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A: Any person or business entity whose gross turnover or gross receipts in a financial year exceeds Rs. 1 crore (for businesses) or Rs. 50 lakh (for professionals) is required to undergo a tax audit.
A: Only a chartered accountant (CA) can conduct a tax audit in India.
A: The due date for tax audit is September 30th of the assessment year.
A: The taxpayer is required to maintain various documents, such as books of accounts, invoices, bills, and receipts, which are required for tax audit purposes.
A: If a taxpayer fails to comply with the tax audit provisions, a penalty equal to 0.5% of the total sales, turnover or gross receipts of the business or profession, subject to a maximum of Rs. 1,50,000 may be levied.