Tax Audit Services by Legal Pillers in India
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- Tax Audit Report Filing- 3CA & 3CB & 3CD
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- Udin generated reports by Professionals after Filing - Free
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Cash Flow Management
Auditing process provides the Individual or Business Venture to track total income and financial claims from the marketplace in a proper manner.
Saves Time
Conducting proper Tax Audits makes business organization process easier for country’s taxation regulatory board and saves a lot of time by avoiding Legal hassles.
Reducing Legal Risks
By identifying and eliminating discrepancies, individuals and businesses can avoid penalties, fines, or legal complications that may arise due to non-compliance.
Dedicated Online Support
Our team is committed to providing ongoing support, ensuring that you remain in compliance with all relevant regulations, all accessible through our convenient online platform.
What is Tax Audit/ Presumptive Taxation Scheme Online?
When a business is registered under the tax presumptive scheme under section 44AD, and its total turnover or sales are greater than the amount of Rs. 2 crores, a tax audit would be required. There are many kinds of audits carried out under various laws, including company audits. These statutory audits are conducted under laws governing companies for cost audits as well as stock audits, etc. In the same way, the law on income tax also requires an audit known as a "Tax Audit." A tax audit shows taxpayer's financial records, ensuring accuracy and compliance with tax laws and regulations. It is conducted by certified professionals.
The section 44AB in the Income Tax Act 1961 covers the tax audit provisions in India. The section stipulates that any person in one of the categories below is required to have their financial statements audited by a certified Chartered Accountant. The audit report has to be presented prior to the due date of filing income tax returns.
Tax Audit Applicability in India
To start with Limited Liability Partnership Registration, you have to check the given criteria first:
- Any business whose revenue, sales, or revenue exceeds the amount of Rs. 1 Crore.
- Any professional whose net income exceeds the amount of. 25 Lakhs.
- Any company whose profits and gains can be calculated on a presumed basis.
- Any company whose profits and profits are calculated using a presumed basis in accordance with section 44AD
- Individuals who carry their profession or business must have books and accounts checked by a practicing CA.
- Business/company exceeding the amount of Rs 1 crore in any past year is required to have a tax audited.
- For Professionals, if the total receipts are greater than 50 lakhs during any previous year must get their books of accounts audited.
Documents Required For Tax Audit in India
To begin the registration procedure for an LLP, the partners will be required to provide all the required documents:
- Books of accounts
- Updated bank Statement of Partners
- Passport-size Photo of partners
- Ledgers
- Cash books
- Journals
- Carbon Copies of Bills and Receipts
(If bills amount to Rs 25,000 or more)
Tax Audit Process in India
Following is Tax Audit Process-
Collecting Information
Our experts will connect and ask for all records and required documents.
Approval
The CAs will Analyze, and Begin with the Tax Audit Process through the documents. After the completion, we will get Approval for the Tax Audit.
Submission & Approval
Finalised and Approved Tax Audit report will be submitted to the Income Tax Department.
Benefits of Income Tax Audit Online
Preventing Tax Evasion
They act as a deterrent against tax evasion or fraudulent activities, as individuals and businesses are held accountable for their financial declarations.
Legal Compliance
Adherence to tax laws and regulations is essential. Tax audits ensure that all financial transactions are conducted in accordance with the law.
Reducing Legal Risks
By proactively identifying and rectifying any discrepancies, individuals and businesses can avoid penalties, fines, or legal complications that may arise due to non-compliance.
Optimizing Financial Processes
Through the scrutiny of financial records, tax audits can reveal areas for improvement in financial management and reporting processes.
Maintaining Public Trust
For businesses, a transparent financial record helps maintain trust with customers, suppliers, and the public.
Legal Safeguard
Registration provides certain legal protections to the organization and its members, helping to resolve disputes and conflicts within the organization.
Turnover Limits for Tax Audit
A tax audit limit is a requirement for being able to pay taxes. The tax Audit limit is the quantity of turnover that, if it is exceeded, triggers the requirement for a Tax audit as per the Income Tax Act. It is different for different types of assessee mentioned here. In order to offer relief for MSMEs, Budget 2020 has increased the limit on turnover in the case of MSME assessments.
More Details
Limit for Proprietorship Concerns
Proprietorship businesses are taxed like persons in the Income Tax Act. In the case of the proprietor of a business, a tax audit is required when the turnover exceeds R. 1 crore rupees. If a person is operating an occupation that generates gross revenues of over 50 lakh rupees, tax audits are mandatory.
The limit for Partnership Firms
Partnership firms that are involved in professions with gross earnings over 50 lakh rupees need to complete an audit on tax. Partnership firms involved in conducting business need to submit a tax audit when the turnover of sales is greater than one crore rupees.
Limit for LLPs
In accordance with regulations that govern the LLP type of business organization, LLPs with an annual turnover of greater than 40 lakh rupees, or a capital contribution of 25 lakh rupees must be inspected by a CA.
Limit for Companies
All kinds of businesses, such as private limited companies, and one-person companies, must undergo an audit. Legal Pillers offers guidance on navigating these limits.
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All TestimonialsGood work, I am happy with services - Legal Pillers for providing best services for 12A80G in economical prices and in a good speed way. The co-ordination between various team members is also remarkable. Even they all continuously follow up with calls and messages regarding the processes. Also one more good point is all the services are under one umbrella. Special thanks to Shweta, Kalpana, Priya & all the backend team member for execution.
