Tax Audit

As per the provisions of Income Tax Act 1961, tax audit is applicable to those taxpayers whose turnover or gross receipts exceed specified limits in the previous year. As per Section 44AB of Income Tax Act 1961, tax audit is applicable under following scenario

In case of traders & manufacturers, the turnover exceeds Rs 1.00 cr.

In case of professional services, the gross receipts exceed Rs 50.00 lacs.

Further tax audit is also required in case a person is declaring lower net profit while declaring income U/s 44AD, 44ADA or 44AE of the Income Tax Act 1961. The tax audit report is submitted in form 3CA-3CB. The objective of tax audit is to ensure compliance with various income tax laws. Our team is well equipped and trained to handle tax audit systematically and in time-bound manner.

Tax Audit Report is to be signed by the Chartered Accountant (CA Firm). As per section 44AB of Income Tax Act 1961, tax audit report shall be furnished within 6 months from the end of relevant financial year i.e 30th September. Non filing of tax audit report within specified due date attracts penalty which may extend up to Rs.150,000/-.

For tax audit report, we provide following services:

Assistance in preparation and finalisation of tax audit report,

Providing need based updates of amendments/modification in any clause of tax audit report.

Detailed analysis of each clause to understand its applicability to the entity,

Verification of all the details/information's being filled in the report from books of accounts and other necessary documents to ensure the accuracy, reliability and completeness.

Cross verification of various statutory payments (as covered in the report) with books of accounts and other relevant documents.

Completing audit timely to avoid any penalty