Tax & GST Audit
As we are a Good Auditing firm in Ujjain its our Duty to guide you about Audit
Tax Audit is an examination or review of accounts of any business or profession conducted by the taxpayer from tax point of view. It becomes easier by doing tax audit to file income tax returns.
Tax Audits are of 2 types viz;
Income Tax Audit
Tax audit report has to be filed on or before the pre-determined due date of filing income return, i.e., 30th November of the subsequent assessment year for taxpayers who have engaged in an international transaction and 30th September of the subsequent assessment year for other taxpayers.
Non-compliance of tax audit regulations by taxpayers attracts a penalty of whichever is lower from the following·:
- 0.5% of total sales or
- Turnover or
- Gross receipts or
GST Audit is compulsory under the following 3 circumstances:
- Audit by CA if turnover exceeds Rs. 2 crores
- Normal Audit by the Commissioner
- Special Audit by CA
Penalty for not submitting GST Audit report:
As per the penalty provisions of GST Audit Report, the taxpayer has to pay Rs. 200 per day as a penalty in which Rs. 100 consist of SGST and Rs. 100 consist of CGST. Also, it is to be noted that the total penalty cannot exceed 0.50% of the total turnover on which the said penalty is levied. The maximum amount of penalty is Rs. 50,000, in which Rs. 25000 consist of SGST and Rs. 25000 consist of CGST.
We at Dass and Company assure you to satisfy by our services that we are a good auditing firm in Ujjain.
Types of tax audit as per the provisions of Income Tax Act, 1961:
Section 44AB: Most taxpayers, individuals and organisations, are government by the provisions concerning income tax audit, as laid down in this section
Section 44BB: This section focuses on Non-Resident Indians (NRIs) engaged in businesses involved in the mineral oils industry, like exploration
Section 44BBB: This is for international companies engaged in the business of civil construction, etc. in certain power projects
Section 44AD: Any business except those mentioned under Section 44AE, comes under the purview of this section
Section 44ADA: This section focuses on the regulations regarding income tax audits for eligible professionals
Section 44AE: Businesses engaged in leasing, hiring and plying of goods carriages
Dass And Company is a Tax and GST Audit Firm in Ujjain rendering professional service for Tax and GST Audit
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