Statutory Auditing in Delhi Tax audit is the verification of the books of accounts of an assessee to validate the income tax computation and compliance with the laws of Income Tax. Auditing of books of accounts must be carried out by a certified Chartered Accountant.
Tax Audit Limit
The provisions relating to tax audit are provided under Section 44AD of the Income Tax Act. According to Section 44AB, tax audit is required for the following persons:
In case of a business, tax audit would be required if the total sales turnover or gross receipts in the business exceeds Rs.1 crore in any previous year. Under the Income Tax Act, “Business” simply means any economic activity carried on for earning profits. Section 2(3) has defined the business as “any trade, commerce, manufacturing activity or any adventure or concern in the nature of trade, commerce and manufacture”.
In case of a profession or professional, tax audit would be required if gross receipts in the profession exceeds Rs.50 lakhs in any of the previous year. A profession or professional could be any of the following as per Rule 6F of the Income Tax Rules, 1962:
- Authorised representative
- Film Artist – Actor, Cameraman, Director, Music Director, Editor, etc.
- Interior Decorator
- Legal Professional – Advocate or Lawyer
- Medical Professional – Doctor, Physiotherapist, etc.,
We have a vide experience in Tax Audit filed and we always rely on Online mode of doing .
Statutory Auditing in Delhi The group at Ca Anshoo is an expert and dynamic one, of people that work tirelessly utilizing legitimate, tax collection, bookkeeping, warning and examining mastery, learning and experience to convey esteem and quality.Our group is our single most critical reasonable upper hand for future development.
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