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

Why Select Us?

OUR STRENGTH LIES IN PROVIDING REAL WORLD PRACTICAL SOLUTIONS

STRICT
TIMELINE

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!

MINIMUM
COST

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.

ONE STOP
SOLUTION

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!

SAM GETSUGA
SAM GETSUGA
2020-09-06
Verified review
AVS and associates is extremely professional. They take care of all The things abiding by law and integrity whether it’s a tax management or company registration. They have registered a company and took care of the taxes without me breaking a sweat, they took care of everything proactively. I’m extremely satisfied and would recommend to anyone and everyone.
Kavita Sharma
Kavita Sharma
2020-09-02
Verified review
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.
Laxmi Kant Thakur
Laxmi Kant Thakur
2020-08-28
Verified review
Chrishans Media
Chrishans Media
2020-03-03
Verified review
Hitesh Gurditta
Hitesh Gurditta
2020-03-01
Verified review
Anish kumar
Anish kumar
2020-02-29
Verified review
chiranjibi shah
chiranjibi shah
2020-02-29
Verified review
A wonderful experience with the team for the easy way out solutions of taxation and related matters...Thanks
Sanjay Thakur
Sanjay Thakur
2020-02-29
Verified review
Best place to work....Thanks Binay Sir...
Sarbendra Yadav
Sarbendra Yadav
2020-02-28
Verified review
RAVIRANJAN KUMAR
RAVIRANJAN KUMAR
2020-02-28
Verified review