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Breif
A Tax Audit under Section 44AB of the
Income Tax Act is a statutory audit of books of accounts . it is mandatory for
businesses and professionals whose turnover or gross receipts exceed prescribed
limits or who opt out of presumptive taxation
Overview
The audit report is filed
electronically in Form 3CA/3CB along with Form 3CD by a Chartered Accountant.
Timely tax audit helps avoid heavy penalties and income tax notices.
Process
Step 1 - Check tax audit applicability under Section 44AB.
Step 2 – Appoint a Chartered Accountant for tax audit.
Step 3 – Collect and submit required financial documents.
Step 4 – Audit and verification of books of accounts.
Step 5 – Preparation of Form 3CA/3CB and Form 3CD.
Step 6 – Upload tax audit report on Income Tax Portal.
Step 7 – Assessee acceptance and audit completion.
Checklist
Details & Documents Required for Private Limited Company Registration
- Aadhaar Card of proprietor / partners / directors
- Pan Card of proprietor / partners / directors
- Books of accounts
- Financial statement
- Sales register
- Purchase register
- Expense vouchers and bills
- Fixed asset register with depreciation details
- Loan statements and interest certificates
- GST returns (GSTR-1, GSTR-3B)
- TDS / TCS details
- Details of statutory dues
- Previous year tax audit report
- Previous year income tax return
- List of related parties
- Details of payments under Section 40A(3)
- Details of depreciation under Income Tax Act
Time Taken
Total Time: Approximately 7 days from the date of receipt of all documents.
Deliverable
- Tax Audit Report in Form 3CA / 3CB
- Statement of particulars in Form 3CD
- Acknowledgement of audit filing
- Compliance summary and observations
- Support for Income Tax Return filing
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FAQs
It is a mandatory audit of accounts under Section 44AB to verify income and tax compliance.
Businesses with turnover above ₹1 crore and professionals above ₹50 lakh, subject to conditions.
Only
if turnover/gross receipts exceed prescribed limits or presumptive scheme
conditions are violated.
Form 3CA or 3CB along with Form 3CD.
Only
a practicing Chartered Accountant.
Generally 30th September of the assessment year (subject to notification).
Yes, if the assessee opts out of presumptive taxation and income exceeds basic exemption limit.
It contains detailed tax-related disclosures and particulars.
Yes, turnover includes GST unless specifically excluded.
Penalty of 0.5% of turnover or ₹1,50,000, whichever is lower.
Yes, tax audit focuses on income tax compliance.
No, tax audit applies only to business or professional income.