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Income Tax Audit – Ensuring Compliance & Accuracy
An Income Tax Audit ensures that taxpayers maintain accurate books of accounts and financial records, truly reflecting their income. Section 44AB of the Income Tax Act, 1961, mandates tax audits for businesses and professionals exceeding specified turnover or income thresholds.
Applicability of Income Tax Audit (Section 44AB)
Not Opting for the Presumptive Taxation Scheme (44AD):
- If total sales, turnover, or gross receipts exceed ₹1 crore in a financial year.
- If cash transactions (receipts and payments) are up to 5% of total gross receipts, the tax audit threshold increases to ₹10 crore.
For Businesses:
Not Opting for the Presumptive Taxation Scheme (44AD):
- If total sales, turnover, or gross receipts exceed ₹1 crore in a financial year.
- If cash transactions (receipts and payments) are up to 5% of total gross receipts, the tax audit threshold increases to ₹10 crore.
Opting for the Presumptive Taxation Scheme (44AD):
- If total sales, turnover, or gross receipts exceed ₹2 crore in a financial year.
- If cash receipts do not exceed 5% of total turnover, the tax audit threshold increases to ₹3 crore.
- If the business claims profit lower than 8% of turnover (or 6% for digital transactions).
Why Choose filing365?
- Expertise in Income Tax Compliance – Our team of seasoned Chartered Accountants ensures that your tax audit complies with Section 44AB of the Income Tax Act, 1961, minimizing risks and ensuring accuracy.
- Comprehensive Audit & Reporting – We meticulously review books of accounts, financial statements, and tax computations, ensuring precise reporting in Form 3CA/3CB and 3CD within the stipulated timelines.
- Penalty & Risk Mitigation – Our structured audit approach ensures that your business stays compliant, avoiding penalties under Section 271B and other tax-related legal repercussions.
- Industry-Specific Tax Planning – We tailor our audit strategies to match your business type, size, and industry, providing valuable insights that go beyond compliance.
- Advanced Audit Methodologies – Leveraging technology-driven audit techniques, we ensure accuracy in turnover calculations, profit declarations, and presumptive taxation applicability for businesses and professionals.
- End-to-End Tax Advisory & Support – From understanding tax laws, optimizing deductions, and ensuring audit readiness to timely filing and strategic tax planning, we offer complete assistance.