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Income tax audit

MAHARAJA SELVA ESWAR (285 Points)

20 October 2020

how to do a income tax audit as a chartered accountant

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15 Replies

Devil (Confidential) (177 Points)
Replied 20 October 2020

U should take professional services from CA

ayusmita (Tax consultant) (5885 Points)
Replied 21 October 2020

You are a CA....
doing your own practice???
which audit you get
or return audit you talking about

MAHARAJA SELVA ESWAR (285 Points)
Replied 21 October 2020

I am a ca inter student
just asking out of curiosity

Devil (Confidential) (177 Points)
Replied 21 October 2020

Hello sir this is not curiosity query group which u are asking here please u should remain this query group for professional advice only dont make it fun here

MAHARAJA SELVA ESWAR (285 Points)
Replied 21 October 2020

Oh sorry I forgotten that you are the admin of this app extremely sorry

Devil (Confidential) (177 Points)
Replied 21 October 2020

Sir if my statement hurt u so sorry for that but u should think over it whether i am saying wrong

MAHARAJA SELVA ESWAR (285 Points)
Replied 21 October 2020

No I didnt ask you the question if u don't have sufficient knowledge about it then no need to answer .
I didnt ask about out of topic questions like who will win the ipl ....Dont make unnecessary statements

Devil (Confidential) (177 Points)
Replied 21 October 2020

Sir u i have performed no of tax audits gst audit statutory audits so dont raise any question mark on my knowledge because u are only a inter student after clearing cpt but i am persuing my article ship from one of the most reputed firm . just see your stupid question that what u are asking if u actually want to learn then why u will not go to google or icai bos first of see your question and then raise question mark on others knowledge

MAHARAJA SELVA ESWAR (285 Points)
Replied 21 October 2020

Sir I am also a articleship student got exemption in my every paper of intermediate .Don't act like you are the boss . And this is not childish club india to show your childish attitude

Devil (Confidential) (177 Points)
Replied 21 October 2020

Just let it be

MAHARAJA SELVA ESWAR (285 Points)
Replied 21 October 2020

Just check the app you are logged in once again
May be you are confused with CCI as childish club india rather than ca club India ,Mr.stupid

ayusmita (Tax consultant) (5885 Points)
Replied 21 October 2020

It's a fourm where's people questions are being answer not for fighting
and @ maharaja it's good to have curiosity but I think you are in your 1year of articleship have not more than 6 month
and audit is a vast chapter to clear the concept
so as per my opinion have patience you will learn everything in your articles times by your sir or mam just flow with the times.,,.....

MAHARAJA SELVA ESWAR (285 Points)
Replied 21 October 2020

Thank you @ ayusmita

Triasha Gaur (article) (115 Points)
Replied 22 October 2020

Guys dont fight, mr devil you could have given simple answer regarding, tax audit.

Isn't tax audit same as income tax audit?

so to illustrate more income tax audit:

Here I put all brief data that will enlighten you, source: incometax.gov.in site.

The dictionary meaning of the term "audit" is check, review, inspection, etc. There are various types of audits prescribed under different laws like company law requires a company audit, cost accounting law requires a cost audit, etc. The Income-tax Law requires the taxpayer to get the audit of the accounts of his business/profession from the view point of Income-tax Law.

Section 44AB gives the provisions relating to the class of taxpayers who are required to get their accounts audited from a chartered accountant. The audit under section 44AB aims to ascertain the compliance of various provisions of the Income-tax Law and the fulfillment of other requirements of the Income-tax Law.

The audit conducted by the chartered accountant of the accounts of the taxpayer in pursuance of the requirement of section 44AB is called tax audit. The chartered accountant conducting the tax audit is required to give his findings, observation, etc., in the form of audit report. The report of tax audit is to be given by the chartered accountant in Form Nos. 3CA/3CB and 3CD.

WHO IS COVERED?

The list is big but for brief:

As per section 44AB, following persons are compulsorily required to get their accounts audited : A person carrying on business, if his total sales, turnover or gross receipts (as the case may be) in business for the year exceed or exceeds Rs. 1 crore.

there are other options like 44AD n so on..