Compliance Calendar
List
Tax Audit under the Income Tax Act
Easy Process & Transparent Fee
In case the turnover of the taxpayer (irrespective of its category) is equal to or more than Rs. 1 Crore from the business or Rs. 50 Lac from the income from profession then as per The Income Tax Act, 1961 an audit known as Tax Audit by a practicing chartered accountant is required to be done under section 44AB.
- 100% Online Process
- CA, CS Services
- EMI Available
- Free Consultation
- Hassle Free Process
- 24x7 Assistance
Request Quotation/Call Back
From Startup Specialist
Google Review
4.8 
We Are Trusted By 1000 of Business Just Like You
Best Rate
Guaranteed
PAN India
300+ Services
16+ Years of
Founders Experience
100% Online
Customer Support
Table of Content
Overview
Tax Audit Report
Difference Audit TaxTax Audit under section 44AB of the Income Tax Act, 1961
Tax Audit is an independent audit by a chartered accountant in full-time practice concerning the matters related to Taxation only and a report confirming that there is no concealment of income by the taxpayer and that there is no non-payment of tax liability and the same has been paid on due dates. The tax audit is a statutory obligation on the part of the taxpayer and is applicable on all cases where the turnover or the gross receipts during the previous year is more than the limit prescribed under section 44AB for the respective assessment year. The due date for filing the tax audit report is 30th September of the assessment year. In case the audit report is not submitted within its due date then the taxpayer is required to pay a penalty of an amount equal to 1.5% of the gross receipts/turnover, however, subject to a maximum fine of Rs. 1.5 lac.
Tax Audit Report Forms
The tax auditor may be the same person who is the statutory audit of the company or he can be any other independent practicing CA. The members of the company in the annual general meeting can appoint him or the board of directors or the managing director if authorized by the board can appoint a tax auditor. In case of LLP and partnership firms, any partner of the firm can nominate a tax auditor. If the taxpayer is an individual assessee, then he alone has to appoint a tax auditor. The tax auditor has to conduct and file the tax audit report directly on the portal of the income tax department, which, however, require the approval of the taxpayer. The tax audit report is prepared in following three forms based on the type of the tax audit undertaken.
1
FORM NO. 3CA: The tax audit report needs to be prepared as per prescribed form 3CA in case the assessee is also required to get its books of accounts audited under any other law. For instance in cases of the company, every company is required to get the books audited under the companies act, 2013.
2
FORM NO. 3CB: In case the assessee /taxpayer is not required to get its books of account audited under any law then the tax audit report need to be prepared as per prescribed form 3CB. For instance, in case of a salaried individual or firms, if their income is more than Rs. 1 crore.
3
FORM NO. 3CD: Form 3CD is an annexure to form 3CA or 3CB as the case may be. The tax auditor is required to fill particulars of the taxpayer for which tax audit was conducted. The form 3CD is in the form of an information memorandum and forms part of the audit report u/s. 44AB.
Difference Between Tax Audit & Other Forms of Audit
There is various kind of audits prescribed in India under different legislation, The audit required under the income tax act is specific to the compliance of the provisions of the income tax act. Interestingly all the audits which we are discussing here are to be done by a practicing chartered accountant. A taxpayer can get all its certifications done by one CA, or several auditor or firms of auditors can be engaged to do the audit. below is the three other types of the audit, and a careful understanding of the same is essential to appreciate the difference between the tax audit and statutory audit.
1
Audit Under Company Act: Every company registered in India under the companies act,2013 is required to get its books of account audited irrespective of its turnover. This kind of audit is a thorough checking of the books of account, the vouchers and supporting documents so that the auditor can express their opinion as required under the law.
2
Audit Under LLP Act: Under LLP act, 2008 only those LLP is required to get their books audited where the contribution/capital of the LLP is equal to or more than 25 lac or where the turnover of the LLP has reached or crossed Rs. 40 lac. The scope of the audit is similar to company audit, and it also is known as the statutory audit for LLP.
3
Audit Under GST: The new law of The goods and services tax act imposes a universal audit on all persons registered under GST act in case the turnover of the taxpayer is equal to or more than one crores. This audit is a detailed reconciliation report prepared and certified by a practicing chartered accountant concerning the GST Act.
