Question 1

Who is required to get a tax audit done?

Accepted Answer

Under Section 44AB of the Income Tax Act, a tax audit is mandatory if your business turnover exceeds ₹1 crore (₹10 crore if cash transactions are less than 5%) or if your professional receipts exceed ₹50 lakh. Businesses opting out of presumptive taxation with income below the threshold also require audit.

Question 2

What is the due date for tax audit report submission?

Accepted Answer

The tax audit report in Form 3CA/3CB and 3CD must be filed by 30th September of the assessment year. If transfer pricing provisions apply, the due date is 31st October.

Question 3

What is the penalty for not getting a tax audit done?

Accepted Answer

The penalty under Section 271B is 0.5% of total sales/turnover or ₹1.5 lakh, whichever is lower. However, reasonable cause for non-compliance can be a valid defence.

Question 4

What is the difference between a statutory audit and a tax audit?

Accepted Answer

A statutory audit under the Companies Act 2013 is mandatory for all companies regardless of turnover and focuses on whether financial statements give a true and fair view. A tax audit under Section 44AB is required for businesses above the turnover threshold and ensures correctness of income tax computations.

Audit & Assurance

What's Included

Frequently Asked Questions

Other Services You May Need

GST Filing & Advisory

Income Tax Return (ITR)

Company & LLP Registration

Accounting & Bookkeeping

TDS Filing & Compliance

Payroll Management

ROC / MCA Compliance

Let's Sort Your Taxes & Compliance Together