Every business is required to get its books of accounts audited under the provisions of the Income Tax Act, 1961 by an Tax audit services for individuals and partnershipsIndependent Chartered Accountant within the due date, ‘if the person carrying on business if his total sales, turnover or gross receipts exceeds Rs. 1 Crore in the previous year relevant to the assessment year’ OR ‘Person carrying on profession, if his gross receipts in profession exceeds Rs. 25 lacs in the previous year relevant to the assessment year’.
The Entrepreneur of the Business gets very tensed up with the compliance requirement of the audit laws and end up working late hours themselves to complete the formality. This impacts the day to day business functioning of the business.
We at Taxmantra have the panel of independent qualified Chartered Accountants, who can assist you in getting the audit compliances done in most efficient and hassle free manner.
Ensure that books of Accounts have been maintained in accordance with the provisions of the Income Tax Act.
The following persons are required to get their accounts compulsorily audited:
The due date of getting the books of accounts audited and submission with the IT department is 30th September of the assessment year. Thus for the FY 2010 – 11, the due date of audit is 30th September 2011. Tax Audit Report u/s 44AB is required to be submitted in Form No. 3CD.
As per the Finance Act, all individuals and firms, if they are eligible for compulsory tax audit are required to file their IT Return, ITR – 4 and ITR – 5 respectively, online with digital signature.
The report of audit under section 44AB is neither required to be attached with the new scheme of online filing of tax returns nor to be furnished separately before or after the due date. Previously, it was required to be submitted along with the tax returns in hard copy before the due date. The assessee should get the report and retain it, for furnishing at the time of assessment proceeding in original.
As per the provisions of section 44AB, one audit report for all the businesses is required. However in case different branches are audited by different auditor, the main auditor has to prepare a consolidated report considering the reports of all the branch auditors.
If any person fails to get his accounts audited in respect of any previous year or fails to furnish a tax audit report to the tax officer, then such person shall be directed to pay a penalty of a sum equal to one-half per cent of total sales / gross turnover or Rs. 1,50,000, which ever is less.
This section does not make any distinction between resident and non – resident. Therefore if the turnover or the gross receipts exceeds the prescribed limit, then he is required to get his accounts audited.
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