PREPARATION AND ONLINE FILING OF TAX AUDIT FORMS SUCH AS 3CD, 29B AND 10CCC, ETC.

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  • Auto preparation of Cash Flow Statement (indirect method) for companies.
  • Prepare MGT 9 (extract of annual return).
  • Depreciation calculator for calculating depreciation on individual assets.
  • Automatic generation of notes as per Schedule –III.
  • Prepration and online filing of tax audit forms such as 3CD, 29B AND 10CCC, etc.
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  • Prepare depreciation chart as per IT Act.
  • Prepare Income & Expenditure A/c and Receipt & Payment A/c.
  • Automatic calculation of ratios in Form 3CD.
  • Preparation of Financial statements other than company cases.
  • Facility to transfer from 3CD Depreciation Chart to Fixed Assets Chart of Balance Sheet and depreciation chart of CompuTax.

The dictionary meaning of the term "audit" is check, review, inspection, etc. There are various types of audits prescribed under different laws like company law requires a company audit, cost accounting law requires a cost audit, etc. The Income-tax Law requires the taxpayer to get the audit of the accounts of his business/profession from the view point of Income-tax Law.



Section 44AB gives the provisions relating to the class of taxpayers who are required to get their accounts audited from a chartered accountant. The audit under section 44AB aims to ascertain the compliance of various provisions of the Income-tax Law and the fulfillment of other requirements of the Income-tax Law. The audit conducted by the chartered accountant of the accounts of the taxpayer in pursuance of the requirement of section 44AB is called tax audit.



The chartered accountant conducting the tax audit is required to give his findings, observation, etc., in the form of audit report. The report of tax audit is to be given by the chartered accountant in Form Nos. 3CA/3CB and 3CD.



As per section 44AB, following persons are compulsorily required to get their accounts audited :

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A person carrying on business, if his total sales, turnover or gross receipts (as the case may be) in business for the year exceed or exceeds Rs. 1 crore. This provision is not applicable to the person, who opts for presumptive taxation scheme under section 44AD and his total sales or turnover doesn't exceeds Rs. 2 crores.



Note: The threshold limit, for a person carrying on business, is increased from Rs. 1 Crore to Rs. 10 crore in case when cash receipt and payment made during the year does not exceed 5% of total receipt or payment, as the case may be. In other words, more than 95% of the business transactions should be done through banking channels.
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A person carrying on profession, if his gross receipts in profession for the year exceed Rs. 50 lakhs.


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An assessee who declare profit for any previous year in accordance with section 44AD and he decreases profit for any of one 5 assessment year relevant to the previous year succeeding such previous year lower than the profit computed as per section 44AD and his income exceeds the amount which is not chargeable to tax.


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If an eligible assessee opts out of the presumptive taxation scheme, within the aforesaid period, he cannot choose to revert back to the presumptive taxation scheme for a period of five assessment years thereafter. (*) For provisions of section 44AD refer tutorial on “Tax on presumptive basis in case of certain eligible business”.


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A person who is eligible to opt for the presumptive taxation scheme of section 44ADA (*) but he claims the profits or gains for such profession to be lower than the profit and gains computed as per the presumptive taxation scheme and his income exceeds the amount which is not chargeable to tax.


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This provision is not applicable to the person, who opts for presumptive taxation scheme under section 44AD and his total sales or turnover doesnot excceeds Rs. 2 crores.


(*) For provision of section 44ADA, refer tutorial on “Tax on presumptive basis in case of certain eligible business”
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A person who is eligible to opt for the presumptive taxation scheme of sections 44AE (*) but he claims the profits or gains for such business to be lower than the profits and gains computed as per the presumptive taxation scheme of sections 44AE.


(*) For provisions of sections 44AE refer tutorial on “Tax on presumptive basis in case of certain eligible business”.
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A person who is eligible to opt for the taxation scheme prescribed under section 44BB (*) or section 44BBB (*) but he claims the profits or gains for such business to be lower than the profits and gains computed as per the taxation scheme of these sections.


(*) section 44BB is applicable to non-resident taxpayers engaged in the business of providing services or facilities in connection with, or supplying plant and machinery on hire basis to be used in exploration of mineral oils. section 44BBB is applicable to foreign companies engaged in the business of civil construction or erection of plant or machinery or testing or commissioning thereof, in connection with a turnkey power project.