Before starting with Tax Audit Applicability — a review of a business's or professional's accounts required under the Income Tax Act once turnover or receipts cross specified thresholds — it helps to have everything ready in advance. Here's the checklist relevant to businesses and professionals crossing the applicable turnover/receipts threshold.
The Checklist
✓ Books of account maintained through the year
✓ Turnover or gross receipts computation
✓ Reconciliation of cash and digital transactions
✓ Supporting vouchers and invoices for major expenses
✓ Prior year's tax audit report for reference
✓ Details of any related-party transactions
Why Preparation Matters
Missing or incomplete documentation is one of the most common reasons applications get delayed with a practicing Chartered Accountant, as required under the Income Tax Act. Having this list ready before you begin can meaningfully speed up the process.
Once You Have Everything Ready
- Determine applicability based on turnover/receipts thresholds
- Engage a Chartered Accountant to conduct the audit
- Provide books of account and supporting documents for review
- File the tax audit report before the applicable deadline
Need Help With This?
Leegal's team handles registration, compliance, and advisory work like this end-to-end, with transparent pricing and a dedicated point of contact throughout.
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