Tax Audit Assistance

Overview

Tax Audit (Income Tax Audit) is the examination of a business or professional's financial records under Section 44AB of the Income Tax Act, 1961, conducted by a Chartered Accountant to verify accurate reporting of income, deductions and expenses. Taxeto arranges the CA appointment, reviews books of accounts, prepares Forms 3CA/3CB and 3CD, and files the audit report along with the ITR so clients crossing the prescribed turnover or income limits stay fully compliant.

Benefits

• Ensures adherence to income tax laws
• Improves accuracy of financial reporting
• Prevents fines for incorrect filings
• Helps in managing business accounts more effectively
• Minimizes chances of scrutiny or penalties

Eligibility

• Businesses with turnover exceeding Rs 1 crore, up to Rs 10 crore if cash transactions are within prescribed limits
• Professionals with gross receipts exceeding Rs 50 lakh
• Businesses under presumptive taxation declaring lower income than prescribed
• Certain loss-making entities under specified conditions

Documents Required

1. 1Income Tax Returns (ITR)
2. 2Profit & Loss Account and Balance Sheet
3. 3Bank statements
4. 4GST returns (if applicable)
5. 5Ledger books, invoices and books of accounts
6. 6Expense and income records

Process

1. 1

   Appointment of Auditor

   Appoint a Chartered Accountant.

2. 2

   Books Verification

   Auditor reviews the financial records.

3. 3

   Audit Report Preparation

   CA prepares Forms 3CA/3CB and 3CD.

4. 4

   Filing with Income Tax Department

   Upload the audit report on the income tax portal.

5. 5

   Submission of ITR

   File the Income Tax Return along with the audit report by 30th September.

Frequently Asked Questions