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What is Income Tax Audit

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Old 06-01-2013, 06:26 AM
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Default What is Income Tax Audit

Overview: The main objective of the tax audit is to compute the taxable income according to the law and for maintaining transparency in the financial statements filed by the assesses with the Income-tax department. The tax audit u/s. 44AB of the Income-tax Act 1961 is significant practice area for Chartered Accountants. Since the introduction of tax audit, we have been given responsibilities to discharge the duties as tax auditors for the proper compliance of tax law by the assesses.

Requirement: This Audit is applicable on every person.
Carrying on business shall, if his total sales, turnover or gross receipts, as the case may be, in business exceed or exceeds 60 lakh rupees in any previous year; or
Carrying on profession shall, if his gross receipts in profession exceed 15 lakh rupees in any previous year; or
Carrying on the business shall, if the profits and gains from the business are deemed to be the profits and gains of such person under [section 44AE] [or section 44BB or section 44BBB], as the case may be, and he has claimed his income to be lower than the profits or gains so deemed to be the profits and gains of his business, as the case may be, in any previous year; or
Carrying on the business shall, if the profits and gains from the business are deemed to be the profits and gains of such person under section 44AD and he has claimed such income to be lower than the profits and gains so deemed to be the profits and gains of his business and his income exceeds the maximum amount which is not chargeable to income-tax in any previous year.

get his accounts of such previous year audited by Chartered Accountant.
This audit is done by practicing Chartered Accountant only.
 

Last edited by ajshco; 11-10-2014 at 04:47 AM.
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