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Tax Audits

Our Packages for Tax Audits

 
 
Basic package

Tax Audits

Rs 10000/-

Process involved in Tax Audits

 
 
  • Registration as Tax Professional on Income Tax E filing Website

    The person should be a practicing Chartered Accountant (registered with Institute of Chartered Accountants of India, ICAI, with a valid Membership Number) 2. He/she should have a valid Permanent Account Number (PAN) and Digital Signature Certificate.

  • Engaging Tax Professional by Assessee

    a tax professional is appointed to conduct the audit

  • Fiiling

    Four attachments are required: 1. Balance Sheet (Mandatory) 2. Profit & Loss Account (Mandatory) 3. Cost Audit Report 4. Excise Audit/other audit report Attachments must be either in “zip” or “pdf” format and with size up to 50 MB.

  • approval

    For approval as well as rejection the assesee has to digitally sign the filling.

TAX ASSISTANCE

We take a holistic view, combining industry insight with the technical skills of financial and tax professionals, economists, lawyers and our other in-house resources as necessary, to develop comprehensive integrated solutions.

Our tax services include:

September month is a Tax audit month. Tax audit is popularly known as 44AB audit, this audit has to be completed on or before due date i.e. 30th Sept. This section creates an obligation on a person carrying on business to get his accounts audited by a chartered accountant in full time practice and to furnish by the specified date, the report in prescribed form of such audit, if the total sales, turnover or gross receipts in business in the relevant previous year exceed or exceeds Rs. 1 Crores. 44AB comprises of 2 forms Form 3CA/CB and Form 3CD. Every 44AB assesssee need to file either Form 3CA or 3CB. But Form 3CD is must Accounts maintained by companies are required to be audited under the Companies Act, 1956 (Now read The companies Act, 2013) Accounts maintained by co-operative societies are also required to be audited under the Co-operative Societies Act, 1912. There is, however, no obligation on other categories of taxpayers to get their accounts audited. 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 the accounts before the tax authorities and considerably saving the time of Assessing Officers in carrying out routine verifications, like checking correctness of totals and verifying whether purchases and sales are properly vouched or not. The time of the Assessing Officers thus saved could be utilized for attending to more important investigational aspects

CHECKLIST FOR TAX AUDIT

  •   FORM 3CA
  •   FORM 3CB
  •   FORM 2CD

Frequently Asked Questions (FAQ's)

what are the forms 3CA and 3CD?

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.?

what is the penalty for not getting the accounts audited?

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.

lease advice in case of partnership firm can only one partner sign all the reports?

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

What are operating system and runtime environment requirement for E-filling of Tax Audit Report?

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.

When we reopen draft saved xml file, many fields which we had already entered is showing blank.

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. How to print?

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.

what is tax audit?

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

what is the objective of tax audit?

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

What is the due date by which tax payer gets the accounts audited?

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

What are the documents to be attached to Tax Audit Report?

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.

Is tax auditor responsible for delay in uploading of Tax Audit Report?

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.

Feature's of Tax Audits

Tax audit ensures that total estimated tax is achieved by the tax department.

Main benefit of tax audit is to help government to avoid tax theft by companies.

Audited accounts are readily accepted by Government authorities like Tax authorities and Central banks.

Regular audit of account create fear among the employees in the accounts department and exercise a great moral influence on clients staff thereby rest

In the event of loss of property by fire or on happening of the event insured against, Audited accounts help in the early settlement of claims from t

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