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What is tax audit
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Answer / nitu
person comes under section 44AB or say the person whose
Sales or Turnover exceeds 40 Lakhs in case of indvidual and
Company whether listed or unlisted it doesnt matters and in
case of Professonalism if turnover exceeds 10 Lakhs these
Persons are Liable for Compulsory Tax Audit dult signed by
a Chartered Accountant before the due date for furnishing
return.
| Is This Answer Correct ? | 12 Yes | 3 No |
Answer / amruta
Tax Audit is compulsory for company whose turnover is above
40 lakhs. turnover means a sales turnover. government
employees cannot check all firms or cannot audited each and
every firm or company, for that purpose they can give
authority to C.A. Who is a authoriesd person of the
chartered accountant institute of india. in tax audit C.A.
can check all documents, vouchers, receipts etc. it is not
only external audit but also internal audit.
Nobody Can Fraud with Government and complite the audit
procedure truly.
| Is This Answer Correct ? | 10 Yes | 2 No |
Answer / v.mohan
Tax audit is an audit to find out the accurate tax payable
by the company as per the income tax 1961. And ensure that
all statutory payments are remitted on or before the
respective due dates by company.
Moreover, it helps to find out the differebce between
Company's act and income tax act. The difference is called
deffered tax assets and liability of the company.
| Is This Answer Correct ? | 50 Yes | 43 No |
Answer / prasanth s s
Tax Audit means, audit of accounts of :
1. A person carrying on business, if the total sales,
turnover or gross receipt in business for the accounting
year or years relevant to the assessment year exceed or
exceeds Rs. 40 lakh.
2. A person carrying on profession, if his gross receipts
in profession for an accounting year or years relevant to
any of the assessment year exceeds Rs. 10 lakh.
3. An assessee who carries on a business and if the
profits and gains from the business are deemed to be the
profits and gains of such person under section 44AD or
section 44AE or section 44AF or section 44BB or section
44BBB, as the case may be, and he has claimed his income to
be lower than the profits or gains so deemed to be the
profits and gains of his business, as the case may be, in
any previous year
| Is This Answer Correct ? | 6 Yes | 0 No |
Other than individuals, tax audit is casual for all other
persons. So, government cannot take a car and go to make
assessment for every tax audit persons. so, government
introduced Tax audit wherein an Auditor(CA) should verify
the facts, and should ensure that information provided thru
tax audit report (Form 3cd) is 'True and Correct'(not 'True
and fair').
| Is This Answer Correct ? | 11 Yes | 6 No |
Answer / abhishek shah
Tax Audit means, audit of all type of tax payment or
received
1. A person carrying on business, if the total sales,
turnover or gross receipt in business for the accounting
year or years relevant to the assessment year exceed or
exceeds Rs. 40 lakh.
2. A person carrying on profession, if his gross receipts
in profession for an accounting year or years relevant to
any of the assessment year exceeds Rs. 10 lakh.
3. An assessee who carries on a business and if the
profits and gains from the business are deemed to be the
profits and gains of such person under section 44AD or
section 44AE or section 44AF or section 44BB or section
44BBB, as the case may be, and he has claimed his income to
be lower than the profits or gains so deemed to be the
profits and gains of his business, as the case may be, in
any previous year
In Other Word In case of company tunover is 40 lac or
above Then company
is Liable to audit the account By chated Accountant. In
case of indvidual tunover is 10 lac then is liable to audit
| Is This Answer Correct ? | 6 Yes | 1 No |
Answer / r k gahlot
any person who is carrying on a business and his annual turn over or gross receipts or sales exceed to Rs.60.00lac in any previous year is required to be audited by a chartered accountant, that is called a tax audit under section 44ab of income tax
| Is This Answer Correct ? | 2 Yes | 0 No |
Answer / dhananjay kumar purbey
As per U/s 40AB of income tax act,1961 Every person who has
gross turnover exceeded 60 lacs or professional receipt
exceed from Rs.15 lacs is foll under
audit compulsury . This is the tax audit .
In tax audit every transaction is checked carefuly
relating tax and or that transaction comes under any Act.
| Is This Answer Correct ? | 3 Yes | 1 No |
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