How Audit Under Income Tax Act is Different from Statutory Audit
While the Stautory audit as required under the companies act 2013 or the Limited Liability Partnership Act, 2008, is general in nature and comprehensive. The scope of work under the statutory audit involves detailed checking of books of account maintained by the company or LLP. The statutory auditor is required under law to express a written opinion whether the books of account and records kept by the company or LLP gives a true or fair view of the affairs of the business or not. Whereas the tax audit as required under the Income tax act has an entirely different objective, wherein the tax auditor is required to prepare a detailed report in a specified format, ie. 3CA/ 3CB and 3CD giving details of the compliance with various provisions of the income tax act. In other words, the tax audit is narrow in its scope in comparison with the statutory audit.
Review
I am new at incorporation field but SETINDIABIZ help me out & I would like to mention especially for Ms Sana Parveen guided me all through the...See at Google
,
October 17, 2020
I was doubtful in the beginning to contact them for my work but they proved to be very professional and fast. I contacted SetIndiaBiz for...See at Google
,
October 10, 2020
Wonderful experience and a very professional bunch of people. To name some I have been recently dealing with Shaily Dhoudiyal, Suman Khowal...See at Google
,
September 31, 2020
Wonderful experience. Setindiabiz is very professional and efficient. Its executives are very friendly and helpful. Preeti who was handling...See at Google
,
October 15, 2020
Professionalism at its best. Every employee in this company is so energetic and punctual. you can rely on this company for sure...See at Google
,
October 07, 2020
Super fast service, They helped me in formation of my new company "Storaway Warehousing And Logistics Private Limited"...See at Google
,
October 07, 2020
The staff is really praiseworthy. I would like to mention specially for Ms Shaily Dhoundiyal guided me all through the process. she...See at Google
,
October 11, 2020
A good and professional company. I came to know about this company from Google. When I go through company profile and big company. My serviceSee at Google
,
September 25, 2020
Enthical company with finest of Staff , Specially Shailey Dhoundiyal. She helped a lot through out the process of registration ans incorporationSee at Google
,
September 19, 2020
Extremely Satisfied with the service. I came through this company in Google search. Initially I was hesitant about how would be the service... See at Google
,
September 25, 2020
Setbiz India made us very easy to deal with all documentation. Staff Shaily guided all through the process. Over all a Good team. Keep it up... See at Google
,
October 07, 2020
Sana parveen has been really efficient an quick in the process for KYC filing. Tremendous job.keep up the good work. All the best... See at Google
,
October 07, 2020
Setindiabiz truly committed to their statements .Their work is also very quick and on time and they even treat their customers in.... See at Google
,
October 11, 2020
All the work of my company has been done by Satindiabiz employees for the last 3 years. I am satisfied with their work. I thank to Shaily.... See at Google
,
October 13, 2020
My first experience today and it was really a wonderful experience. Quick updates and follow ups considering the criticality of the.... See at Google
,
October 03, 2020
I'm very happy with the services provided ms Nishtha walked me through some of the processing very patiently and kept regular updates. Thank you... See at Google
,
October 12, 2020
Shaily is prompt and cooperative, i had a smooth experience in filing my annual returns and also during LLP establishment. I thank her and wish good luck :-)... See at Google
,
October 04, 2020
All the work of my company has been done by Satindiabiz employees for the last 3 years. I am satisfied with their work. I thank to Shaily medm for the submission of my DIN KYC file... See at Google
,
October 04, 2020
They provide the best service for business registeration.Thank you so much Shaily for providing such a great and efficient assistance for my... See at Google
,
October 13, 2020
I had a very pleasant experience with SetIndiaBiz. Thanks to shaily and shubhlam who guided me step by step through the process... See at Google
,
October 8, 2020
Shaily and Khusboo have been great professionals, showing an amazin intent of delivering customer satisfaction.. I highly recommend SETINDIABIZ!.... See at Google
,
September 19, 2020
This company have a great service and my cs Sana Praveen mam is so good and very responsive person . Thank you setindiabiz and thank u Sona mam... See at Google
,
