Income Tax Audit Assistance
Ensure smooth and accurate completion of your Income Tax Audit with expert guidance. HIVA
Professionals provides complete assistance in preparing, reviewing, and filing tax audit reports
as per the latest provisions of the Income Tax Act.
What is Income Tax Audit?
An Income Tax Audit (commonly known as Tax Audit under Section 44AB) is an examination of a
taxpayer’s books of accounts to verify income, deductions, and compliance with tax laws. It
ensures that financial records are properly maintained and taxes are correctly calculated.
Who is Required to Get a Tax
Audit?
- Businesses whose turnover exceeds the prescribed limit under the Income Tax Act
- Professionals whose gross receipts cross the specified audit threshold
- Businesses required to conduct tax audit under Section 44AB
- Taxpayers declaring income lower than the presumptive taxation limits
- Companies, firms, or individuals required to maintain proper financial records
Documents Required
- PAN Card of the taxpayer /
business
- Previous Income Tax Returns
(ITR)
- Financial Statements -
Profit & Loss Account and Balance Sheet
- Bank Statements for the
relevant financial year
- Sales and Purchase Invoices
- Expense Bills and Vouchers
- GST Returns (if applicable)
- Loan Statements and Interest
Details
- Details of Fixed Assets and
Depreciation
- Others
How to Apply for Income
Tax
Audit Assistance?
Income Tax Audit is conducted by a Chartered Accountant as required under the
Income Tax Act when a taxpayer’s turnover or receipts exceed the prescribed limits.
Basic Steps:
- Check whether your business turnover or professional receipts cross the audit limits under
Section 44AB of the Income Tax Act.
- A qualified Chartered Accountant (CA) must be appointed to conduct the tax audit.
- Submit required documents such as financial statements, bank statements, invoices, and
expense records to the auditor.
- The auditor reviews financial records, verifies transactions, and ensures compliance with tax
laws.
- The CA prepares the Tax Audit Report in Form 3CA/3CB and Form 3CD.
- The audit report is uploaded on the Income Tax e-Filing portal by the Chartered Accountant.
- The taxpayer logs in to the portal and accepts the uploaded audit report, completing the
audit process.
Advantages and
Limitations
Advantages
- Ensures compliance with the provisions of the Income Tax Act.
- Helps maintain accurate and transparent financial records.
- Identifies errors or discrepancies in financial statements.
- Reduces the risk of penalties or legal issues during tax assessment.
Limitations
- Requires proper maintenance of financial records and documents.
- The audit process may take time depending on transaction volume.
- Businesses may need professional assistance from a Chartered Accountant.
- Non-compliance or incorrect records may lead to additional tax liability.
Why Choose HIVA Professionals?
-
Expert audit review and compliance
checkThorough
review to ensure compliance with income tax regulations.
-
Accurate preparation of audit reportsProper
documentation and preparation of required audit reports.
-
Timely completion before due dateEnsuring
the
audit process is completed before the statutory due date.
-
Coordination with Chartered AccountantSmooth
coordination with qualified CAs for audit execution.
-
End-to-end audit assistance and
advisoryComplete
support from document preparation to final report submission.
