Statutory and internal audit by qualified CAs ensuring 100% compliance under Income Tax Act
A Tax Audit under Section 44AB of the Income Tax Act is mandatory for businesses with turnover exceeding ₹1 crore (₹10 crores for digital transactions above 95%) and professionals with gross receipts exceeding ₹50 lakhs in a financial year.
At Paras Finance, our qualified Chartered Accountants conduct comprehensive tax audits with meticulous attention to detail. We examine your financial statements, books of accounts, tax computations, and disclosures to ensure full compliance and readiness for assessment.
Beyond statutory obligation, a well-conducted tax audit helps identify tax savings opportunities, plug compliance gaps, and strengthen your financial reporting — giving you confidence before income tax assessments.
Business with turnover > ₹1 crore (₹10 crore if 95%+ digital transactions), professionals with gross receipts > ₹50 lakhs, and those opting out of presumptive taxation scheme are required to get a tax audit under Section 44AB.
The due date for completing and filing the Tax Audit Report is September 30th of the assessment year (i.e., 6 months after the financial year ends). Late filing attracts a penalty of 0.5% of turnover subject to max ₹1.5 lakhs.
Form 3CD is a detailed statement of particulars required to be furnished with the Tax Audit Report. It contains 44 clauses covering all aspects of the taxpayer's financial affairs, compliance, and specified transactions.
All companies are required to get their accounts audited under the Companies Act. For income tax purposes, if their turnover exceeds the prescribed limits, they also need a separate tax audit under Section 44AB.
Yes, a tax audit report can be revised if the original report had errors or omissions, or if there is a change in the law or judicial precedent. We handle all revisions with proper documentation.
Our experts are available to guide you through the entire process with ease.