Hi frnds,
what is tax audit?
as per my C.A - accounts printed on green sheet is called tax audit.
is he right ? i am too confused.
Pl help me to come out from this problem.
tahnkuuuuuuuuuuuuu very much.
regards
3 Replies
Vijay Kumar
(article)
(402 Points)
Replied 06 October 2010
In simpler words Tax Audit is collecting the details and information require to fill Form 3CD and 3CA or 3CB and to file return
There are others thing also involved in Tax Audit
The things i mentioned are just basic
Varun.T.K
(CA Final, CS Executive)
(365 Points)
Replied 06 October 2010
Tax Audit includes Assessing and verifying whether all incomes have been properly accounted on the basis of established accouting principles and ascertaining the profit disclosed have been properly taxed.
(Guest)
An Assessee who business turnover crosses 40lacs or an assessee's profession gross receipts exceeds 10lacs, the person is eligible for an tax audit under section 44AB of The Income Tax act 1961.
To be more Precise, the tax audit is done and to be submitted in Form 3CD and Form 3CA or 3CB.
The tax audit is divided in 32 clauses, which is to be audited thoroughly.
this tax audit is signed by the partners of the firm.
the time taken to complete the tax audit depends on the size of the company and its nature of business.
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