Tax Audit Applicability For Financial Year 2019-20 (Assessment Year 2020-21)

Tax Audit Applicability For Financial Year 2019-20 (Assessment Year 2020-21) Under section 44AB of the Act, every person carrying on business is required to get his accounts audited, if his total sales, turnover, or gross receipts, in business exceed or exceeds one crore rupees in any previous year.

Meaning of Tax Audit

Examination and assessment of books of accounts of an organization carrying business or profession are called Tax Audit. Tax audit helps in review of transactions related to income, expenses, deductions, and taxes of the organization. It eases out the process of filing the income tax return for taxation purpose. Tax audit is done by a chartered accountant and reported to the income tax department in a prescribed format.

A tax audit is an examination of your tax return by an outside agency to verify that income and deductions filed are accurate. The income tax law asks the taxpayers to get the audit of accounts of their business or profession done according to provision of income tax law.

Tax Audit Applicability

Following assessee are required to get their accounts audited by a chartered accountant and to furnish (electronically) the audit report in a specified form on or before due date of furnishing return:

            

• Related Articles

• Deductee entry error - Data of payment should with in financial year

  Deductee entry error - Data of payment should with in financial year Solution  This is an information message ,  it is informing you that "date of payment" and "date of payment credit" should be with in financial year. Example : You can see in ...

• TDS - Tax Calculation for Senior Citizens (Assessment Year 2021-22)

  TDS - Tax Calculation for Senior Citizens Tax slab 2021-22 (Old tax regime slabs) (who is 60 years or more at any time during the previous year) Net Income Range Rate of Income-tax Assessment Year 2021-22 Assessment Year 2020-21 Up to Rs. 3,00,000 - ...

• Tax Audit Report Date issue

  This issue primarily occurs when there are incorrect regional settings and date formats configured on the system. To resolve this issue, please update the regional settings and adjust the date format on your system accordingly. To check and set the ...

• Income Tax || How to file Tax-Audit revise return

  Step 1: Navigate to "Audit" → "Tax Audit" and select "New 3CD W.E.F 20/08/2018". Step 2: Enter the accurate data for the revised tax audit submission. Step 3: Choose either 3CB-CD or 3CA-CD and select the corresponding JSON option. Step 4: Opt for ...

• ZenROC || AOC-4 How to fill detail in Point III:- Financial parameters - Balance sheet items (Amount in Rupees) as on financial year end date

  AOC-4 How to fill detail in Point III :- Financial parameters - Balance sheet items (Amount in Rupees) as on financial year end date Solution: Go into transaction > annual detail > general information (form aoc-4): Now click on balance sheet> page no ...