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Tax Audit is detailed verification of books of accounts maintained by business & verify the accuracy of the income earned & deduction claimed by the assessee in the Income tax returns. Tax audit shall be governed by the provisions ( Section 44AB ) & Rules laid down in the Income Tax Act 1961. This audit is conducted by Chartered Accountant Firm ensuring correct books of accounts are maintained, legal provision complied & correct payment of Income Tax has been done. This is done in a standard format as approved by Income Tax Department.
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
Tax Audit is independent verification of the books of accounts. During the audit we examine transactions of income , expenses , deductions etc. Tax audit due dates as per section 44AB of Income Tax Act 1961 is generally on 30th September after the financial year ends. But it may vary on the basis of Government decision. For Non filing of audit within due date penalty upto Rs. 150000 is applicable.
We at S.V.Bhat & Co have more than 30 years of experience conducting tax audits. To enquire about our services please write to [email protected]