Tax Audit

Tax Audit - Overview

With the help of Tax Audit, accounts of business or any profession is reviewed which makes the process of income computation for filling of return of income easier

Penalty of non filing or delay in filing tax audit report

0.5% of the total sales, turnover or gross receipts
Rs 1,50,000

Objectives of Tax Audit

Makes sure that books of accounts are maintained properly
To report observation or discrepancies by tax auditor
Main purpose of tax audit is to extract a report according to the requirements of form no. 3CA/3CB and 3CD
Tax audit can prove financially beneficial for a business
Audit gives credibility to an information published for employees, customers, suppliers, investors, and tax authorities
Helps in building a healthy reputation
Audit gives assurance to shareholders