promptitude Accounting Services Bangalore conduct the audits of Banks, government institutions (appointed by Controller and Auditor General – CAG), District Co-operative Banks (empaneled by NABARD), Multi-National Companies (MNCs), Partnership firms, proprietary concerns, NGOs, Societies and Trusts.

We have been working with clients from different industries such as Information Technology (IT), ITES, manufacturing, garments, pharmaceuticals, Ecommerce, automobiles, real estate, etc. We are also providing extensive services to startup ventures, incubators, etc. In case you need these services, we would be glad to assist you.

Secondly, based on our past experience, we have short listed the most commonly asked questions by the companies regarding Auditing in India. We are sure the following FAQs will answer most of your questions!

  • Is statutory Audit compulsory?

    In term of section 139(1) of the Companies Act, 2013 read with rule 3 of Companies (Audit and Auditors) Rules, 2014 every company shall appoint an individual or a firm as an auditor. Section 139(6) of the Act stipulated that the first Auditor of the Company shall be appointed within 30 days of its date of registration.

  • As per Section 44AB of the Income Tax Act, 1961, certain persons carrying on business or profession have to get their books of accounts audited by a practicing Chartered Accountant.
    In case of business, if the total sales, turnover or gross receipts, as the case may be, exceed or exceeds 1 Crore Rupees in any previous year and
    In case of profession, if the gross receipts in profession exceed Rs.50 lakh Rupees in any previous year are compulsorily required to get their books of accounts audited by a Chartered Accountant.
    This apart, under certain circumstances, even if the turnover is less than the limits specified above, books of accounts have to be audited by a CA.
    The applicable entities have to get their accounts audited by a Chartered Accountant before the specified date and furnish the report of such audit.

  • IFRS refers to International Financial Reporting Standards which are applied while preparing the financial statements of the company. Different countries have different accounting standards. In order to remove the discrepancy in Accounting across the Globe, countries world over decided to adopt uniform standards called IFRS.
    In India, IND AS (Indian Standard converged with IFRS) has been introduced in 2014. The applicability of IND AS to companies is as under –

    • Listed and Unlisted companies with net worth in excess of Rs.500 Crore (w.e.f. 1st April 2016) and holding, subsidiary or associate and JV of the above companies.
    • Listed (irrespective of the turnover) and Unlisted companies (private limited and closely held public companies) with net worth in excess of Rs.250 Crores (w.e.f. 1st April 2017) and holding, subsidiary or associate and JV of the above companies (irrespective of the turnover)

    Once the company starts following IND AS, it shall be required to follow for the subsequent financial statements even if any of the criteria specified above does not subsequently apply to it.

  • ICDS refers to Income Computation and Disclosure Standards. The Central Government has notified ten ICDS applicable with effect from Assessment Year 2017-18 for the purpose of computation of Income under the head “Profits and gains of business or profession” and “Income from other Sources”
    ICDS is applicable to all taxpayers, irrespective of turnover, including firms, AOP, Resident or Non-Residents, etc.,) who have income from business or profession or Income from other sources.

Company Secreterial Services

  • Compliance relating to the meetings of Board of Directors, Shareholders, Creditors etc.,
  • Filing of Annual returns with the Ministry of Corporate Affairs and related legal documentation.
  • Maintenance of Minutes books, statutory registers and other support services.
  • Compliances relating to statutory meeting and statutory report.
  • Changing/alteration in the name of company.
  • Changing the Authorised Capital and paid up capital.
  • Issue and allotment of shares and related compliances.
  • Transfer of Shares from and between Indians, NRIs and foreign persons.
  • Change of registered office within the same city, from one city to another and one state to another.
  • Alteration of main object of the company.
  • Starting new business given in the “Other Objects”.
  • Inclusion of new business in the memorandum of the company.
  • Appointment & Resignation of Directors
  • Appointment of directors and their remuneration
  • Inter corporate investments and loans.
  • Advising on creation, satisfaction and registration of charges.
  • Drafting of Director’s Report, Corporate Governance Report, Annual Report.
  • Matters related to Investor Grievances.
  • Payment of dividend and related compliances
  • Change of management, take-over of management and related due diligence services
  • Winding-up of companies / Striking off of the companies.
  • Director Identification Number (DIN) Compliance process as per DIN Rules 2006.
  • Secretarial Compliance Audit
  • Company and Secretarial law issues relating to holding of meetings, maintenance / filing of records, returns, corporate governance, ESOP, Buy Back of securities, Take-over regulations and Insider Regulations

