Tax Audit

Comprehensive Compliance as per Income Tax Act – Section 44AB

A Tax Audit is a mandatory examination and reporting of accounts by a Chartered Accountant under Section 44AB of the Income Tax Act. It ensures the accuracy of income reported and adherence to tax laws and accounting standards.

Who is Required to Undergo Tax Audit?

• Businesses with turnover exceeding ₹1 crore
  (₹10 crores if 95% or more receipts & payments are through digital modes)

• Professionals with gross receipts over ₹50 lakhs

• Persons declaring income under presumptive taxation (Sec 44AD/44ADA/44AE) but claiming income lower than prescribed rates

• Any entity required under law or instructed by Assessing Officer

What We Offer:

• Evaluation of applicability and threshold checks

• Preparation and verification of financial statements

• Tax Audit Report filing in Form 3CA/3CB and Form 3CD

• Assessment of disallowances under Sections 40A(3), 40(a)(ia), etc.

• Verification of depreciation, stock valuation, TDS compliance

• Ensuring proper disclosures for loans, payments, deductions

• Coordination with statutory auditors for seamless audit

• Timely submission to avoid penalties

Key Deadlines:

• Tax Audit Report Due Date:
  Typically 30th September of the Assessment Year
  (Subject to government extensions)

Consequences of Non-Compliance:

• Penalty of 0.5% of turnover (up to ₹1.5 lakhs)

• Disallowances or scrutiny under Income Tax Act

• Ineligibility for certain deductions/exemptions

Ensure 100% Tax Compliance with Expert Support
We provide end-to-end Tax Audit services to meet your compliance obligations accurately and on time.

Contact SS Industrial Consultancy

Email: info@ssconsultancy.net
Phone: +91 92468 22006