Register your company today
Tax Audit
Tax audit refers to the inspection and verification of books of accounts of a taxpayer to ensure their adherence to the provisions of the Income-Tax Act, of 1961. Section 44AB of the Act lays an obligation on certain persons mentioned thereunder carrying on business or profession, to get their accounts audited before the “30th September” by a Chartered Accountant, if their turnover exceeds the specified threshold limits or in cases where they are eligible to declare their income on a presumptive income basis as per section 44AD if they claim that their income is lower than the income so computed as per presumptive income.
Penalty For Delay or Non-Filing Of Tax Audit Report
If an assessee fails to comply with the provisions of section 44AB and gets his books of account audited, he will be liable to pay a penalty as per section 271B. According to section 271B, the penalty shall be lower of the following amounts:
(a) 0.5% of the total sales, turnover, or gross receipts or
(b) Rs. 1,50,000
Why Us ?
Expertise:
- Our team comprises seasoned professionals with a wealth of experience in diverse industries. Trust us to handle your financial intricacies with precision.
Technology-Driven Solutions:
- Stay ahead in the digital age. We leverage cutting-edge accounting technologies to streamline processes, ensuring efficiency and accuracy in every financial transaction.
Tailored Solutions:
- Recognizing that every business is unique, our AaaS is customized to meet your specific needs. No one-size-fits-all solutions – only services crafted for your success.
Compliance Assurance:
- Navigating the complex landscape of financial regulations can be daunting. With us, rest assured that your business remains compliant, minimizing risks and avoiding penalties.
Transparent Communication:
- We believe in transparent communication. Regular updates and clear reporting ensure you’re always in the loop regarding your financial standing.