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Tax Audit

The term ‘audit’ refers to a check, review, verification or inspection of a record, transaction, account etc. A tax audit is the process of verification and inspection of the accounts of a taxpayer to confirm their adherence to the provisions of the Income Tax law. The class of taxpayers listed under this section compulsorily has to get their accounts audited by a Chartered Accountant. Tax audit helps in review of transactions related to income, expenses, deductions, and taxes of the organization.

In the case of professionals:  If your gross earnings are more than 50 lakhs in a financial year, tax audit is required.
In the case of people carrying on a business:  If your turnover or gross earnings are more than 1 crore in a financial year, tax audit is required.

The threshold limit of Rs 1 crore for a tax audit is proposed to be increased to Rs 5 crore with effect from AY 2021-22 (FY 2020-21) if the taxpayer’s cash receipts are limited to 5% of the gross receipts or turnover, and if the taxpayer’s cash payments are limited to 5% of the aggregate payments. 

Importance of Tax Audit

Due Date & Penalty

A taxpayer has to obtain the audit report on or before 30th September of the relevant Assessment Year. Assessing Officer may impose penalty u/s 271B if the taxpayer doesn’t get his accounts audited or file the audit report. A minimum penalty can be 0.5% of the total sales, turnover or gross receipts, which can go up to Rs. 1, 50,000.

Documents required for Tax Audit

Time duration

It can take up to 4-5 working days in order to Income tax Audit.

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