If you are a taxpayer and turnover of your business or total receipts from any profession exceeds limits as prescribed by The Income Tax Act, in any previous year then, you are obligated to get your books of accounts audited by an Independent Chartered Accountant. The Tax Audit report shall be prepared as per Section 44AB of the Income Tax Act, 1961. The due date for the submission of the Tax Audit report is 30th September of Assessment Year.
The entire procedure of the tax audit is to ensure that the Income Tax compliances & other relevant laws are appropriately being adhered.
A tax audit endeavours to verify the books of accounts of the assessee to ensure that the compliances mandated by the Income Tax Law are adequately obeyed.