Tax Audit Under Income Tax


  • Tax Audit if Turnover > Rs. 100 Lac (Business)
  • Tax Audit if Turnover > Rs. 50 Lac (Professional)
  • Non Filing Penalty upto Rs. 1.50 lac
  • Due Date 30 September 2020
  • Get Free Quotation

    Get a Quote In Minutes


    Tax Audit

    Tax Audit is detail verification of books of accounts maintained by business & verify the accurateness of the income earned & deduction claimed by the assessee in the Income tax returns. Tax audit for FY 2019-20(i.e AY 20-21) shall be governed by the provisions ( Section 44AB ) & Rules laid down in the Income Tax Act 1961. This audit is conducted by Chartered Accountant Firm ensuring correct books of accounts maintained, legal provision complied & correct payment of Income Tax.

    Tax Audit is independent verification of the books of accounts. During the audit Chartered Accountant (CA Firm) examines transactions of income , expenses , deductions etc. Tax audit due date for FY 2019-20 as per section 44AB of Income Tax Act 1961 is 30 September 2020. For Non filing of audit within due date penalty upto Rs. 150000 is applicable. A N Bhutada & CO is trusted Chartered Accountant Firm for your Tax audit requirement in Pune,Mumabi, Banglore , Delhi etc.

    Objective of Tax Audit

    • Ensuring that books of accounts are in line with tax laws and accounting policies
    • Reporting under Form 3 CA / 3 CB / 3 CD
    • Ensuring that books of accounts shows correct income tax payer
    • Preparation of reports in standard way for tax authorities

    Applicability of Tax Audit

    • An individual who in engaged in business turnover > Rs. 100 Lac
    • An individual who in engaged in profession turnover > Rs. 50 Lac
    • An individual who qualifies for the presumptive taxation claims profit lower than limit

    Turnover or Gross Receipt Limit For Tax Audit For 2019-20 ( A Y 2020-21)

    S.No Type of Taxpayer Turnover Tax Audit Form
    1. Company 1 Crore 3CA and 3CD
    2. LLP - Business Income 1 Crore 3CA and 3CD
    3. LLP - Income From Profession 50 Lac 3CA and 3CD
    4. Partnership - Business Income 1 Crore 3CA and 3CD
    5. Partnership - Income From Profession 50 Lac 3CA and 3CD

    Due Date of Tax Audit

    Due date for tax audit for assesse for FY 2019-20 ( AY 2020-21 ) is 30 September 2020. If assesse who’s turnover/gross receipts crosses specified limit of section 44AB of Income Tax Act 1961, need to get books of account audited with in due date.

    Tax Audit Penalty

    Any taxpayer where tax audit is applicable & fails in tax audit filing in due date invites penalty under section 271B of Income Tax Act 1961. Penalty for non filing of tax audit shall be as below , penalty may be levied i.e lower of

    • 0.5% of the total sales, turnover or gross receipts
    • Rs 1,50,000

    Tax Audit Report Format

    Difference between Tax Audit & Statutory Audit

    Tax Audit & statutory audit is governed by different law. For Companies under the companies act 2013 the audit is applicable irrespective of turnover of Company. Even in case of loss statutory audit is applicable. Statutory auditor required to do detail verification of books of account of company and express written true or fair view opinion. In case of LLP where turnover exceed Rs. 40 lac or contribution exceeds Rs. 25 Lakhs then it need to appoint CA firm for LLP audit. Tax audit is governed by Income Tax Act 1961 it have different objective , scope of work , applicability , due date & audit format. Auditor need to prepare audit report in specified format, ie. 3CA/ 3CB and 3CD about findings during the audit & trace for any revenue loss if any. Its like a health checkup of assesse by CA firm on behalf of Income Tax department. Scope of Tax audit is more related to compliance with income tax Act.

    More Questions? Seek Help of an Expert

    Call us at: +91 80555 66789 or Email us: office@anbca.com

    What We Offer

    Personal Consulting

    From 3 CD

    From 3 CB

    CA Certification

    Financial Statement

    What We Offer

    Personal Consulting

    From 3 CD

    From 3 CB

    CA Certification

    Financial Statement

    Send me all information about Tax Audit in my mailbox

      Email Address

      Phone Number

      Tax Filing Due Date for FY 2019-20

      Mandatory For
      Due Date
      Statutory Compliances
      Mode of Audit submission
      Who can do Audit
      Audit Section

      Tax Audit

      Turnover > Rs. 200 / 50 lac
      30 Sept 2020
      Yes
      Online
      CA
      44 AB

      GST Audit

      Turnover > Rs. 200 Lac
      30 June 2020
      Yes
      Online
      CA/CMA
      35(5)

      Statutory Audit

      For Companies
      30 Sept 2020
      Yes
      Online
      CA
      Section 133

      Trust Audit

      For Trust
      31 July 2020
      Yes
      Online & Offline
      CA
      Section11 & 12

      Society Audit

      For Society
      31 July 2020
      Yes
      Online & Offline
      CA & Other
      Section 81

      Compare Your Options

      Tax Audit

      Mandatory For
      Due Date
      Statutory Compliances
      Mode of Audit submission
      Who can do Audit
      Audit Section
      Turnover > Rs. 200 / 50 lac
      30 Sept 2020
      Yes
      Online
      CA
      44 AB

      GST Audit

      Mandatory For
      Due Date
      Statutory Compliances
      Mode of Audit submission
      Who can do Audit
      Audit Section
      Turnover > Rs. 500 Lac
      30 June 2020
      Yes
      Online
      CA/CMA
      35(5)

      Statutory Audit

      Mandatory For
      Due Date
      Statutory Compliances
      Mode of Audit submission
      Who can do Audit
      Audit Section
      For Companies
      30 Sept 2020
      Yes
      Online
      CA
      Section 133

      Trust Audit

      Mandatory For
      Due Date
      Statutory Compliances
      Mode of Audit submission
      Who can do Audit
      Audit Section
      For Trust
      31 July 2020
      Yes
      Online & Offline
      CA
      Section11 & 12

      Society Audit

      Mandatory For
      Due Date
      Statutory Compliances
      Mode of Audit submission
      Who can do Audit
      Audit Section
      For Society
      31 July 2020
      Yes
      Online & Offline
      CA & Other
      Section 81

      Start My Tax Audit

      SOP | Auditing | Reporting | Certification

      [contact-form-7 404 "Not Found"]