TAX AUDIT

Let’s understand the word ‘audit’ before understanding what is a tax audit. The dictionary definition of the word ‘audit’ implies it’s an official review of the finances and records of an agency, usually by an independent entity. Often a systematic analysis or examination of something is referred to. There are various forms of audit under different rules, such as business audit / statutory audit carried out under business law regulations, expense audit, stock audit etc. Similarly, an audit called ‘tax audit’ is also required by income tax law.

As the name itself suggests, a tax audit is an inspection or analysis of the accounts of every company or occupation that taxpayers perform from an income tax point of view. It simplifies the income estimation procedure for filing income returns.

Frequently Asked Questions​

The dictionary definition of "audit" is testing, evaluating, examining etc. There are various types of audits required under different laws such as corporate law requiring an audit of the corporation, cost accounting law requiring a cost audit, etc. The Income-Tax Law demands that the taxpayer receives from the Income-Tax Law point of view the audit of his business/profession accounts. Section 44AB contains the regulations concerning the class of taxpayers needed to have their accounts audited by a chartered accountant. The aim of the audit under section 44AB is to ascertain compliance with various provisions of the Income-Tax Law and other conditions of the Income-Tax Law. The audit carried out by the taxpayer's chartered accountant of accounts pursuant to section 44AB 's provision is called a tax audit. In the form of an audit report, the chartered accountant carrying out the tax audit is expected to provide his conclusions, observations, etc. The tax audit report in Form Nos. 3CA/3CB and 3CD is to be issued by the chartered accountant.

Any person who carries on a business and his gross receipts in a financial year exceeds Rs 1 crore and if the gross receipt for the individual in the profession exceeds Rs 50 lakhs, they must then have their account books audited by a practicing chartered accountant under section 44AB.

It depends on various factors if there has been a loss and total taxable income is below the threshold limit (2.5 lakh for non-senior citizens and 3 lakh for senior citizens), no tax audit is required. If the loss in Business and Total Taxable Income reaches the threshold limit, the tax audit is required.

The Chartered Accountant appointed to perform an entity or an organization's tax audit is expected to submit the tax audit report electronically using their official login credentials. In their login page, the taxpayer must also note the related details about their Chartered Accountant.

The threshold for a tax audit of Rs 1 crore is proposed to be raised to Rs 5 crore with impact from AY 2020-21 (FY 2019-20) if the taxpayer's cash receipts are restricted to 5% of the gross receipts or turnover and the taxpayer's cash payments are limited to 5% of the aggregate payments

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OUR STRENGTH LIES IN PROVIDING REAL WORLD PRACTICAL SOLUTIONS

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Our foremost priority is to provide Instant Support and are always very particular on adherence of timely delivery so that you don’t miss out on deadline. We have worked with some most time strict clients and we have never missed our target. Our one thumb rule says that “If we miss a deadline we are out”. Accounts and Finance function need always alert eagle eye approach!

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Our prices are most reasonable and under budget that you never realize any cost burden in your organization in comparison of value addition we bring in. We believe in adoption of your business first and fee shall take care of itself mantra. We never bill for disappointment and take ownership. It is how we like to be treated and that is how our customers are served.

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We at AVS & Associates only recruit experienced, skilled professionals who have proven expertise in their field. With a diverse Team of Chartered Accountants, Company Secretaries, Lawyers, and various other consultants on board, we offer end to end financial and legal service under one roof saving time and energy and bring synergy effect between various functions.

TRUST & RELIABILITY

Having over 20+ years experience in the leadership team ensure we maintain highest ethical standards and never go out of trust with you. We always believe in long term relationship with our clients hence integrity is something we value the most. We ensure transparency in communication, service and cost. Our specialized experts helps in maintaining high quality.

Don't believe us? See our Google ratings!

DR V K Arora
DR V K Arora
2020-09-06
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AVS & Associates is a reliable CA firm of Delhi NCR. My company Management Associates Private Limited is taking their services from last ten years. Shri. V K Agrawal of AVS & Associates is knowledgeable, friendly and honest person.
Andrew Samta
Andrew Samta
2020-09-02
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had a nice experience with AVS. was in a urgent need of some income tax related docs and these guys helped out in really quick time. thanks, and would recommend anyone planning to avail their services....
chiranjibi shah
chiranjibi shah
2020-02-29
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A wonderful experience with the team for the easy way out solutions of taxation and related matters...Thanks
Amitabh Kulshreshtha
Amitabh Kulshreshtha
2020-09-02
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I appreciate the fastest way of services by AVS. Till now we got registered around 6 group companies,(Limited, Private Limited and LLP). Their Teams approach to deal with us was something I liked most. Special mention to Mr. Rahul and Ms. Neha. Guys, frankly speaking initially i was in doubt whether to trust these people or not? but once spoke and saw the way they handled my companies formation work, they ended up forming our all group companies and now handling the regular Accounting, Taxation, GST etc... If you are searching for a CA for all your needs, i suggest you may pick these guys and can assign one task before you make any opinions. BTW, we are availing their services since last 3 years. Thanks!
Kavita Sharma
Kavita Sharma
2020-09-02
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AVS and associates is a very professional team. They handle all things abiding by law and takes out your burden of tax management , assets and all very very precisely up to the point. It’s great working with the team.
Saurabh Verma
Saurabh Verma
2020-02-29
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I used their services for capital gain calculation and on many other factors to sell my flat in Noida while I'm here in Australia. Mr Vishnu is the man you need. Very professional, prompt replies and went an extra mile to do the job. Highly recommended.
Raj Malhotra
Raj Malhotra
2020-02-29
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Some highly talented group of indivisuals who do really care for customer satisfaction
Thefairyforce
Thefairyforce
2020-02-29
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I'm very satisfied with the service here. They have a very good behavior towards us and they listen to our problems closely and give the best solution. If you're starting up or running a business already I would recommend you to come here they are awesome!
Arpit Mathur
Arpit Mathur
2020-02-29
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There is environment and relation of every employee is very good. Management and discipline is very tough.
Singh Robin
Singh Robin
2020-02-29
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Highly Professional team. Really appreciate the way team coordinated & made everything easy for me. Thank you & wish you all the very best. Cheers.
ezam zaidi
ezam zaidi
2020-02-29
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Have been very cooperative. Proactive with every step. The team was patient and they made sure the entire process flow was smooth.
Manish Sharma
Manish Sharma
2020-02-29
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I got my company registered with avs. I am happy with their services and it was done quickly and in cost effective manner. Recommend anyone want to avail their services.
Pranav Tripathi
Pranav Tripathi
2020-02-29
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Vishnu ji has been with our company for the past 10 years with many different companies . Soft spoken, humble and a thorough professional.
Kishore Kundan
Kishore Kundan
2020-02-29
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Very fast service with cost effective..Agarwal sir behavior is very supportive.. I will suggest all to take services from AVS..
Sushil Kumar Raj
Sushil Kumar Raj
2020-02-29
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I would say they are the best for new company and start ups, the way they deal with person who do not have any idea about setting up of new company is remarkable....