Shared Services

Income Tax

We are in the practice of Income Tax Laws for over the last 30 years. The broad areas of practice are

  • Obtaining PAN, TAN
  • Income Tax Planning and IT Return filing for individuals and corporates.
  • Obtaining Lower Tax Certificate both for Resident and Non Resident assessees.
  • Obtaining Tax Residency Certificate (TRC)
  • E-TDS return filing
  • Attending scrutiny assessment
  • Drafting appeals and appearing before the CIT
  • Conducting Tax Audit and submission of Audit Report
  • Conducting Transfer Pricing Study and submission of TP Report
  • Issue of Certification for repatriation of funds from India
  • Tax planning and tax consultancy for Resident as well as Non Resident assesses

We help the entities in the above areas of Income Tax law. We are providing Income tax related services to Individuals, Professionals, Companies, firms, proprietors, etc. In case you need these services, we would be glad to assist you.


In today’s complex marketplace, we assist you in valuing your enterprise and its related assets with the understanding of the requirements of stakeholders involved.

Valuation opinion requires the right blend of analysis, experience and professional judgement. Promptitude Accounting Service is characterized by independent valuation advice and absolute commitment to provide exceptional client service.

Our professionals possess extensive delivery capabilities, deep financial, valuation, and robust industry expertise. We combine an integrated holistic approach with extensive industry/sector experience and local country knowledge to address the complex needs of our clients. We help companies identify, measure and realize the value of their assets by providing independent and well-supported valuations.

We have robust valuation procedures which are aligned with globally accepted practices. Our Valuation process considers a 360-degree view of the requirements of valuation.

Our valuation services are:

Business Valuation
  • Income Tax – ESOP, Issue/ Transfer of Shares
  • RBI- Issue/ Transfer of Shares
  • SEBI- Delisting, Takeover Code, ESOP
  • Valuation for Corporate restructuring- Merger/Demerger
  • Acquisition related valuations
  • Companies Act
Financial Reporting Valuation (IND AS, IFRS & US GAAP)
  • Purchase Price Allocation
  • Fixed Assets valuation
  • Impairment tests
  • Intangible Asset Valuation
Specialised Valuation
  • Business Valuation for Arbitration and Dispute Valuation
  • Family Settlement
  • Claim for Damages Valuation
  • Expert testimony
  • Real Estate valuation
Financial Modelling

We help clients in achieving their strategic requirements using modelling and financial analysis. Our expertise in the field of accounting, industry expertise and valuation allows us to satisfy the most sophisticated valuation needs. Our valuation opinions are defensible, thoroughly documented and equipped to provide you support upon any scrutiny.

Registration Services

Income Tax Law
  • Permanent Account Number (PAN)
  • Tax deduction Account Number (TAN)
  • Lower Tax (TDS) Certificate
  • Tax Residency Certificate
  • GST Registration
  • Shops Act
  • MSME Registration
  • Profession Tax
  • Employee Provident Fund
  • Employee State Insurance
  • Non STPI and STPI
  • Import Export Code (IEC)
  • Trade License (Bangalore Municipality)
  • Food licence

Other Attestation Services

Several applications / documents / registrations need Certification and Attestation by Professional Chartered Accountants/ CA Certificate. Our Firm provides necessary Certificates & Chartered Accountants Attestation Services based on requirement and available documentation.