Finance Desk
Income Tax Audit & Consultancy
The implementation of a new provision '44AB' in the Finance Act of 1984 illustrates the current tax audit provisions that have been in place since the appraisal year 1985-86. The primary reason behind its implementation is to tackle problems such as tax avoidance and tax evasion.
Tax Audit Service
Income Tax Audit Service is carried by practising (CA) Chartered Accountant registered with Income Tax Department as a ARCA. Tax Audit is a verification and compliance process where Tax Auditor check and Verify books of accounts as per the Accountant Standards as well as Compliance verification as per The Income Tax Act 1962. Finance Desk have more than 100 Chartered Accountant who assist our client in completing the compliance of section 44AB of The Income Tax Act, Commonly known as Tax Audit.
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Income Tax Audit Features and Criteria
- Mandatory Tax Audit if Turnover is above 1 Crore
- For Professional Rs. 50 Lacs is Limit for Tax Audit
- Only Chartered Accountant in practice can do Audit
- Audit required if Declared profit is below 8% if Turnover
- Compulsory Audit if Professionals Declared Profit below 50%
- Tax Audit Report Need to be furnish in form 3CA / 3CB & 3CD
What are the Documents required for Income Tax Audit?
- Basic KYC Documents of Company/Auditee
- All Bank Account Statments
- Accounting Records of Firm/Company
- Cash Book, Voucher Book, Sales/Purchase Book
- Expense Book, Declarations, Capital Accounts
- GST Returns, TDS Returns, other compliance evidances
Income Tax Audit Procedure (Step-to-Step Audit Process)
Send us documents for Tax Audit process
Income Tax Auditor will check the documents
Tax Audit Report Uploading
Audit Report Upload/Client
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