{"id":11622,"date":"2020-04-07T09:08:17","date_gmt":"2020-04-07T09:08:17","guid":{"rendered":"https:\/\/www.cagmc.com\/?p=11622"},"modified":"2024-06-03T16:34:07","modified_gmt":"2024-06-03T11:04:07","slug":"all-about-income-tax-audit","status":"publish","type":"post","link":"https:\/\/www.cagmc.com\/blog\/all-about-income-tax-audit\/","title":{"rendered":"All about Income Tax Audit"},"content":{"rendered":"<table style=\"width: 100%;\">\n<tbody>\n<tr>\n<td style=\"padding: 10px;\"><strong>Table of Content<\/strong><\/p>\n<ul>\n<li><a href=\"#means\">What does the Income tax audit means?<\/a><\/li>\n<li><a href=\"#applicability\">Applicability of tax audit?<\/a><\/li>\n<li id=\"means\"><a href=\"#relating\">Rationalization of provisions relating to tax audit in certain cases<\/a><\/li>\n<li><a href=\"#returns\">Pre-filing of Returns in case of Income from Business or Profession<\/a><\/li>\n<li><a href=\"#due-date\">Due date of filing of return u\/s 139<\/a><\/li>\n<li><a href=\"#penalty\">Penalty of non filing or delay in filing tax audit report<\/a><\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3 style=\"color: #1e82b6; font-size: 20px !important; text-align: justify;\">What does the Income tax audit means?<\/h3>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Before understanding what income tax audit, let us firstly understand about the term audit. Audit is an examination or inspection of various books of accounts by a person called auditor. Audit is of many kind like cost audit, stock audit, Gst audit, internal audit, concurrent audit, income <a href=\"https:\/\/www.cagmc.com\/tax-audit\/\">tax audit<\/a>, statutory audit, etc. mandate by various law.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Similarly, income tax law also mandates an audit called \u2018Tax Audit\u2019. As the name itself suggests, tax audit is an examination or review of accounts of any business or profession carried out by taxpayers from an income tax viewpoint. It makes the process of income computation for filing of return of income easier.<\/span><\/p>\n<p id=\"applicability\" style=\"text-align: justify;\"><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone wp-image-15491 size-full\" src=\"https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2020\/04\/All-about-Income-Tax-Audit.png\" alt=\"\" width=\"1200\" height=\"630\" srcset=\"https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2020\/04\/All-about-Income-Tax-Audit.png 1200w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2020\/04\/All-about-Income-Tax-Audit-300x158.png 300w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2020\/04\/All-about-Income-Tax-Audit-1024x538.png 1024w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2020\/04\/All-about-Income-Tax-Audit-768x403.png 768w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2020\/04\/All-about-Income-Tax-Audit-615x323.png 615w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2020\/04\/All-about-Income-Tax-Audit-400x210.png 400w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2020\/04\/All-about-Income-Tax-Audit-292x153.png 292w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/p>\n<h3 style=\"color: #1e82b6; font-size: 20px !important; text-align: justify;\">Applicability of tax audit?<\/h3>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">A taxpayer is required to have a tax audit carried out if the sales, turnover or gross receipts of business exceed <\/span><span style=\"font-weight: 400;\">Rs 1 crore <\/span><span style=\"font-weight: 400;\">in the financial year. However, a taxpayer may be required to get their accounts audited in certain other circumstances. We have categorized the various circumstances in the tables mentioned below:<\/span><\/p>\n<table style=\"border: 1px solid #ddd; text-align: left; margin-left: 15px;\" width=\"100%\">\n<tbody>\n<tr>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\"><b>Eligibility<\/b><\/td>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\"><b>Threshold limit<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"padding: 9px;\"><b>Business<\/b><\/td>\n<td style=\"padding: 9px; border-right: 1px solid #ddd; text-align: left; font-size: 16px;\"><\/td>\n<\/tr>\n<tr>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\"><span style=\"font-weight: 400;\">Carrying on business (not opting for presumptive taxation scheme)<\/span><\/td>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\"><span style=\"font-weight: 400;\">Total sales, turnover or gross receipts exceed Rs 1 crore in the FY<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\"><span style=\"font-weight: 400;\">Carrying on business eligible for presumptive taxation under Section 44AE, 44BB or 44BBB<\/span><\/td>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\"><span style=\"font-weight: 400;\">Claims profits or gains lower than the prescribed limit under presumptive taxation scheme<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\"><span style=\"font-weight: 400;\">Carrying on business eligible for presumptive taxation under Section 44AD<\/span><\/td>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\"><span style=\"font-weight: 400;\">Declares taxable income below the limits prescribed under the presumptive tax scheme and has income exceeding the basic threshold limit<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\"><span style=\"font-weight: 400;\">Carrying on the business and is not eligible to claim presumptive taxation under Section 44AD due to opting out for presumptive taxation in any one financial year of the lock-in period i.e. 5 consecutive years from when the presumptive tax scheme was opted<\/span><\/td>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\"><span style=\"font-weight: 400;\">If income exceeds the maximum amount not chargeable to tax in the subsequent 5 consecutive tax years from the financial year when the presumptive taxation was not opted for<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\"><span style=\"font-weight: 400;\">Carrying on business which is declaring profits as per presumptive taxation scheme under Section 44AD<\/span><\/td>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\"><span style=\"font-weight: 400;\">If the total sales, turnover or gross receipts does not exceed Rs 2 crore in the financial year, then tax audit will not apply to such businesses.