Tax Audit

₹ 14,999/-
Onwards
  • Hassle Free Tax Compliance.
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When TAX Audit is Applicable?

  • Carrying on Business shall and turnover exceeds Rs. 100 Lac in any financial year.
  • Carrying on Profession and gross receipts in profession exceed 25 Lac in a financial year.
  • Must carry on business or profession.
  • Maintenance of books accounts is mandatory as per Income tax act.
  • A business or profession should be carried with a motive of profit.
  • Profit or gain computable under Chapter IV.
  • Income is Taxable or Loss allowable under Act.

Who are required to get their accounts audited?

  • Individual/Proprietorship.
  • HUF.
  • Company.
  • Partnership Firm.
  • Association of person.
  • Local Authority.
  • Section -8 company.
  • Trust / NGO/ Society.

What is included in turnover for TAX AUDIT?

  • Duty drawback received on export sales shall be considered as part of Turnover in a financial year.
  • Interest income by money lender.
  • Foreign fluctuation income by an exporter shall be considered as part of turnover in a financial year.
  • Advance received & forfeited from customers.
  • If excise duty included in turnover it should be again debited in the profit and loss account.

What is excluded in turnover for TAX AUDIT?

  • Sale/ Purchase of Fixed Assets.
  • Sale Proceeds of the Assets Held as Investments.
  • Rental Income residential or commercial property.
  • Interest income.
  • Reimbursement of expenses as receipt.

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