Tax Audit

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Tax Audit

A tax audit is an examination of an organization’s or individual’s tax return. Each year when tax season rolls around, the Internal Revenue Service, as well as state departments of taxation, kicks into overdrive to meet with the onslaught of tax filings.
  • Tax Audit is an audit made compulsory by the Income Tax Act, if the turnover/gross receipts of the assessee reaches the specified limit.*
  • Carried out by Chartered Accountant
  • Audit of Matters related to tax.
  • Purpose to ensure proper maintenance of books of accounts and they truly reflect the taxable income of the assessee.

*Tax Audit Conditions

A person is required to get his books of accounts audited as per provisions of section 44AB if he satisfies any of the following conditions:
  • If the person is carrying on the business and his Total Sales exceeds 1 Crore. ;
  • or If the person is carrying on profession and his Gross Receipts exceed  50 Lakhs. ;
  • or If the person is carrying on business and claims lower profit than the profits and gains deemed under section 44AD.

Income Tax