Tax Audit is a compulsory audit under the Income Tax Act in India which is conducted if the total turnover of a person exceeds ` 2,500,000 ( 2.5 Million) for professionals and ` 10,000,000 ( 10 million) for persons other than professionals. Tax Audit has to be conducted by a Chartered Accountant appointed by the person itself. Tax Audit Report is given by the Chartered Accountant to the person in form 3CA/B along with detailed certification of information as prescribed in Annexure D prescribed under the Income Tax Act.
Tax audits in our office are carried out by a multi-disciplinary team which has experts from both the audit side as well as the tax side. Upon conclusion of the audit, there is a comprehensive second review by the tax team of each and very clause of the tax audit report, only after which comprehensive tax audit report based on the requirements of the Income Tax Act is issued.