Tax Audit under Section 44AB
GST & Tax
Tax Audit under Section 44AB
A tax audit under Section 44AB is a review of your accounts required once turnover crosses a set limit. In short, a chartered accountant checks your books and reports them to the income-tax department. However, the audit report has a firm due date and a penalty for delay. Therefore, Prospect Legal manages your tax audit end to end. As a result, your accounts are audited, reported, and filed on time.
44AB
Income-Tax Act
3CA/3CB
Audit Report
3CD
Statement
On-Time
Filing
Get Your Books Audited Right
What is a Section 44AB tax audit, and who needs it?
A tax audit is a formal check of your accounts under the Income-Tax Act. Simply put, an auditor verifies your books and reports specific details. Therefore, the department can rely on your figures. Above all, it is mandatory once your turnover or receipts cross the set threshold.
Many taxpayers need it. First, businesses above the turnover limit must get audited. Next, professionals above the receipts limit must too. Also, some presumptive-scheme cases require it. Because the thresholds and forms vary, expert handling avoids errors.
Documents required for a tax audit
You need only a few papers to start. Also, our team checks each one before the audit. As a result, the report is filed cleanly. Here is the full list:
- Books of account and ledgers
- Bank statements for the year
- Sales, purchase, and expense records
- GST returns and reconciliations
- Fixed-asset and depreciation details
- A signed authority letting us act for you
How a tax audit works — step by step
The process is simple when an expert guides you. Moreover, Prospect Legal handles every step on your behalf. Here is how it works:
Step 1 — Check applicability
First, we confirm whether the audit applies to you and which form fits. Because this decides the route, it comes first.
Step 2 — Prepare the books
Next, we finalise and reconcile your accounts. Therefore, the figures are audit-ready.
Step 3 — Conduct the audit
Then, the auditor reviews the books and prepares Form 3CA or 3CB with 3CD. In addition, we resolve any queries.
Step 4 — File the report
Finally, we file the audit report and your return on time. After that, your compliance is complete.
Why choose Prospect Legal for your tax audit?
A late or wrong audit report brings a penalty and scrutiny. However, timely, accurate work keeps you safe. Here is what sets us apart:
- Applicability check. Because we confirm the rules first, you file the right form.
- Ready books. Also, we finalise and reconcile your accounts.
- Accurate 3CD. Next, we prepare the statement with care.
- On-time filing. Moreover, we file within the due date.
- Real support. Above all, you can reach a human on call or WhatsApp anytime.
Tax audit — what’s included
| Service | What we do | Benefit to you |
|---|---|---|
| Applicability | Confirm audit and form | The right route |
| Book Finalisation | Finalise and reconcile | Audit-ready accounts |
| Audit Report | Prepare 3CA/3CB and 3CD | A complete report |
| Query Resolution | Clear all queries | A clean audit |
| Return Filing | File the ITR too | Full compliance |
| Record Keeping | Store the filed set | Ready for any check |
Related tax services
A tax audit ties into your wider tax compliance. Therefore, explore these services next:
Frequently asked questions about tax audit under 44AB
Who must get a tax audit?
Businesses and professionals above the set turnover or receipts limits must. Also, some presumptive cases require it. Therefore, we check your figures first. We confirm the right route.
What forms are used?
The auditor files Form 3CA or 3CB along with the 3CD statement. Also, your ITR follows. Therefore, we prepare each correctly. We file them on time.
What is the penalty for no audit?
A missed audit can attract a penalty based on turnover, up to a cap. However, timely filing avoids it. Therefore, we act early. We keep you compliant.
When is the audit due?
The tax audit report has a fixed due date before the return deadline. Also, both are linked. Therefore, we plan the timeline. We file well within it.
Can you handle my whole audit?
Yes, we finalise the books, run the audit, and file the report. Also, we file your return too. Therefore, it is fully managed. We keep the record ready.
Complete your tax audit on time
Talk to Prospect Legal today. We prepare your books, run the Section 44AB audit, and file the report and return so you stay penalty-free.
