Tax Audit Services in Delhi

What is a Tax Audit?

A Tax Audit is an examination of a taxpayer's books of accounts and other relevant documents. It is conducted to ensure that the financial statements are accurate and the tax liabilities have been correctly calculated. Under Section 44AB of the Income Tax Act, 1961, certain categories of taxpayers must get their accounts audited by a Chartered Accountant.

Taxcrafted Solutions provides meticulous tax audit services, helping businesses identify errors, ensure compliance with tax laws, and file their audit reports (Form 3CA/3CB & 3CD) on time.

Audit Services

Statutory Tax Audit (44AB)
Presumptive Taxation Audit
Filing Forms 3CA/3CB & 3CD
Internal Control Review
Compliance Verification

Benefits

Avoid Penalties (0.5% of turnover)
Accurate Financial Reporting
Credibility with Banks/Lenders
Detect & Rectify Errors Early
Smooth ITR Filing

Who Needs a Tax Audit?

Mandatory limits for businesses and professionals.

Turnover Limits

Business: Sales > ₹1 Crore
Digital Business: Sales > ₹10 Cr*
Professionals: Receipts > ₹50 Lakhs
Presumptive Scheme: Income < Deemed Profit

Documents Required

Cash Book & Bank Book
Profit & Loss Account
Balance Sheet
Purchase/Sale Invoices
Previous Year's ITR

Our Process

Book Verification
Deduction Analysis
Report Preparation
UDIN Generation
Uploading to IT Portal

Frequently Asked Questions

Key details about Income Tax Audit under Section 44AB.

When is a Tax Audit mandatory for a business?

A Tax Audit is mandatory if the total sales, turnover, or gross receipts of a business exceed ₹1 Crore in a financial year. However, if cash receipts are less than 5% of total turnover, the limit is increased to ₹10 Crores.

Is Tax Audit required for Professionals?

Yes, professionals (like Doctors, Architects, Lawyers, CAs) must get their accounts audited if their gross receipts exceed ₹50 Lakhs in a financial year.

What is the due date for filing the Tax Audit Report?

The due date for filing the Tax Audit Report (Form 3CD/3CA/3CB) is typically 30th September of the assessment year. The Income Tax Return (ITR) itself must be filed by 31st October.

What is the penalty for not getting a Tax Audit done?

If a taxpayer fails to get their accounts audited or fails to furnish the report, the penalty under Section 271B is 0.5% of the total sales/turnover or ₹1,50,000, whichever is lower.

Can I opt out of Tax Audit if I choose Presumptive Taxation?

Yes, if you declare profits under Section 44AD (8% or 6% of turnover) and your turnover is below ₹2 Crores, you are exempt from maintaining books of accounts and getting a Tax Audit done.