The tax audit report must be filed by 30 September of the assessment year

Tax audit: 5 things to know Five things to know about tax audit

1.In India, a tax audit is applicable to businesses whose total sales, turnover or gross receipts, exceed Rs.1 crore in a financial year, and professionals whose gross receipts exceed Rs.50 lakh in a financial year.

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3.The audit must be conducted by a chartered accountant, who submits the report in the prescribed format, along with the income-tax return.

4.Failure to get the accounts audited can result in a penalty of 0.5% of the turnover or gross receipts, subject to a maximum of Rs.1.5 lakh.

5.The tax audit report must be filed by 30 September of the assessment year.
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Content courtesy Centre for Investment Education and Learning (CIEL).
Contributions by Girija Gadre, Arti Bhargava and Labdhi Mehta.

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This story originally appeared on: India Times - Author:Faqs of Insurances