Tax audit limit for ay 2022-23

Income Tax - A tax audit in India involves a comprehensive examination of an entity’s financial records and tax compliance. Key areas scrutinized during the audit include the maintenance of proper books of accounts, accuracy of financial statements, income and expenditure computations, tax deductions and collections, compliance with tax return f... Income Tax - There are many types of audits conducted under various laws. Similarly, an audit conducted under the Income Tax Act, 1961 is called a ‘Tax Audit’. In the Income Tax Act, 1961, section 44AB mandates provisions for a tax audit, which are explained as follows. In the following circumstance, a tax audit will be mandatory. Particulars [&he... Income Tax - Broadly speaking, a ‘tax audit’ is a method to verify the correctness of books of accounts prepared by the taxpayer. It ensures that books of accounts and other records are duly maintained and, accordingly, income of the taxpayer is correctly computed. It also enables keeping a check on fraudulent practices. Notably, tax audit under s... Income Tax - 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 exceeds one crore rupees in any previous year. The limit is raised to ten crore rupees where at least 95% of receipts/payments are in non-cash mode.... Income Tax - Representation to extend the due date of filing of Audit reports under Income Tax Act, 1961, fro...

All about Income Tax Audit u/s 44AB for FY 22-23 Income tax audit applicability is in addition to compliance of statutory audit under companies act. Tax audit is mandatory for all companies, LLPs whose turnover/ gross receipts exceeds the prescribed threshold. Limits applicable to other business entities and professionals are similarly applicable to companies. In case of business if turnover exceeds Rs.10crore and for professional’s gross receipts exceeding Rs.50 Lakhs will be liable for tax audit. Sr. No. Particulars Business Tax Audit Condition 1 Turnover > 10 Cr Other than professional Yes 1.Not opting for presumptive taxation 2.If cash transactions are up to 5% of total gross receipts and payments 2 Turnover 50 Lac Professionals Yes 1.Not opted for presumptive taxation under 44ADA 2. opted for 44ADA but Claims profits lower than the specified limit under presumptive taxation scheme 7 Turnover > 50 Lac Professionals No Opted for presumptive taxation under 44ADA and declare profits as per prescribed limit of presumptive taxation. How to calculate turnover for Tax Audit FY 2022-23 While checking applicability of tax audit compliance turnover is very important key factor. The concept of Tax audit turnover applies to all Income Tax assessees who should undergo a What is not to be included in calculation of turnover for tax audit? • Sale or purchase of fixed assets • Rental /Interest income • Advances from customers • Cash discount, trade discounts • Returned goods • Sale p...

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The Income Tax Department, at the last possible minute, extended the submission period for the Tax Audit Report for Assessment Year 2022/23. As a result, many companies, stakeholders and professionals hailed the decision of Tax Audit Report for AY 2022-23 due date extended. Let us understand the latest updates on the Tax Audit Report Due Date Extension. What is a Tax Audit Report? A tax audit is an examination of a taxpayer’s financial records by a chartered accountant to fulfill the requirements of Section 44AB. The results of the tax audit must be documented by the chartered accountant’s observations, conclusions, and recommendations in an audit report. Understand it in detail at: Who is required to have Tax Audit as per Income Tax Act, 1961? Purpose of Tax Audit Report Auditing taxes can help you figure out if you’re meeting the criteria for Forms 3CA, 3CB, and 3CD. A competent audit for tax reasons would guarantee that the books of account and other records are properly maintained, that they accurately represent the taxpayer’s income, and that his claims for deduction are right, in addition to the reporting requirements of Forms Nos. 3CA/3CB and 3CD. A thorough audit like this would also be useful for preventing fraud. Assessing Officers’ time may be greatly reduced spent on basic verifications including ensuring exact totals and determining if purchases and transactions are properly vouched for, which in turn can improve the efficiency with which tax laws are administ...

For the Assessment Year 2022-23, the due date for furnishing of tax audit report would be as under: Type of Assessee Assessment year Due date of tax audit report Due date for furnishing of ITR Company 2022-23 30-09-2022 31-10-2022 Any other person who is obliged to furnish the tax audit report 2022-23 30-09-2022 31-10-2022 Any person who is subject to the transfer pricing provisions 2022-23 31-10-2022 30-11-2022 Read More About- Due Dates of Compliances in Financial Year 2022-23 (Income-tax) The Chartered Accountant shall file the audit report electronically directly at The date of approval of the report by the taxpayer is considered the date of filing of the Audit Report. If the assessee does not accept/approve, the tax audit report will be considered pending as if it has not been filed. A Chartered Accountant in practice can conduct 60 tax audits relating to an assessment year. The ICAI had clarified that an audit prescribed under any statute which requires the assessee to furnish an audit report in the form as prescribed under Section 44AB of the Income-tax Act shall not be considered for reckoning the specified number of tax audit assignments if the turnover of the auditee is below the turnover limit specified in Section 44AB of the Income-tax Act. The ICAI modified the guidelines on 23-08-2018 to provide that the audits conducted under Sections 44AD, 44ADA, and 44AE (Presumptive Taxation Schemes) shall not be considered for reckoning the ‘specified number of tax audit...