Under Section 44 AB of the Income Tax Act, 1961, the provision of Income Tax Audit is covered. Income Tax Audit is a way to examine an individual’s organization tax returns by any outside agency. Income Tax Audit is done to verify all income and get the deduction information or about incurred expenditures. To do a tax audit is mandated as per the provisions of the Income Tax Act. This act states that all taxpayers are required to audit all the accounts of their business or organization.
As per Section 44AB, the audit aims to ascertain the factual veracity of the returns filed and the accomplishment of other requirements as per applicable rules.
The Chartered Accountant performing the tax audit must submit all its findings and observations in the form of an audit report. The audit report is given as per format available in the form numbers 3CA/3CB and 3CD.
Tax Audit is applicable for all those classes of individuals that are mentioned under Section 44B of the Income Tax Act. According to the regulations of Section 44B of the Income Tax Act, 1961, the list is mentioned below that states class of people who are mandated to get Income Tax Audit done.
Created & Posted by Pooja
Income Tax Expert at TAXAJ
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