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what is tax audit

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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.

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