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Tax Audit Report.

The 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. 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 audit conducted by the chartered accountant of the accounts of the taxpayer in pursuance of the requirement of section 44AB​ is called tax audit. The chartered accountant conducting the tax audit is required to give his findings, observation, etc., in the form of audit report. The report of tax audit is to be given by the chartered accountant in Form Nos. 3CA/3CB and ​3CD.

As per section 44AB, following persons are compulsorily required to get their accounts audited:

  1. A person carrying on business, if his total sales, turnover or gross receipts (as the case may be) in business for the year exceed or exceeds Rs. 1 crore. This provision is​ not applicable to the person, who opts for presumptive taxation scheme under section 44AD​ and his total sales or turnover doesnot excceeds Rs. 2 crores.
  2. A person carrying on profession, if his gross receipts in profession for the year exceed Rs. 50 lakhs.

CompaniesHouse is an MCA Authorized Company Registered Agent in India. The object of the CompaniesHouse is to minimize the cost in IT Filings throughout India.

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FAQ

What is Tax Audit?

The audit conducted by the chartered accountant of the accounts of the taxpayer in pursuance of the requirement of section 44AB​ is called tax audit.

What is Tax Audit Report?

​The chartered accountant conducting the tax audit is required to give his findings, observation, etc., in the form of audit report. The report of tax audit is to be given by the chartered accountant in Form Nos. 3CA/3CB and ​3CD is called Tax Audit Report.

What is business income?

​​​​If you generate income from business or profession, it is called income from business or profession.

What is Form 16A?

Form 16A is an Income tax form. It is issued by the companies at the end of the year to the persons from whom the company deducts TDS from other than salaries.

Which form is rquired to be filed incase of Tax Audit?

It depends on the person, if the person is an individual or HUF, ITR-3 can be filed, if the person is Firm or LLP, ITR-5 can be filed and if the person is Company, ITR-6 can be filed.

What is due date to ITR incase of Tax Audit?

30th September.

What if we don't file ITR on or before due date?

If you do not file your IT return on or before due date, panalty will be paid. The penalty is. Rs. 5,000/- till 31st December and there after Rs. 10,000/- and For small tax payer (ie. total income is not more than Rs. 5 lakhs), the penalty is Rs. 1000/- till 31st December and therafter. The last date to file the IT return with penalty is 31st March of next year, beyond this you can not file your ITR.

What is the fee for filing Tax Audit Report?

Nil/-

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Notes:

  1. The Form-16A has to be given by the client.
  2. The client has to provide his bank statement and expenditure details.
  3. The digital signature certificate has to be provided by the client.
  4. The applicant has to provide valid email id and mobile number.

WHAT CLIENTS SAYS?

You are truly experienced in Company Registrations. Keep it up!

Ram Kumar Chilukuri Director, Anewa Engineering Pvt Ltd 02.06.2016

Thanks for your continuous support. God bless you!

Nrupesh CFO, Blujay Solutions Private Limited 14.06.2016

Thank you CompaniesHouse for saving in Income Tax!

Avtar Singh Managing Partner, Chetak Transporters 25.06.2016

We are surprised to get our Company registered in one day. Thanks to you guys!

Mohammed Fasiuddin Director, Avidus Engineering Private Limited 29.06.2016

Thank you for the initial discussion as we choose best business format!

Lakshmi Keerthi Reddy Director, Lavanar Sea Food Farming Private Limited 01.09.2016

Thank you CompaniesHouse for reminding on timely statutory compliance!

Rambabu Director, Cybervillage Solutions Pvt ltd 05.09.2016

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