Income Tax Audit Services in India | Section 44AB at ₹ 16,000
Income Tax Audit Services in India | Section 44AB
Income Tax Audit in India under Section 44AB - eligibility, turnover limits, required documents, due dates Get Your Tax Audit Done By India’s Trusted Audit Consultants
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4.5Income Tax Audit Under Section 44AB
As per Income Tax Act 1961, certain individuals and companies need to get their account audited prior to filing their income tax return. The process is known as a Tax Audit. If you receive income from business and profession and your turnover of the year exceeds the prescribed amount, you have to undergo an income tax audit under Section 44AB. This audit ensures that your financial records are accurate, legal and in line with tax regulations. It helps the government verify your declared income and prevents any underreporting or tax evasion.
Why Choose Chartered ONE?
- 100% Online Process
- Experienced Chartered Accountants on board
- Affordable Pricing - No hidden charges
- PAN India Service - Available in every city
- Support for queries & follow-ups
Avoid penalties, notices and tax troubles - get your tax audit handled by professionals. With Chartered ONE, you get complete support for Accounting, Tax Compliance and Audit Filing!
Services Included
Who Should Buy
As per Section 44AB, a tax audit is compulsory if:
Business turnover exceeds Rs 1 crore (Rs 10 crores are less than or equal to 5% of total digital transactions).
Professional income exceeds Rs 50 lakhs.
Businesses/professionals opting for presumptive taxation under Sections 44AE, 44BB, or 44BBB and claiming lower profits.
Businesses incurring a loss but whose turnover exceeds the specified limit.
Step-by-Step Tax Audit Process by Chartered ONE
Get in Touch with Chartered ONE and Select Your Plan
Begin by contacting Chartered ONE and select the most suitable plan based on your requirements and needs.
Professional Consultation
Our professional CA team will get to know your business and verify if tax audit applies to you.
Payment
Pay prescribed fees for income tax audit services. If you are unsatisfied, we shall arrange for a refund.
Document Collection
We’ll guide you to submit necessary documents like financial statements, bank details and books of accounts.
Review & Verification
Our professionals examine your accounts to ensure accuracy and compliance with tax laws.
Audit Report Preparation
We prepare your tax audit report in the prescribed form (Form 3CA/3CB and Form 3CD).
Filing with the IT Department
Once approved, we file your audit report online with the income tax department.
Post-filing Support
Our team assists you with any follow-ups or notices.
Required Documents for Income Tax Audit
The following documents are required for income tax audit in India:
PAN card of the business or individual
Aadhaar card (for individual/proprietor)
Income Tax Portal Access
GST Access
Bank statements for the entire financial year
Books of accounts including cash book, ledger, journal book, sales & purchase register, and expense register
Financial statements like profit & loss account, balance sheet, and trial balance
Loan agreements and statements
TDS returns and challans (if any)
Table of Content
What is an Income Tax Audit?
An income tax audit is a detailed examination of your books of accounts by a qualified Chartered Accountant (CA) to verify the correctness of income, expenses, deductions and taxes declared in your income tax return.
This audit is conducted under Section 44AB of the Income Tax Act, 1961. Its primary objective is to ensure that the taxpayer has maintained proper accounting records and complied with the tax laws.
Why is Income Tax Audit Important?
- Ensures proper maintenance of books of accounts.
- Avoids under-reporting or misreporting of income.
- Reduces the chance of future tax scrutiny or penalties.
- Helps in easy tax assessment.
- Supports transparent financial reporting.
Applicability of Income Tax Audit (Section 44AB)
As per Section 44AB, tax audit is mandatory if the total sales, turnover or gross receipts surpass the prescribed limit in a financial year.
Let’s understand the income tax audit applicability in different cases:
For Businesses:
- A tax audit is required if the total sales, turnover or gross receipts exceed Rs 1 crore in a FY.
- However, if cash transactions are less than 5%, the limit is increased to Rs 10 crores.
- Tax audit is not required if turnover is up to Rs 10 crores and you meet the 5% cash condition.
For Professionals:
- A tax audit is compulsory if a gross receipt of a person in a certain profession like doctors, lawyers, engineers, freelancers exceeds Rs 50 lakhs.
For Presumptive Taxation Schemes (under Sections 44AE, 44BB, or 44BBB)
- If an individual declares profits lower than the presumptive rate and income exceeds the basic exemption limit, he/she must undergo a tax audit.
For Presumptive Taxation Under Section 44AD
- If you’re eligible for presumptive taxation i.e. declaring taxable income below the limits prescribed under the presumptive tax scheme and your total income is above the exemption limit (Rs 2.5 lakhs), tax audit is mandatory.
