Tax Audit

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Advisory Session From Experts
Advisory Session From Experts

Who is mandatorily subject to tax audit?

Following categories of taxpayers are required to get tax audit done: Category of person Threshold Carrying on business (not opting for presumptive taxation scheme*) Total sales, turnover or gross receipts exceed Rs 1 crore Carrying on business (opting presumptive taxation scheme under section 44AD ) Declares taxable income below the limits prescribed under the presumptive tax scheme and has income exceeding the basic threshold limit Carrying on profession Gross receipts exceed Rs 50 lakhs Carrying on the profession eligible for presumptive taxation under Section 44ADA Claims profits or gains lower than the prescribed limit under presumptive taxation scheme and income exceeds maximum amount not chargeable to tax Carrying on the business and is not eligible to claim presumptive taxation under Section 44AD due to opting for presumptive taxation in one tax year and not opting for presumptive tax for any of the the subsequent 5 consecutive years If income exceeds maximum amount not chargeable to tax in the subsequent 5 consecutive tax years from the tax year where presumptive taxation is not opted for
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What is the due date of tax audit ?

Particulars Due Date Company 30th day of September of the assessment year Other than company whose accounts are required to be audited under this act 30th day of September of the assessment year An assesse who is required to furnish a report referred to in section 92E 30th day of November of the assessment year

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What is the penalty for non-compliance?

If any taxpayer who is required to get tax audit done but fails to do so, lower of 0.5% of total sales, turnover or gross receipts or Rs 1,50,000 may be levied as penalty. However, if reasonable cause is established for non-compliance, no penalty would be imposed.

Our Packages

All packages are inclusive of GST and Government Fees.

Starting at ₹ 11800

  • Includes ITR
  • Applicable under 44AD (Profit below prescribed rate)
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    Starting at ₹ 23600

  • Includes ITR
  • For Professional Income (Turnover above 50 lakhs)
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    Starting at ₹ 35400

  • Includes ITR
  • For Trading Income (Turnover above 2 Crores)
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    Documents Required For Tax Audit

    • Invoices of Purchases and Sales during the year
    • Invoices of expenses incurred during the year
    • Credit Card Statements if Expenses are incurred by Directors on behalf on Company
    • Bank Statements from 1 April to 31 March for all bank accounts in the name of Company
    • Copy of GST returns filed (If Any)
    • Copy of TDS Challans Deposited (If Any)
    • Copy of TDS Returns filed (If Any)
    • Last year audited balance sheet if any
    • Details of ESI, PF and all other statutory compliance (if applicable)
    • Accounting data

    Process Involved:


    The dictionary meaning of the term "audit" is check, review, inspection, etc. There are various types of audits prescribed under different laws like company law requires a company audit, cost accounting law requires a cost audit, etc. The Income-tax Law requires the taxpayer to get the audit of the accounts of his business/profession from the view point of Income-tax Law. Section 44AB gives the provisions relating to the class of taxpayers who are required to get their accounts audited from a chartered accountant. The audit under section 44AB aims to ascertain the compliance of various provisions of the Income-tax Law and the fulfillment of other requirements of the Income-tax Law. The audi

    One of the objectives of tax audit is to ascertain/derive/report the requirements of Form Nos. 3CA/3CB and 3CD. Apart from reporting requirements of Form Nos. 3CA/3CB and 3CD, a proper audit for tax purposes would ensure that the books of account and other records are properly maintained, that they faithfully reflect the income of the taxpayer and claims for deduction are correctly made by him. Such audit would also help in checking fraudulent practices. It can also facilitate the administration of tax laws by a proper presentation of accounts before the tax authorities and considerably save the time of Assessing Officers in carrying out routine verifications, like checking correctness of to

    The report of the tax audit conducted by the chartered accountant is to be furnished in the prescribed form. The form prescribed for audit report in respect of audit conducted under section 44AB? is Form No. 3CB and the prescribed particulars are to be reported in Form No. 3CD. In case of persons covered under previous FAQ, i.e., who are required to get their accounts audited by or under any other law, the form prescribed for audit report is Form No. 3CA and the prescribed particulars are to be reported in Form No. 3CD.?

    According to section 271B, if any person who is required to comply with section 44AB fails to get his accounts audited in respect of any year or years as required under section 44AB, the Assessing Officer may impose a penalty. The penalty shall be lower of the following amounts: (a) 0.5% of the total sales, turnover or gross receipts, as the case may be, in business, or of the gross receipts in profession, in such year or years. (b) Rs. 1,50,000. However, according to section 273B?, no penalty shall be imposed if reasonable cause for such failure is proved.

    A person covered by section 44AB should get his accounts audited and should obtain the audit report on or before the due date of filing of the return of income, i.e., on or before 30th September (*) of the relevant assessment year, e.g., Tax audit report for the financial year 2013-14 corresponding to the assessment year 2014-15 should be obtained on or before 30th September, 2014. (*) In case of a taxpayer who is required to furnish a report in Form No. 3CEB under section 92? in respect of any international transaction or specified domestic transaction, the due date of filing the return of income is 30th November of the relevant assessment year. However, due date for filing of Income tax

    Clause 12 Of Part I of Schedule I of C. A. Act allow a partner to sign on behalf of (i) Other Partner (ii) Firm b) Sign can be either digital or physical c) In my view, one partner can sign form 3CD etc. keeping in view the limit of 45 audits per partner

    Operating System – Windows XP with Service Pack 3/ Windows 7/ Windows 8. Runtime Environment – JRE 1.7 Update 6 and above, 32 Bit is required to run applets for offline forms to work.

    B/S, P&L, Annexures, Notes, Cost Audit Report and Excise Audit and Other Report, if any, scanned in pdf format after being duly signed by Assessee and CA, whether digital or physical. Kindly note that word/excel file can also be digitally signed.

    The software has some inherent errors as a result when we reopen draft saved xml file, it shows blank i.e. we have to re-enter the fields again. These fields are 7(B), 8(B), 9(A), 10, 11(D), 12(B), 21(Notes), 22(A), 22 AND 23.

    CA has no option to print uploaded xml files. However, it can be printed from assessee’s login id, even before approval by assessee as the said xml file can be downloaded, from assessee’s login id, in the pdf format by default.

    Guidance Note on Tax Audit states that normally, it is the professional duty of the CA to ensure that the audit accepted by him is completed before the due date. Hence, yes, if delay is attributable to his part.

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