Income Tax Audit – Individual, Sole Proprietor, Firms, Private Limited
HomeIncome Tax Audit – Individual, Sole Proprietor, Firms, Private Limited
An Audit is inspection of the books of Accounts, to check whether all the parameters laid down by the Income Tax Act, 1961 has been followed or not. In the following cases Audit is compulsory
If you have opted for Presumptive Taxation scheme as a business person or professional and your total turnover during the financial year is more than 2 Crore
If you have opted for Presumptive Taxation scheme as a business person or profession and if your profit is lesser than what was determined by the presumptive taxation scheme.
Any business person who has not opted for Presumptive Taxation Scheme the turnover limit is 1 crore and Any profession who hasn’t opted for Presumptive Taxation Scheme the limit of receipts is 50 Lakhs.Therefore, turnover above 1 Crore and professional receipts above 50 lakhs would attract Tax Audit.
A Chartered Account or Firms of Chartered Accountant conduct Audit. The Due date for filling of Tax is 30th September. Unable to file the Tax Audit on time or not getting Tax Audit would attract hefty penalties.
We at Secure Filling help you to file the Tax Audit very efficiently and timely. The Tax Audit process is tedious process and it requires lots of documents. Therefore, it requires lots of time and efforts from the both the side. Therefore, it is always advisable to plan your Tax Audit way in advance to avoid last day chaos. Contact us for further enquiry.