In case of Business Loss
- If you have a business loss and your turnover is above Rs 1 crore (or Rs 10 crore is digital), then you need a tax audit.
- Required in most cases (especially if not under presumptive scheme).
Tax Audit Limit Chart
Who Conducts Tax Audit?
Only a practicing Chartered Accountant (CA), registered with the Institute of Chartered Accountants of India (ICAI) is authorized to conduct a tax audit in India. Chartered ONE offers complete audit and tax compliance services to help businesses and professionals complete this process smoothly on time.
Income Tax Audit Last Date
The due date to complete and submit the income tax audit report is important to avoid penalties and ensure hassle-free return filing. For Financial Year 2024-25 (Assessment Year 2025-26), last date to submit the Tax Audit Report is September 30, 2025. The deadline for ITR filing requiring a tax audit is October 31, 2025.
If your accounts are subject to audit under Section 44AB, then you must get audit completed and the report uploaded by your Chartered Accountant (CA) on the Income Tax Portal by 30th September. Only after that you can file your ITR by 31st October.
Forms Used in Tax Audit
To complete the tax audit in India, the following forms are used.
- Form 3CA is used for companies or professionals who are already audited under other laws like the Companies Act, 2013.
- Form 3CB is for businesses/professionals not required to audit under any other law.
- Form 3CD is a detailed statement of particulars and comprises income, deductions, TDS, etc. This must be filed along with Form 3CA or 3CB.
- Form 3CE is furnished when NRIs and foreign companies receive royalty or technical fees from the government or an Indian concern.
Income Tax Audit Procedure
Here's a step-by-step overview of income tax audit process in India:
Step 1: Appoint a Chartered Accountant (CA)
You can reach out to audit service providers to appoint a CA for your tax audit. We help individuals and businesses simplify their tax filing process and maximize their refunds.
Step 2: Share Financial Records
The CA will gather and review your financial statements, books of accounts, income details, and other documents.
Step 3: Verification and Audit
The CA will verify the records to ensure compliance with the Income Tax Act and prepare the audit report.
Step 4: Filing Audit Report
Your CA will now submit Form 3CA/3CB and 3CD online through their CA login on the Income Tax Portal.
Step 5: Submit Income Tax Return (ITR)
Once the audit is complete, you can proceed to file your income tax return before the due date.
Penalty of Non-filing or Delay in Filing Tax Audit Report
If a taxpayer is required to get accounts audited but fails to do so, the income tax audit penalty under section 271B is:
- 0.5% of the total sales/turnover/gross receipts or
- Rs 1,50,000
This penalty applies to both non-filing and delayed filing of the tax audit report. However, no penalty is levied if a valid reason is provided for delay or failure.
An Income tax audit is a review of your accounts to ensure that they comply with the provisions of Income Tax Act, 1961. If your business or profession crosses certain financial thresholds, you must get your accounts audited by a Chartered Accountant and report them to the Income Tax Department. If you think a tax audit might apply to you, don’t delay. Consult a Chartered One professional today! Our professionals ensure your audit is precise, compliant and hassle-free.
A Section 44AB income tax audit is a system where your books of accounts are verified by a Chartered Accountant to confirm whether the income, expenses and deductions are in accordance with tax regulations. It minimizes errors while filing taxes and ensures accurate reporting to the income tax department.
An income tax audit report is a document prepared by a CA after examining a taxpayer's books of accounts. It is submitted in Form 3CA/3CBD along with Form 3CD and includes all necessary financial details and tax compliance status. The report must be filed online by the due date to avoid penalties and to complete your tax return filing process smoothly.
Only a Chartered Accountant with a Certificate of Practice (COP) from the Institute of Chartered Accountants of India (ICAI) can carry out a tax audit under Section 44AB. But there is a limitation on the number of tax audits that a CA can carry out in a financial year.
Tax audit becomes compulsory when the turnover or gross receipts surpass Rs 1 crore in a financial year. However, under certain presumptive taxation schemes like Section 44AD if you declare income below 8% (or 6% in case of digital receipts) and it exceeds the basic exemption limit, audit is mandatory.
A tax audit in India is a process conducted by a Chartered Accountant to verify a taxpayer's financial records and ensure compliance with income tax provisions. CA checks whether records are accurate and compliant with laws. Once verified, this audit report is prepared using Form 3CA or Form 3CB and detailed information is filed in Form 3CD. The final report is uploaded online using the auditor’s digital signature and approved by taxpayer on the income tax portal.