The requirements of tax audit were introduced by the Finance Act of 1984, by insertion of a new section “44AB” w.e.f Assessment Year 1985-86. It was introduced in order to discourage people from tax avoidance and evasion. A Tax Audit involves an expression of the tax auditors’ opinion about truth and fairness of certain factual details, given by assessee to the Income Tax Authorities to enable an assessment of tax. Tax Audit is compulsory audit under the Income Tax Act in India which is conducted if the total turnover of a person exceeds Rs. 25,00,000 for professionals and Rs. 1,00,00,000 for persons other than professionals. Tax Audit has to be conducted by a Chartered Accountant appointed by the assessee. Tax Audit Report is provided by the Chartered Accountant in practice to the person in form 3CD specified under the Income Tax Act. At the time of filing of the income tax return, relevant data facts from the Tax Audit Report has to be incorporated in the income tax Return.
What Rajput Jain & Associates Offers
Our endeavor is to reduce the burden of tax and to review that disallowances and deductions if any, under the various requirements of Income Tax Act, 1961 are properly and correctly calculated, so that correct computation of assessable income can be made. Different tax audit services are provided by our Audit Department to our clients upholding the highest standards of auditing & accounting and providing a comprehensive tax audit report based on the statutory & regulatory requirements of the Income Tax Act, 1961.
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