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.
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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 is called Tax Audit Report.
If you generate income from business or profession, it is called income from business or profession.
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.
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.
30th September.
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.
Nil/-
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