Income Tax Audit refers to the examination and verification of an individual’s or business’s financial records, accounts, and transactions to ensure compliance with the provisions of the Income Tax Act. It is typically conducted by a qualified Chartered Accountant (CA) and is mandatory for certain taxpayers based on their income, type of business, or turnover.
Income Tax Audit refers to an examination of the financial statements and accounts of a taxpayer by the Income Tax Department to ensure compliance with tax laws and to verify the correctness of the income declared. It is conducted under Section 44AB of the Income Tax Act, primarily for businesses and professionals whose turnover or gross receipts exceed specified limits.
Key points about Income Tax Audit include:
1. Purpose: The main aim is to ensure that the taxpayer has accurately reported their income and paid the appropriate amount of tax.
2. Who Needs an Audit:
– Businesses with a turnover exceeding ₹1 crore.
– Professionals with gross receipts exceeding ₹50 lakhs.
– Certain other specified cases, such as those claiming certain deductions.
3. Conducted By: The audit is conducted by a qualified Chartered Accountant (CA) who reviews the financial records, transactions, and compliance with tax regulations.
4. Audit Report: After the audit, the CA issues an audit report in Form 3CA/3CB and 3CD, which must be submitted along with the income tax return.
5. Deadline: The audit report must be submitted by a specified due date, typically before the filing of the income tax return.
6. Consequences of Non-Compliance: Failure to get an audit done when required can result in penalties and increased scrutiny from tax authorities.
Overall, the income tax audit helps maintain transparency and accountability in the financial reporting of taxpayers.
Terms & Conditions
Govt fee Rs 1000 extra to be borne by the client
All tax payments and penalties if any to be borne by the client
Stamp paper and notary should be borne by the client
This pricing is applicable only if the LLP is not having any assets and liabilities.
There will be additional charges if there is BANK ACCOUNT STATEMENT transactions having above 100 entries
DINeKYC & DSC needs to be active till the e-filing status of the LLP changes to “UNDER PROCESS OF STRIKE OFF”.
Separate forms to be filed with MCA for updating of Registered Office address/mail id & and the add/remove partners (additional charges applicable).
LLPs must file FORM-3 within 30 days of incorporation. Failure to do so incurs a penalty, which must be paid before filing FORM-24 for closure of LLP with the MCA.
Income Tax Audit refers to an examination of the financial statements and accounts of a taxpayer by the Income Tax Department to ensure compliance with tax laws and to verify the correctness of the income declared. It is conducted under Section 44AB of the Income Tax Act, primarily for businesses and professionals whose turnover or gross receipts exceed specified limits.
Key points about Income Tax Audit include:
1. Purpose: The main aim is to ensure that the taxpayer has accurately reported their income and paid the appropriate amount of tax.
2. Who Needs an Audit:
– Businesses with a turnover exceeding ₹1 crore.
– Professionals with gross receipts exceeding ₹50 lakhs.
– Certain other specified cases, such as those claiming certain deductions.
3. Conducted By: The audit is conducted by a qualified Chartered Accountant (CA) who reviews the financial records, transactions, and compliance with tax regulations.
4. Audit Report: After the audit, the CA issues an audit report in Form 3CA/3CB and 3CD, which must be submitted along with the income tax return.
5. Deadline: The audit report must be submitted by a specified due date, typically before the filing of the income tax return.
6. Consequences of Non-Compliance: Failure to get an audit done when required can result in penalties and increased scrutiny from tax authorities.
Overall, the income tax audit helps maintain transparency and accountability in the financial reporting of taxpayers.