What does Tax Audit mean in India?

What does Tax Audit mean in India?

Information 02.09.2017   0 Comments   638  Add to Reading List

As per the Income-tax Act 1961, it is obligatory of the following persons (carrying on business or profession) to get his accounts audited before the September 30 by a Chartered Accountant:

  • If the total sales, turnover or gross receipts in business exceeds Rs. 100 lakhs in any of the previous years; or
  • If the gross receipts in profession exceeds Rs. 25 lakhs in any of the previous years; or
  • If the assessee covered under the provision of section 44AD claims his profits to be lower than the profits deemed under presumptive basis and his income exceeds the basic exemption limit

Please note, a tax audit report in the prescribed form shall be required to be furnished by September 30 (Forms prescribed are 3CA/ 3CB/ 3CD) which is certified by the Chartered Accountant.

Also note, penalty provisions under section 271B shall apply in case accounts are not audited and audit report not furnished.

In case of any further queries, please feel free to get in touch. Will be happy to help.


Visit HireCA.com Now

Get All your Work Done By Expert visit Hireca.com Or Whats app your Query At : 9873139513 or mail at hi@hireca.com