Tax Audit
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A Tax Audit ensures that your business's financial records are properly maintained and comply with the Income Tax Act, 1961.
At Tax Ustaad, our team of Chartered Accountants (CA), supported by CMA and CS professionals, conducts tax audits that not only fulfil legal requirements but also help optimise your tax compliance and planning.
1. What is a Tax Audit?
A Tax Audit is a review of accounts and records to verify that the income, deductions, and other details reported in the Income Tax Return (ITR) are accurate and compliant with tax laws.
It is governed by Section 44AB of the Income Tax Act.
Tax Ustaad Tip: A tax audit is like a truth certificate for your financial statements – ensuring the tax department sees your figures as credible.
2. Applicability of Tax Audit
- Professional receipts exceed ₹50 lakh.
- Certain other cases as per Income Tax Act.
- Business turnover exceeds ₹1 crore (₹10 crore if 95% transactions are digital).
- Business under Presumptive Tax Scheme with turnover > ₹2 crore (Section 44AD).
3. Objectives of Tax Audit
- Ensure proper maintenance of books of accounts.
- Verify accuracy of reported income and claims.
- Detect tax evasion or irregularities.
- Facilitate smooth assessment by the tax department.
4. Tax Audit Process – By Tax Ustaad
- Step 1 → Understanding Your Business & Tax Structure
- Step 2 → Checking Applicability of Tax Audit (Section 44AB)
- Step 3 → Collection & Review of Financial Records
- Step 4 → Verification of Income, Expenses & Deductions
- Step 5 → Compliance Checks with Income Tax Provisions
- Step 6 → Preparation of Tax Audit Report in Form 3CA/3CB & 3CD
- Step 7 → Filing Tax Audit Report with Income Tax Department
Tax Audit Compliance Checklist – By Tax Ustaad
| Requirement | Documents / Data Needed |
|---|---|
| Books of Accounts | Ledger, journal, trial balance |
| Financial Statements | Balance sheet, profit & loss account |
| Tax Records | GST returns, TDS statements, advance tax challans |
| Bank Records | Bank statements, loan documents |
| Expense Proof | Bills, vouchers, payroll details |
| Asset Records | Fixed asset register, depreciation details |
| Past Audit Reports | Previous year's tax audit report (if any) |
Tax Ustaad Tip: Missing deadlines for tax audit filing attracts penalties – plan early.
5. Due Date & Penalties
- Due Date: Generally 30th September (may change as per government notifications).
- Penalty for Delay: Lower of ₹1,50,000 or 0.5% of turnover.
- Expert CA Team – In-depth knowledge of Income Tax Act.
- Complete Compliance Support – From documentation to filing.
- Time-Saving – Hassle-free, error-free process.
- Pan-India Service – For businesses and professionals in any sector.
Why Choose Tax Ustaad for Tax Audit?
- Expert CA Team – In-depth knowledge of Income Tax Act.
- Complete Compliance Support – From documentation to filing.
- Time-Saving – Hassle-free, error-free process.
- Pan-India Service – For businesses and professionals in any sector.
Our CA, CMA, and CS professionals will ensure your Tax Audit is accurate, compliant, and filed on time, avoiding penalties and maximising peace of mind.
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