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Protect your creative work with official Income Tax Audit

Ensure compliance with tax regulations through a thorough income tax audit. Identify potential savings, reduce risks, and stay ahead of tax obligations. Get expert assistance to simplify the audit process and maintain financial transparency.

Income Tax Audit

Income Tax Return (ITR) is a form in which the taxpayers file data or information about his income earned and tax relevant to the income tax department.
ITR forms varies in 7 sectors i.e. ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6 & ITR 7 to date. Every taxpayer should file his ITR on or before the due date to save himself/herself from the heavy penalty. The applicability of ITR forms varies depending on the sources of income of the taxpayer, the amount of the income earned and the category the taxpayer belongs to like individuals, HUF, company, etc.

Who all are covered under tax audit rule

  • An individual engaged in any form of business with turnover more than Rs. 1 crore.
  • Any professional with annual income more than Rs. 50 lakhs
  • Any individual covered under section 44AD, presumptive taxation rule but later on claims and proves that the profits are lower than as calculated for the taxation purpose. Same is the case with an individual who’s on record income is more than the amount which is tax-free.
  • Anybody who earlier qualified under the presumptive taxation rule but later on opted out of it. He/she would lose the option to revert back to the rule for a straight 5 assessment years span.
  • Individual who qualifies for presumptive taxation scheme but later on claims the actual profits are lower than the calculated ones under the section 44AE.