Tax Audit Applicability comes up with a lot of questions, especially for businesses and professionals crossing the applicable turnover/receipts threshold dealing with it for the first time. Here are clear answers to what we're asked most often.
Is tax audit the same as a statutory company audit?
No, they serve different purposes and can apply independently of each other.
What triggers mandatory tax audit?
Crossing prescribed turnover or gross receipts thresholds, among other specified conditions.
Who can conduct a tax audit?
Only a practicing Chartered Accountant is authorized to do so.
What happens if tax audit is required but not done?
It can attract a penalty for non-compliance.
Still Have Questions?
Every business situation is a little different, and Tax Audit Applicability is no exception. If your case doesn't fit neatly into the questions above, it's worth getting a second opinion before proceeding.
What You'll Typically Need
- 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
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.
Call: +91 95721 91163 | Email: mail@leegal.in