September 17, 2020
They give fast response to the customers and respect them and helps the customer in all the way in budget friendly manner... See at Google
,
September 18, 2020
They give fast response to the customers and respect them and helps the customer in all the way in budget friendly manner... See at Google
,
September 18, 2020
Good people but worst services. If you are startup please avoid them. There is lot of miscommunication and no proper information. They wont... See at Google
,
August 19, 2020
Excellent service, Very cooperative, Especially Harish sharma's way of talking and understanding your query is extremely nice. Thank you...See at Google
,
March 07, 2020
Excellent service, prompt response. Very professional approach to the entire process. Special thanks to Neha who made it very easy for me....See at Google
,
March 05, 2020
SETINDIABIG good services with in a short period of time, employees excellently coordinate with a clients Tq SARANYA and team for supporting...See at Google
,
March 4, 2020
Registration took just one day to complete. Speed of execution is key to start new business and Setindia understands the needs of...See at Google
,
Feb 19, 2020
They are truly committed to their statements .Their work is also very quick and on time and they even treat their customers in a very polite...See at Google
,
Feb 11, 2020
The executive person were incredible helpful and understanding of my views of situation and did everything they could to get me the Incorporation...See at Google
,
Feb 21, 2020
I am very satisfied with the work. which Sana Parveen had done. really appreciate for the fast process and. access. thanks to setindiabiz and...See at Google
,
Feb 23, 2020
Awesome great service! We are unexpected. my company get easy all legal documents through SetIndiabiz. They are provided best...See at Google
,
Feb 23, 2020
I have done my company registration at SETINDIABIZ along with TM and taken consultancy services for FDI . Services and guidance was...See at Google
, Feb 24, 2020
I am very impressed with work delivery system of Setindiabiz & team. They're very much competent to guide any start Up in statutory...See at Google
,
Feb 25, 2020
Good company, good people gives compliance related services in very professional way and delight customer by their services. i very much...See at Google
,
Feb 25, 2020
Highly supporting system for new business.. thankyou SETINDIABIZ for providing every type of business related support to new in field...See at Google
,
Feb 26, 2020
Thank to all team members of SETINDIABIZ ..Your customer support is really like Backbone... Special thanks to "Mr. Praveen Singh" who is...See at Google
,
Feb 26, 2020
Big thanks to Kuldeep, Shaily and folks at SetIndiaBiz for registering my company within 7 days. Everything was handled professionally... See at Google
,
Jan 13, 2020
I appreciate your service and will surely recommend to my friends who are looking for registering their company . It was a excellent job... See at Google
,
Jan 10, 2020
Thanks For Helping In Registration of Company And Registration of GST. They Come Quickly Than Estimated Time. ................... See at Google
,
Jan 01, 2020
My notions were feeble to pay for online services before "SETINDIABIZ" experiences. However they utterly pay-off my each penny by their swift and... See at Google
,
Jan 01, 2020
Thank you SETINDIABIZ for all your help in registering my private limited company in Bangalore, very smooth and they made it very easy for me. ... See at Google
,
Jan 01, 2020
Very Good Service, Quick Qquality Work, Time completed, Low Cost Work, We be Happy. TSR ENGINEERING PVT LTD /Director........... See at Google
,
Dec 24, 2019
Interacted with Mr. Manav Gandhi for filing my gst returns. He was very courteous, polite and quick-to-action. Thank you for your...See at Google
,
Aug. 25, 2019
perfection, sincerity, on timing means SETINDIABIZ. contacted several companies for my work online and offline but couldn't get anyone to...See at Google
,
Aug. 25, 2019
Excellent services offered for Start Up Firms and also for existing companies. Hope SetIndiaBiz opens up more offices in Tier II cities and...See at Google
,
Sept. 18, 2019
Excellent support from Manav Gandhi at SETINDIABIZ. He ensured to stay back in office till late night and complete our work at the earliest and...See at Google
,
Sept. 18, 2019
Good work done by Mr manav gandhi ,he is more concerned about my work to be completed on time,loved his working. ...............See at Google
,
Sept. 20, 2019
I always had a great experience with SetIndiaBiz. It is since 2 years that I am getting all my trademarks done through them......See at Google
, Sept. 22, 2019
Best legal service provider and flexibility in time commitment.All executives from sales to operations team: neha & Swati are really good in...See at Google
