Tax Audit (Section 44AB of Income Tax Act)

Overview

Tax audits are mandatory for businesses with turnover above specified limits. It ensures proper maintenance of books and correct reporting of income and expenses.

Benefits

• Compliance with Income Tax Act provisions.
• Avoids penalties for non-compliance.
• Ensures proper reporting of deductions and claims.

Documents

• Books of accounts.
• Purchase & sales registers.
• Expense vouchers.
• Tax payment challans.
• Previous years’ audit reports.