What are tax audit services?

Tax audit is the examination of books of accounts and other statutory records of a taxpayer, to verify the correctness of details filed in the income tax return. It is an audit prescribed under Income-tax Act, 1961, for a taxpayer who falls under the prescribed threshold limits.

Applicability of tax audit services in India

Taxpayer Threshold limit
Carrying on businessTurnover or gross receipts exceeds INR 1 crore.
Carrying on professionGross receipts exceed INR 50 lakh
Carrying on business under section 44AE (business of plying, hiring or leasing goods carriages), 44BB (business of exploration, etc., of mineral oils) and 44BB (foreign companies engaged in the business of civil construction, etc., in certain turnkey power projects)Claimed his income to be lower than the limits prescribed under the respective sections.
Carrying on profession under section 44ADA (presumptive basis)Claimed income to be lower than 50% of gross receipts.

What is time limit for filing Tax audit report in India?

In India, it is mandatory to file tax audit report by 30 September of the relevant assessment year. However, if the assessee is to file transfer pricing report as well then, the due date for filing the tax audit report is 30 November of the relevant assessment year.

How we can help?

  • Run by eminent professionals having 10 years of experience in Tax Audit services.
  • Experience in the field of tax audits in India.
  • Qualified ICAI Chartered Accountants.
  • Constant support to our clients in preparing the tax audit utility.

We provide tax audit services in Delhi, Noida, Gurgaon and throughout India. Our team assist clients in preparing the “xml” file used for uploading and at the same ensure that this is filed within the prescribed time limit. We constantly support our clients in preparing and filing the tax audit through Form 3CD and provide them our reports through Form 3CA and 3CB.

We help our clients in preparing all the necessary reconciliations like TDS reconciliation, Input credit utilisation reconciliation, Fixed asset register as Income Tax etc. We assist our clients in preparing all the above-mentioned details which are required for true and correct presentation of the tax audit.

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