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For any assessee who is the subject of an audit, timely, accurate, and transparent tax return filing is a crucial task. An independent tax auditor is required to carry out the task in order to accomplish this. We take great care to maintain the highest ethical standards and the highest calibre of services because we fully appreciate the sensitivity and significance of tax for businesses and other assessees.
According to Section 44AB of the Income Tax Act of 1961, a company must have its accounts audited by a chartered accountant if its annual gross receipts or turnover exceed a certain threshold. Form numbers 3CA/3CB and 3CD, the chartered accountant’s tax audit report, contain his conclusions and observations.
A statutory audit and a tax audit are very different from one another. To ensure that the company’s financial statements are accurate, precise, transparent, and reliable, a statutory audit is carried out. A tax audit, on the other hand, is carried out to ensure accurate data is reflected in the company’s taxable income and deductions as well as to ensure proper bookkeeping.
If a taxpayer’s receipts or turnover exceed the limits for tax audits as described below, whether t business or professional, must undergo a tax audit:
Tax audits are applicable if a business’s annual gross revenue exceeds Rs. 1 Crore.
The tax audit limit is Rs. 2 crore for taxpayers who have chosen presumptive taxation under Section 44AD.
From the financial year 2019–20 onward, the tax audit limit is Rs 5 crore for taxpayers whose total cash receipts and payments during the previous year did not exceed 5% of all receipts and payments.
If the annual gross receipts of an assessee who’s a professional exceeds Rs.50 Lakh then, the assessee has to get the audit done.
Additionally, the audit is necessary when the taxpayer reports a lower net profit while reporting a profit under sections 44AD, 44ADA, or 44AE.
The assessee is required to file an audit report on or before 30th September of the assessment year.
As per Section 271B of the Income Tax Act 1961, the penalty for non-filing of the audit report is lower of:
We firmly believe that our clients are our best asset, and in order to provide customer-centric services, we must put ourselves in their position and provide exactly what they require. We understand that you are looking for an auditor who properly delves into nuances to comprehend all of the intricate laws, rules, and regulations governing the Indian tax system. At CAnest, we have a team of tax experts who draw on their years of experience and knowledge from a variety of sources. We make sure to offer you a seamless combination of tax auditing and compliance services.
It is helpful to project patterns, pay employees and suppliers on time, settle debts, and other things by keeping track of the money that enters the business regular.
The financial health of the business, including its solvency, creditworthiness, liquidity, and stock and bond issuers, will be better understood by investors.
In India, the Registrar of Companies demands a proper record of income tax payments at the end of the year; otherwise, businesses risk additional taxes or fines.
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info@canest.in