Tax Audit (Section 44AB)
Ensure 100% compliance with Section 44AB of the Income Tax Act. We perform thorough tax audits, ledger verification, disallowed expense analysis, and timely submission of Form 3CA/3CB and 3CD reports.
Tax-audit preparation support in Nagpur
Tax-audit work depends on the entity’s records, turnover, receipts and the rules applicable for the year. FinTaxVers can help you organise the available documents and identify the information that needs review before an audit filing.
Useful for a tax-audit review
- Financial statements, ledgers and supporting vouchers
- GST, TDS and income-tax records for the relevant year
- Prior audit reports or return acknowledgements, if available
- Any query, notice or filing deadline you have received
About this service
A Tax Audit under Section 44AB of the Income Tax Act, 1961 is mandatory for businesses and professionals crossing prescribed turnover thresholds. Our Tax Audit services help ensure zero penalties, accurate tax computation, and full regulatory compliance.
Who Needs a Tax Audit?
- Businesses: With total turnover/gross receipts exceeding ₹1 Crore (or ₹10 Crore if cash transactions are ≤5%)
- Professionals: With gross receipts exceeding ₹50 Lakhs
- Presumptive Taxation: Businesses declaring profits lower than presumptive limits under Sec 44AD/44ADA/44AE
What is the penalty for not completing a Tax Audit?
Under Section 271B, failure to get accounts audited can attract a penalty of 0.5% of total sales/turnover, up to ₹1,50,000.
What is the due date for Tax Audit filing?
The due date is typically September 30th of the assessment year (or October 31st for corporate tax return filers).
How do I know whether my business needs a tax audit?
Tax-audit applicability depends on facts such as the nature of activity, receipts, turnover, cash transactions and the rules for the relevant year. FinTaxVers can review the situation with you; do not rely on a generic threshold alone.
What documents should I organise for a tax audit in Nagpur?
Start with financial statements, ledgers, vouchers, bank records and relevant GST, TDS and income-tax information. The final list depends on the entity and the audit requirements for the year.