<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"padding: 9px;\"><b>Business Loss<\/b><\/td>\n<td style=\"padding: 9px; border-right: 1px solid #ddd; text-align: left; font-size: 16px;\"><\/td>\n<\/tr>\n<tr>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\"><span style=\"font-weight: 400;\">In case of loss from carrying on of business and not opting for presumptive taxation scheme<\/span><\/td>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\"><span style=\"font-weight: 400;\">Total sales, turnover or gross receipts exceed Rs 1 crore<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\"><span style=\"font-weight: 400;\">If taxpayer\u2019s total income exceeds basic threshold limit but he has incurred a loss from carrying on a business (not opting for presumptive taxation scheme)<\/span><\/td>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\"><span style=\"font-weight: 400;\">In case of loss from business when sales, turnover or gross receipts exceed 1 crore, the taxpayer is subject to tax audit under 44AB<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\"><span style=\"font-weight: 400;\">Carrying on business (opting presumptive taxation scheme under section 44AD) and having a business loss but with income below basic threshold limit<\/span><\/td>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\"><span style=\"font-weight: 400;\">Tax audit not applicable<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\"><span style=\"font-weight: 400;\">Carrying on business (presumptive taxation scheme under section 44AD applicable) and having a business loss but with income exceeding basic threshold limit<\/span><\/td>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\"><span style=\"font-weight: 400;\">Declares taxable income below the limits prescribed under the presumptive tax scheme and has income exceeding the basic threshold limit<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"padding: 9px;\"><b>Profession<\/b><\/td>\n<td style=\"padding: 9px; border-right: 1px solid #ddd; text-align: left; font-size: 16px;\"><\/td>\n<\/tr>\n<tr id=\"relating\">\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\"><span style=\"font-weight: 400;\">Carrying on profession<\/span><\/td>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\"><span style=\"font-weight: 400;\">Total gross receipts exceed Rs 50lakh in the FY<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\"><span style=\"font-weight: 400;\">Carrying on the profession eligible for presumptive taxation under Section 44ADA<\/span><\/td>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\"><span style=\"font-weight: 400;\">1. Claims profits or gains lower than the prescribed limit under the presumptive taxation scheme<\/span><\/p>\n<p><span style=\"font-weight: 400;\">2. Income exceeds the maximum amount not chargeable to income tax<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3 style=\"color: #1e82b6; font-size: 20px !important; text-align: justify;\">Rationalization of provisions relating to tax audit in certain cases<\/h3>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\"><a href=\"https:\/\/cleartax.in\/s\/tax-audit-section-44ab\" target=\"_blank\" rel=\"noopener\">Under section 44AB<\/a>, a person carrying on business is required to get his books of accounts audited if its receipts exceed Rs.1crore. For professionals this limit is Rs.50lacs. It is proposed to increase the threshold limit for person carrying on business from Rs.1 crore to Rs.5 crores in case the aggregate of receipt in cash and aggregate of all payment in cash does not exceed 5% of such receipts\/ payments.<\/span><\/li>\n<li id=\"returns\" style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The constitutional effect is also given in the TDS\/TCS provision by substituting the reference of monetary limit specified u\/s 44AB with Rs.1 crores in case of business and Rs.50 lakhs in case of profession.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Amendment w.e.f. 01.04.2020<\/span><\/li>\n<\/ul>\n<h3 style=\"color: #1e82b6; font-size: 20px !important; text-align: justify;\">Pre-filing of Returns in case of Income from Business or Profession<\/h3>\n<p id=\"due-date\" style=\"text-align: justify;\"><span style=\"font-weight: 400;\">In order to enable pre<\/span><span style=\"font-weight: 400;\">\u2010<\/span><span style=\"font-weight: 400;\">filling of returns in case of persons having income from business or profession, it is required that the tax audit report may be furnished by the said assessee at least one month prior to the due date of filing of return of income. Therefore, it is proposed to make amendments in all the sections of the Act which mandates filing of audit report along with the return of income or by the due date of filing of return of income.<\/span><\/p>\n<h3 style=\"color: #1e82b6; font-size: 20px !important; text-align: justify;\">Due date of filing of return u\/s 139<\/h3>\n<ul style=\"text-align: justify;\">\n<li id=\"penalty\" style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Due date of filing of return u\/s 139(1) is proposed to be amended to 31st October of the A.Y. as against 30th September.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Distinction between working and non-working partner is removed.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Amendment w.e.f. 01.04.2020.<\/span><\/li>\n<\/ul>\n<h3 style=\"color: #1e82b6; font-size: 20px !important; text-align: justify;\">Penalty of non filing or delay in filing tax audit report<\/h3>\n<ul>\n<li style=\"font-weight: 400; text-align: justify;\"><span style=\"font-weight: 400;\">If any taxpayer who is required to get the tax audit done but fails to do so, the least of the following may be levied as a penalty:<\/span><\/li>\n<li style=\"font-weight: 400; text-align: justify;\"><span style=\"font-weight: 400;\">0.5% of the total sales, turnover or gross receipts<\/span><\/li>\n<li style=\"font-weight: 400; text-align: justify;\"><span style=\"font-weight: 400;\">Rs 150000<\/span><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Table of Content What does the Income tax audit means? Applicability of tax audit? Rationalization of provisions relating to tax [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":15491,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[69],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>All about Income Tax Audit [ Latest Guide] - Goyal Mangal &amp; 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