By Vinay Dave
Empower Charitable Trust
It is really one of the best team, which give lot of respect in dealings and help us at every moment. Thank you legal pillers for helping us at every small steps.
By Deepak Kabra
Evolve Sang Foundation
"Startup entrepreneurs can definitely prefer & rely on the services of Legal Pillars for Incorporation of LLP/Companies. Good service by Ms. Sneha Kapoor."
Adi Swarup Patnaik
Amaravati Finsuraksha Nidhi Limited
We are from Hyderabad, Telangana State. We have taken Services of "Legal Pillers" for New Private Ltd Company Registration. We are extremely satisfied and delighted with their services. They are sincere, experienced and committed. Unquestionable Integrity. Our Interaction was with Ms.Sneha, Mr.Rohit and Ms.Jyostna, excellent team and keeps their word.
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LOGOS EXPORT AND TRADING (P) LTD.
Very corporative and guides you in a proper way. This was my first time doing online legal services and out of all fear I had it turned out a boon for me. Hope you people keep the services same in future to. For a new startup u can believe them. Thank you once again
By Munna Prasad Gupta
Epicenter Innovations (P) Limited
Team Legal Pillers, I am writing to thank you for the quality of service provided by your company. I am sincerely appreciating your efficient, gracious customer service on registering my company. Specially I would like to Thank Ritika who always connected with me and explained in detail while registering company. I would refer my friends to legal Pillers to take best service in low cost.
By Aftab Ahmed Mulla
Czarlike Global Trade Source (OPC) P. Ltd
Good work, I am happy with services - Legal Pillers for providing best services for 12A80G in economical prices and in a good speed way. The co-ordination between various team members is also remarkable. Even they all continuously follow up with calls and messages regarding the processes. Also one more good point is all the services are under one umbrella. Special thanks to Shweta, Kalpana, Priya & all the backend team member for execution.
By Vinay Dave
Empower Charitable Trust
It is really one of the best team, which give lot of respect in dealings and help us at every moment. Thank you legal pillers for helping us at every small steps.
By Deepak Kabra
Evolve Sang Foundation
"Startup entrepreneurs can definitely prefer & rely on the services of Legal Pillars for Incorporation of LLP/Companies. Good service by Ms. Sneha Kapoor."
Adi Swarup Patnaik
Amaravati Finsuraksha Nidhi Limited
We are from Hyderabad, Telangana State. We have taken Services of "Legal Pillers" for New Private Ltd Company Registration. We are extremely satisfied and delighted with their services. They are sincere, experienced and committed. Unquestionable Integrity. Our Interaction was with Ms.Sneha, Mr.Rohit and Ms.Jyostna, excellent team and keeps their word.
By Suresh Abraham
LOGOS EXPORT AND TRADING (P) LTD.
Very corporative and guides you in a proper way. This was my first time doing online legal services and out of all fear I had it turned out a boon for me. Hope you people keep the services same in future to. For a new startup u can believe them. Thank you once again
By Munna Prasad Gupta
Epicenter Innovations (P) Limited
Team Legal Pillers, I am writing to thank you for the quality of service provided by your company. I am sincerely appreciating your efficient, gracious customer service on registering my company. Specially I would like to Thank Ritika who always connected with me and explained in detail while registering company. I would refer my friends to legal Pillers to take best service in low cost.
By Aftab Ahmed Mulla
Czarlike Global Trade Source (OPC) P. Ltd
How Legal Pillers Help in Tax Audit Services in India?
We are India's most recognized Legal Tech platform. By connecting to our CA/CS/Advocates, you can easily file your Income tax audits.
Tax audit fees at Legal Pillers are affordable and reasonable. Our Portal offers multiple affordable prices for Tax audit fees.
More DetailsFAQs
Find answers to the most popular questions asked to us.
The Tax Audit Due Date for 2023-24 for ITR-7 and Form 10B/10BB due dates are extended till October 31, 2023.
A tax audit is a systematic examination of a taxpayer's financial records to ensure accuracy, completeness, and compliance with tax laws and regulations.
The applicability of tax audits depends on various factors, including turnover and specific business structures. Legal Pillers provides expert guidance to ensure accurate compliance.
For businesses, the tax audit limit is ₹5 crores for the Assessment Year 2020-21.
A tax audit is a systematic examination of a taxpayer's financial records to ensure accuracy, completeness, and compliance with tax laws and regulations. It is important to maintain transparency and adherence to legal requirements.
For businesses, the turnover limit for tax audits is ₹5 crores for the Assessment Year 2020-21.
An income tax audit is a detailed examination of a taxpayer's financial records to ensure accurate reporting and compliance with income tax laws.
The due date for income tax audit is typically September 30 of the assessment year. However, in certain circumstances, extensions may be granted, like this year, it has been extended to October 31.
A tax audit is a systematic examination of a taxpayer's financial records. Failure to comply with tax audit requirements may lead to penalties of 1,50,000 imposed by tax authorities.
For a profession, if the total receipts of the business are greater than the amount of Rs. 50 lakhs during any previous year must get their books of accounts audited by Chartered Accountant before the due date.
The various Forms are: 3CA, 3CB, 3CD and 3CE. Legal Pillers offers a comprehensive guide to the various forms required for a seamless tax audit process.
A statutory audit is a legally mandatory examination of a company's financial statements. In contrast, a tax audit focuses on verifying compliance with tax laws and regulations.