Tax Audit

tax audit is compulsory if sales is molre than 60 lacs or nett profit is less than 8%"(according to it act).

in this case tax audit report is given in the form 3cd by CA, it is done on yearly basis

The Chartered Accountant (Auditor) conducts the Tax Audit and he basically checks whether the assessee has complied with the Provisions of the Income Tax Act, 1961 and any other act under which the assessee is registered. Also the auditor has to report the same in Form 3CB and Form 3CD.

Regards,

Devendra K

in tax audit auditors scope of audit is governed by income tax act..he checks whether all the provisions have been complied with. For eg. Payment to a party in cash is less than rs.20,000..if its greater the expenditure gets disallowed..(2) the assesse have deducted tds correctly..and there is no case of non deduction of tds..like that many more provisions of income tax..which does not get covered in statutory audit. Now you understood.?

agree with all..tax audit is compulasary if total turnover exceeds Rs 60 lacs or if profit is less than 8% (as specified in the act) then he is liable for tax audit...

https://www.nirc-icai.org/backgroundmaterial/a31.doc

Originally posted by : Aditya(future ca)
	tax audit is compulsory if sales is molre than 60 lacs or nett profit is less than 8%"(according to it act). in this case tax audit report is given in the form 3cd by CA, it is done on yearly basis

which ito challan is required for paying the online e tax payment for the interest on saving account is it 280 or 282?

if one have paid the tax on saving interest tax on wrong challan no ie "ito 282" under interest tax (24) under self assesement (300) by epayment than how it can be rectified if it is wrong and it has to be done on ito 280. challan?