what is tax audit
This query is : Resolved
28 October 2007
What is tax audit and the main points to be noted in a tax audit case
28 October 2007
GOOD
28 October 2007
tax audit under sec 44 AB is mandatory for business sales or turnover exceeding Rs. 40 lakhs and the limit is Rs. 10 lakhs for professional receipts.
professions are defined in IT ACT under specified and non specifiesd professions.
every assessee exceeding the above limits has tio get his accounts audited and submit a tax audit report to the IT dept. the prescribed forms of report are in form 3CA AND 3 CD .
in these reports the auditor comments on various areas like statutory payments made beyond due date, valuation of stocks, violations in different provisions of the IT ACT if any etc...
the nonfiling of tax audit report entails heavy penalty.
R.V.RAO
professions are defined in IT ACT under specified and non specifiesd professions.
every assessee exceeding the above limits has tio get his accounts audited and submit a tax audit report to the IT dept. the prescribed forms of report are in form 3CA AND 3 CD .
in these reports the auditor comments on various areas like statutory payments made beyond due date, valuation of stocks, violations in different provisions of the IT ACT if any etc...
the nonfiling of tax audit report entails heavy penalty.
R.V.RAO
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- TDS on Consultancy- Non DTAA
- Depreciation of fixed assets- coop housing society in mumbai
- Reopen of assessment proceeding
- EXPORT BILL UNDER LUT FREIGHT CHARGE INCLUED IN INVOICE IT LIABLE TO TAX
- Gift Received from nonblood relative
- COMMERCIAL INVOICE FOR MATERIAL AND FREIGHT
- Reprocessing of rectification order AY 2025-26
- FTS Taxable under 115A
- Rental income gst and it purpose
- Tax Audit u/s 44AB for Transport Business A proprietorship is engaged in transportation business and
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
