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By the definition, Tax Audit refers to the Financial Procedure of verifying the Tax Returns filed by an Individual or Business Entity. In this process, the concerned individual’s entire records of the Taxation Filings are reviewed, checked and scrutinized accordingly.
In India, the Tax Audit related matters are overseen by the provisions of the Income Tax Act, 1961. The notable sections for Tax Audit-related matters are likely - Section 44 AB, Section 44 AD, and Section 44 AE.
Tax Audit requires the updated data of every day transactions and financial records that helps in effortlessly maintaining the financial affairs’ records
Through properly managed and calculated Tax Audits, the chances of facing any taxation frauds get reduced
In the process of Auditing the Taxations, the concerned Individual or Business Venture can track the total income and financial claims from the marketplace in a proper manner
While conducting the Tax Audit in a proper manner, a business organization will make the process easier for the country’s taxation regulatory board and saves a lot of time by eliminating the administrative hassles
Income Tax Audits are the credentials that can be used to any Assessing Officials or the Regulating Authorities and getting the beneficial Govt. schemes
Who are liable to get the Tax Audit done -
Form 3CA & Form 3CD
In case a Taxpayer chooses to get the Accounts Audited under any Prescribed Law other than Section 44AB, then the applicable form is the Form 3CA and the submitted details to be noted in the Form 3CDForm 3CB & Form 3CD
In case a Taxpayer conduct the Audit under the provisions of Section 44AB of the relevant Act, then the Form 3CB and other submitted details to be noted in the Form 3CDRelevant for the Business Ventures specialising in Hiring, Leasing, or Plying of Goods Carriages
Applicable for any other Business Ventures mentioned under Section 44AE
Applicable for Non-Resident Indians involved in business activities in the Minerals, Oil Industry
Applicable for International Organizations involved in any sort of Civil Construction Business, or Power Projects
Any Business Individual or Entity falls under Section 44AB required to to get their Accounts Audited and get the Audit Report on or before 30th September for the corresponding Financial Year
As per the Income Tax Act, 1961, the non-compliance of Tax Audit would lead to Penalty of whichever is lower form the followings -
12999
14999
22999
31999