Benefits of Tax Audits in India
How do we work?
Fill our Registration Form & Make the Payment
Get a Call from our In-House CAs & Taxation Experts
Submit the Documents, and Records as Requested
The CAs will Analyze, and Begin with the Tax Audit Process
Following the Completion of the Tax Audit, we will get your Approval for the same
Finalised and Approved Tax Audit report will be submitted to the Income Tax Department
FAQ For Income Tax Audit
In such circumstances, the taxpayer is not required to get his accounts audited once more for income tax matters. It is adequate if accounts are audited under such other law prior the due date of filing the return. The taxpayer can deliver this suggested audit report under Income tax law.
Tax auditor shall provide his report in a recommended form which could be both Form 3CA or Form 3CB where:
- Form No. 3CA is equipped when an individual carrying on business or profession is already instructed to get his accounts inspected beneath any other law.
- Form No. 3CB is equipped when an individual carrying on business or profession is not needed to get his financial records inspected beneath any other law.
In the instance of whichever of the aforesaid audit reports, tax auditor must provide the recommended particulars in Form No. 3CD, which forms part of audit report.
The tax auditor shall supply tax audit report online by making use of his login details in the capacity of ‘Chartered Accountant’. Taxpayer shall also supply CA particulars in their login portal. When the tax auditor uploads the audit report, similar should either be accepted/rejected by taxpayer in their login portal. If prohibited for any cause, all the processes need to be carried out again till the audit report is acknowledged by the taxpayer. You must file the tax audit report on or before the due date of filing the return of income. It is 30 November of the succeeding year in case the taxpayer has entered an international transaction and 30 September (extended to 31 October for AY 2020-21) of the succeeding year for other taxpayers.
If any taxpayer is needed to carry out the tax audit but fails to do so, the least of the following may be levied as a penalty: 1. 0.5% of the entire sales, revenue or gross earnings 2. Rs 1,50,000