Tax Audit Services in Noida - Registration Mitra

Get in touch with us

Tax Audit In Noida

A tax audit is a process to verify whether the books of accounts prepared by a taxpayer comply with the generally accepted accounting principles and the provisions of the Income-tax Act. It is intended to ensure that the books of account and other records are properly maintained and correctly compute the taxpayer’s actual income.

The tax audit does not give the assesses immunity from scrutiny assessment or disallowance of expenses. A tax audit can be conducted only by a Chartered Accountant in practice.

Applicability of Tax Audit

Nature	Category of Taxpayer	Applicability
Any professions (specified or non-specified)	Any	If gross receipts from profession during the relevant previous year exceeds Rs. 50 lakhs.
Business	Cash receipt and payment up to 5%	If total sales, turnover or gross receipt from the business during the previous year exceeds Rs. 10 crore.
Business	Any	If total sales, turnover or gross receipt from the business during the previous year exceeds Rs. 1 crore.
Business eligible for Presumptive Tax Scheme under Section 44AD	Resident Individual or HUF	If the income of assesses exceeds the maximum exemption limit and he has opted for the scheme in any of the last 5 previous years but does not opt for the same in current year.
Business eligible for Presumptive Tax Scheme under Section 44AD	Resident Partnership Firm	Taxpayer has opted for the scheme in any of the last 5 previous years but does not opt for the same in the current year.
Profession eligible for Presumptive Tax Profession eligible for Presumptive Tax Scheme under Section 44ADA	Resident Assesses	Taxpayer claims that his profits from profession are lower than the profits computed under Section 44ADA and total income exceeds the maximum exemption limit.
Business eligible for Presumptive Tax Scheme under Section 44AE	Any Assesses engaged in plying, hiring or leasing of goods carriage	Taxpayer claims that his profits from business are lower than the profit computed under Section 44AE.
Business eligible for Presumptive Tax Scheme under Section 44BB	Non-resident assesses engaged in exploration of mineral oil	Taxpayer claims that his profits from business are lower than the profit computed under Section 44BB.
Business eligible for Presumptive Tax Scheme under Section 44BBB	Foreign Co. engaged in civil construction	Taxpayer claims that his profits from business are lower than the profit computed under Section 44BBB.

Advantages Of Income Tax Return

Identification of financial discrepancies in cash flow
discover better ways to be tax-compliant
entity’s transparency, truthfulness, and

proves entity’s financial credibility.
Prevents fraud

Tax Audit Procedure

Step 1
Scrutiny of documents
- The first step is to scrutinise the accounts and documents for the respective year.
- Inform the client about any discrepancy.
Step 2
Audit Report
- The next step is to prepare and issue Tax Audit Report.
Step 3
E-file
- The final step is to file the Tax Audit Report.

Registraion Mitra Has Made Tax Audit More Reliable In Noida

We are the leading experts in Tax Audits and have expertise in Tax Audit of various industries. We take note of all legal formalities and comply with the rules defined by the government. Thus, if you too are looking for Tax Audit then contact Registration Mitra for seamless service.

How Registration Mitra helps in this Entire Process

Scrutiny and research

our expert reaches to you and scrutinize the accounts and documents accordingly.

Preparation of Audit Report

On the basis of findings, we will prepare the Audit Report.

Online filing

After that, We will file the Audit report online on Income Tax portal.

Acknowledgement

After submission and e-verification, we will provide you with the acknowledgement issued by the Income Tax Department.

Frequently Asked Questions

No, only a chartered accountant in practice can do Tax Audit.

From 3CA, if the books of account of the assesses are required to be audited under any other law and form 3CB, in any other case.

0.5% of turnover / gross receipts OR Rs. 1,50,000 (whichever is lower). However, no penalty shall be imposed if reasonable cause for such failure is proved to the appropriate officer.

Sales Turnover– the meaning of sales turnover shall be the aggregate of amount for which sales are affected by an enterprise.
Gross Receipts– this term has not been defined under the Income Tax Act. Gross receipts include all receipts coming from carrying on a profession.

Normally the audit report under section 44AB should not be revised, but sometimes a member may revise such report on the following grounds:

Revision of the accounts of a company after its adoption in AGM;
Change of law;
Change in interpretation.

Therefore, on the aforementioned grounds, the audit report, once filed, can be revised.

Tax Audit in Noida with REGISTRATION MITRA