,
Dec 18, 2019
I would like to mention that Set India Biz is one of the best professional company I have worked with. All team members are customer focused and...See at Google
,
Dec 07, 2019
I believe with the relationship with SETINDIABIZ is worth value for money. Our account was managed by Proshanto and he has very proactive to support... See at Google
,
Nov 15, 2019
Overall it is good Experience. Representatives are very active. They will walk you through each and every process. They will help you with the...See at Google
,
Dec 06, 2019
Great service with understanding of budget and requirement of customer. A trustful firm for people who has basic knowledge of legal rules. ... See at Google
,
Dec 05, 2019
I highly appreciate the managers and co-workers as they are highly committed to their work. All the reports, forms and correspondence are... See at Google
,
Dec 11, 2019
I had very good experience of setting up my company. The team at SetIndiabiz are professional & understands need and executes at pace needed. ... See at Google
, Nov 26, 2019
Setindiabiz is a Great Company for registration of PVT. LTD. , LLP or any other company. Their process is fast but due to Durga puja holiday my... See at Google
, Nov 10, 2019
We got our documentation done by SetindiaBiz and we are really happy to have found the right consultancy. Really helpful, patient and ... See at Google
, Nov 26, 2019
Perfection and quality makes SETINDIABIZ differ from other companies. Promptness is an additional quality of them. Hats-off guys. Good job...See at Google
,
Oct 19, 2019
I'm happy with the phone and the deal i got from the company. Speaking with the service team helped me get exactly what i was looking for... See at Google
,
Nov 17, 2019
Dedicated, supportive and understanding team. What else we need to get the jobs done? Thanks to Set India Biz for helping me. .......See at Google
,
Nov 17, 2019
Have a great pleasure, and experience with team 'SETINDIABIZ' knowledgeable and supporting staff. As per our requirement, They committed and...See at Google
,
Dec 15, 2019
It's amazing. It was easy to understand and work was completed smoothly. Liked there work and recommend everyone to give them a chance. The best...See at Google
,
Nov 12, 2019
Very Nice and great company, all the executives are so polite and professional, they know their work very well and they are master in them. ......See at Google
,
19 Oct, 2019
Reliable with service satisfaction, employees are very helping & cooperative. Am grateful & thank you to the entire team of SetIndiabiz was......See at Google
,
19 Nov, 2019
I have had a very good experience with them in incorporating my LLP. Sana Parveen from Delhi office has been very helpful and very much approachable.......See at Google
,
19 Nov, 2019
The complete team is amazing, a very co-operative and helpful. They will answer all your questions calmly even if you ask same thing million of times. ...See at Google
,
19 Nov, 2019
I should write here .. I'm really impressed about Ms. PUJA.. You're an asset to your company Setindiabiz... I'm writing most about the person...See at Google
,
19 Nov, 2019
Good company for dealing with startups especially for documentation and registration. On the time action and positive results. ........See at Google
,
19 Sep, 2019
Great people, culture, All of the team, including the managers are approachable, helpful, caring and hard working.....keep up the good work....!! ...See at Google
,
19 Nov, 2019
I would like to mention that Set India Biz is one of the best professional company I have worked with. All team members are customer focused...See at Google
,
19 Nov, 2019
Rhanks To Sana For Being An Best Supportive Cordinator All The Time. On Start Had face a Lot of Issues because of mumbai Office but then Got in...See at Google
,
19 Nov, 2019
Excellent service. Mainly, its the timely update needed which is supplied on regular intervals. Ms. Khushboo & Ms. Swati were very cooperative...See at Google
,
19 Nov, 2019
The support given to me by corporate lawyer Mr. Kishore is really commendable. He was very cooperative in her approach towards our requirement and...See at Google
,
30 Sep, 2019
I had a good experience with SetIndiaBiz for TM registration. Mr. Shubham who was dealing my case was very professional and clear about what is ...See at Google
,
20 Sep, 2019
REALLY FAST AND PROMPT SERVICE.VERY GOOD EXPERIENCE OF SETTING UP ALL THE REQUIREMENTS WITHOUT ANY HINDERANCE. .THANKS TO THE TEAM ESPECIALLY MR. ...See at Google
,
20 Sep, 2019
I hardly trust people in business society. However, the people in this company are exception. You can trust them blindly. They are unbelievably ...See at Google
,
20 Sep, 2019
