India's Trusted

Income Tax Audit

Firm.

Why Income Tax Audit ?
Frequently Asked Questions

Businesses with a turnover exceeding ₹1 crore (₹10 crore for digital transactions) and professionals with gross receipts above ₹50 lakhs must undergo an Income Tax Audit. Specific cases under presumptive taxation may also require an audit.

  • Key documents include books of accounts, balance sheets, profit and loss statements, TDS records, GST filings, and supporting invoices or receipts.

  • The purpose is to ensure compliance with tax laws, verify the accuracy of financial records, detect discrepancies, and avoid penalties or legal issues.

  •  

  • Typically, the due date for filing an audit report is 30th September of the assessment year, but it may vary based on government notifications.

  • Failure to file the audit report within the due date can result in penalties of 0.5% of turnover or gross receipts, subject to a maximum of ₹1,50,000.

 

Yes, an audit report can be revised if errors or omissions are discovered before the assessment is completed. The revised report must include correct details.

 
Send Us Your Documents.

Do you want to work with us? Please, send your Documents to taxovita@gmail.com

OR
Upto : 3 Lakhs
Nil
Time :
Full Time
Salary:
Negotiable
No. Of Vacancy:
8
Scroll to Top