21 Jun Tax Audit Service in Noida
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Introduction to Tax Audit
A tax audit is a detailed examination of a taxpayer’s financial records to ensure compliance with income tax laws. It is mandatory under Section 44AB of the Income Tax Act for certain businesses and professionals exceeding specified turnover limits.
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Applicability of Tax Audit
Tax audit applies to businesses with turnover over ₹1 crore (₹10 crore if digital transactions are >95%) and professionals earning more than ₹50 lakh annually.
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Objectives of Tax Audit
The main objective is to ensure accurate reporting of income, prevent tax evasion, and improve transparency in financial statements submitted to tax authorities.
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Role of Chartered Accountants
A qualified Chartered Accountant conducts the audit and files Form 3CA/3CB and 3CD with detailed financial disclosures.
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Consequences of Non-Compliance
Failure to conduct a mandatory tax audit may attract a penalty of 0.5% of turnover or ₹1,50,000, whichever is lower.
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