As per Section 44AB of The Income Tax Act, 1962, every taxpayer whose business turnover exceeds one crore (for professionals, the limit is fifty lakhs) in the financial year is required to undergo a tax audit under section 44AB. Additionally, if turnover is below one crore but net profit is below 8% (for banking channel turnover 6%), then tax audit is also required. Certain exemptions from tax audit are allowed subject to 95% of transactions of sales and expenses being from the banking channel; in such cases, tax audit is exempted until turnover reaches 10 crore.

A Chartered Accountant (CA) in practice can conduct the Income Tax Audit. A detailed audit shall be carried out by the CA, and an audit report in Form 3CA-3CD or 3CB-3CD is required to be submitted to the income tax portal along with the financial statements (Profit and Loss, Balance Sheet, etc.). With our presence across India, we have streamlined the tax audit procedure, making it very smooth. You just need to send us a certain list of documents as stated below, and we will provide tax audit services instantly. Furthermore, we assure you that audit filing will be completed on time as Due date for filing of Tax Audit report is 30th September.

What Are the Documents Required for Income Tax Audit?

Following Documents required for Audit Procedure by CA :-

• Business Registration Proof, and Owner PAN Card, Aadhar Card
• Bank Statements
• Sales Records
• Purchase Records
• Expenses/Bill/Invoices
• Voucher/Register/Stock Register
• Books of Accounts
• GST Return, TDS Returns
• Cash Book
• Other Financial Records Details, Assets and Investments List
• Any Other Documents as and when ask by CA