Tax Audits under Income Tax Act (Section 44AB)
Tax Audit under Section 44AB of the Income Tax Act, 1961 is a mandatory audit for businesses and professionals exceeding specified turnover or gross receipts thresholds. It aims to ensure that income and deductions are accurately reported, and tax laws are duly complied with.
We provide comprehensive tax audit services that go beyond compliance. Our audits are designed to minimize tax risks, ensure accurate reporting, and prepare clients for smooth assessments by tax authorities.
We conduct detailed scrutiny of books of accounts, tax-related transactions, and applicable deductions. Our team ensures accurate computation of income, adherence to tax laws, and filing of audit reports (Form 3CA/3CB & 3CD) within prescribed timelines.
With our robust tax audit processes, clients benefit from error-free filings, reduced risk of notices or penalties, and expert guidance in handling tax scrutiny and assessments.
Frequently Asked Questions (FAQs)
Businesses with turnover exceeding ₹1 crore and professionals with receipts above ₹50 lakh must undergo a tax audit. (Thresholds may vary based on presumptive schemes.)
Form 3CA/3CB (Audit Report) and Form 3CD (Statement of Particulars) are filed electronically with the Income Tax Department.
Yes, non-compliance can attract penalties under Section 271B of the Income Tax Act, which is 0.5% of turnover (max ₹1.5 lakh).
It ensures accurate tax reporting, avoids penalties, improves financial credibility, and provides expert guidance during assessments.
Audit & Assurance
- Statutory Audits (Companies Act)
- Internal Audits
- Tax Audits (Income Tax Act)
- Bank Audits (Statutory & Concurrent)
- Forensic Audits
- Management/Operational Audits
- Stock Audits
- Due Diligence Reviews
- System & Process Audits
- ESG/CSR Audits
- Trust & NGO Audits
- Startup Audits
- Municipal Corporation Audits
- CAG Audits
- PSU Audits
- Social Audits (MNREGA, etc.)
- Autonomous Body Audits
- Co-operative Society Audits
- Parliament-tabled Audit Reports
- PSE Audits
CA. Dhiraj Jain
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