Tax Audit

Who are liable for Tax audit?

An Assessee is liable to get his/its Tax Audit done by a Chartered Accountant mandatorily, if in the previous year

The Person is carrying on business and the total Sales/Turnover exceeds Rs. 2 Crore or The Person is carrying on Profession, and his/its Gross Receipts exceed Rs. 50 Lakhs (Applicable from Financial Year 2016-17 onwards)

Even where the sale is below 2 Crore or the receipt from Profession is below 50 Lakhs, but the businessman declares profit less than 8% of Gross receipts or the Professional shows surplus less than 50%, the accounts of the said business and profession still needs to be audited.

Our Action

We may handle entire procedures on behalf of clients to report the requirements as needed in Form Nos. 3CA/3CB and 3CD right from preparing the books of accounts and appear before the Chartered Accountant/Accountants appointed/designated, to get through the Auditing process.