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Tax Audit

A tax audit is an examination of your tax return by the IRS to verify that your income and deductions are accurate. A tax audit is when the IRS decides to examine your tax return a little more closely and verify that your income and deductions are accurate. Typically, your tax return is chosen for audit when something you have entered on your return is out of the ordinary.

An Assesses is liable to get his Tax Audit done by a Chartered Accountant mandatorily, if in the previous year,
1. The Person is carrying on business and his Total Sales/Turnover exceeds Rs. 1 Crore
2. The Person is carrying on Profession, and his Gross Receipts exceed Rs. 25 Lakhs
3. The Person is carrying on business or profession and is covered under the provisions of section 44AD, 44AE, 44AF, 44BB or 44BBB and claims that his income from the said business is lower than the deemed profits and gains computed under the relevant section

The Due Date of filing the Tax Audit Report under Section 44AB is 30th Sept. For all other assesses who are not liable to get their Tax Audit done under Section 44 AB – the Due Date of filing of Income Tax Return is 31st July

The purpose of Tax Audit is to ensure that books of Accounts have been maintained in accordance with the provisions of the Income Tax Act. Tax Audit also ensures that the Accounts are properly being presented to the Assessing Officers when called for. However there are cases when person is required to get his accounts audited even though his turnover is less than Rs. 1 Crore in case of business and less than Rs. 25 lakhs in case of profession.

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