Welcome to Tax Box India
This audit is mandatory for taxpayers carrying on business having gross receipts of Rs 1 cr or more and for professionals having gross receipts. Call us for inquiry at 7249999620
Tax audit is the verification of the books of accounts of an assessee to validate the income tax computation and compliance with the laws of Income Tax.
According to Section 44AB, tax audit is required for the following persons:
In case of a business, tax audit would be required if the total sales turnover or gross receipts in the business more than Rs.one crore in any previous year.
In case of professional, tax audit would be required if gross receipts in the profession exceeds Rs.fifty lakhs in any of the previous year. A profession or professional could be any of the following as per Rule 6F of the Income Tax Rules, 1962:
If an individual is enrolled under the presumptive taxation scheme under section 44AD and total sales or turnover is more than Rs. 2 crores, then tax audit would be required.
Also, any person enrolled under the presumptive taxation scheme who claims that the profits of the business are less than the profits calculated in accordance with the presumptive taxation scheme would be required to get a tax audit report.
The maturity for completing and filing tax audit report under section 44AB of I.T Act,1961 is 30th September of the assessment year. Therefore, if the taxpayer is required to obtain tax audit report, then they would be needed to file tax return on or before 30th September along with the tax audit report.For transfer pricing, the due date would be 30th November per annum.
A person who is required to urge tax audit would be required to furnish the subsequent for tax audit while filing tax return:
Form 3CA – Audit Form
Form 3CD – Statement showing relevant particulars.
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