Tax Audit

Tax Audit

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What is Tax Audit?

Tax Audit is verification of the books of accounts of the Assessee to validate the income tax computation and compliance with income tax law.

Purpose of Tax Audit

Tax audit purposes are followings:
1. Ensure proper maintenance of books of accounts and certification of the same by a tax auditor
2. Reporting observations/discrepancies noted by tax auditor after examination of the Assessee books of account
3. To report prescribed information such as compliance of various provisions of income tax law, GST law, Labor Law etc.

(Tax Audit)

Mandatory of Tax Audit?

Following categories of taxpayers are required to get tax audit done:

Particulars	Threshold
Carrying on business activities (not opting for presumptive scheme*)	Total sales, turnover or gross receipts > Rs 1 crore* in the Financial Year
Carrying on business eligible for presumptive scheme under Section 44AE, 44BB or 44BBB	Claims profits or gains lower than the prescribed limit under presumptive taxation scheme
Carrying on business eligible for presumptive scheme under Section 44AD	Declares taxable income below the limits prescribed under the presumptive tax scheme and has income exceeding the basic threshold limit
Carrying on the business and is not eligible to claim presumptive taxation under Section 44AD due to opting out for presumptive taxation in any one financial year of the lock-in period i.e. 5 consecutive years from when the presumptive tax scheme was opted	If income exceeds the maximum amount not chargeable to tax in the subsequent 5 consecutive tax years from the financial year when the presumptive taxation was not opted for
Profession activities	Total gross receipts >Rs 50 lakh in the Financial Year
Carrying on the profession eligible for presumptive scheme under Section 44ADA	1. Claims profits or gains lower than the prescribed limit under the presumptive taxation scheme
	2. Income exceeds the maximum amount not chargeable to income tax

Threshold limit & forms for audit report AY 2020-21

S.No	Particulars	Limit	Forms
1	Company	1 Crore*	3CA and 3CD
2	LLP - Business Income	1 Crore*	3CA and 3CD
3	LLP - Income From Profession	50 Lac	3CA and 3CD
4	Partnership - Business Income	1 Crore*	3CB and 3CD
5	Partnership - Income From Profession	50 Lac	3CB and 3CD
6	Individual -Business Income	1 Crore*	3CB and 3CD
7	Individual - Income From Profession	50 Lac	3CB and 3CD
8	Presumptive Business Income u/s 44AD	2 Crore	3CB and 3CD
9	Presumptive Profession Income u/s 44ADA	50 Lac	3CB and 3CD

* Rs. 5 crore in a case where cash receipt is not more than 5% of total receipt and cash payment is not more than 5% of total payment

Penalty of non compliance of Tax Audit

U/s 271B of the Income Tax Act, The penalty for non-completion of the tax audit report is 0.5% of the turnover or the gross receipts, this penalty amount is subject to a maximum of Rs. 1,50,000/-


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