Online Tax Auditing

How Do Tax Audits Work?

The Indian Revenue Service (IRS) reviews the data on your tax return to make sure all the information submitted is accurate. Field, correspondence, taxpayer compliance measurement programme, and office audits are the four different types of tax audits. An audit is initiated by incorrect data or incomplete tax returns. The Discriminant Information Function (DIF) system, used by the IRS, is a computer scoring system that compares taxpayer data, evaluates tax deductions, and is frequently the starting point for audits.

The IT Act's Tax Audit

According to Section 44AB of the Income Tax Act of 1961, a professional chartered accountant conducts a tax audit if the taxpayer's revenue (regardless of type) is equal to or greater than Rs. 1 Crore from business or Rs. 50 Lac from income from profession.

Legal Compliances of Tax Audit

Article 44AB
The General Regulations of the Tax Audit procedure are stated in Section 44AB.
Section 44AE
Relevant to Business Ventures that Hire, Lease, or Provide Goods Carriages is Section 44AE
Article 44AD
Applying to any further business ventures listed in Section 44AE
Section 44BB
Non-Resident Indians Engaged in Business Activities in the Minerals and Oil Industry are subject to Section 44BB
Section 44BBB
International Organizations Engaged in Civil Construction Business or Power Projects are Subject to Section 44BBB
How do Finlawcity operate? Notable Legal Compliances of Tax Audit We fill the form and submit payment
Ask One of Our In-House CAs & Taxation Experts to Call You Submit the Records and Documents as Requested The process of the tax audit will be started after the CAs analyse the data. After the Tax Audit is finished, we will request your approval for the same.
The Income Tax Department will receive a finalised and approved tax audit report.

Frequently Asked Questions

What is a Private Limited Company?
Private Limited Company is the most sought form of Company Registration in India. It is the most preferred form of business and regulated by Ministry of Corporate Affairs (MCA) under Companies Act, 2013. A Private Limited Company is a type of business structure registered with MCA to give a separate legal existence to the business different from its directors and shareholders. This means that a company continues to exist even after the death of any member/director in the company.
A minimum of two persons are required to form a Private Limited Company. It is not even important that members should be different from directors. In a company, two persons can act as Members and Directors both at the same time. Members and Shareholders are one in the same. That means an individual may become shareholder and director at the same time.
There is no minimum capital requirement to form a Private Limited Company Registration. Start-ups may choose on their own how much paid-up capital they want to keep during the Company Registration. However, generally one lac capital is kept as per most companies registered.
Name reservation is quite simple and easy to obtain. Our professionals will guide and help you in choosing the best suitable name of your company according to name guidelines of company incorporation and trademark laws.
Director Identification Number (DIN) is a unique number assigned by the MCA to Individuals allowing them to become Director in any Company or Designated Partner in an LLP (In LLP, it is called DPIN). Any natural person above the age of 18 years can become the director in the company after getting DIN. There are no specific regulations provided in terms of citizenship or residency, also a foreign national can become a director.
Digital Signature Certificates (DSC) are the digital equivalent (electronic format) of physical or paper-based certificates. Likewise, a digital certificate can be presented electronically to prove one's identity, to access information or services on the Internet or to sign certain documents digitally. SPICE+ forms are filed for online company registration after affixing the DSC. The subscribers to MOA & AOA shall possess DSC for submitting e-forms for incorporation.
Memorandum of Association (MOA) is a legal document prepared during the registration process of a company to define its relationship with shareholders and contains the main objectives of the company. Articles of Association (AOA) are by-laws of the company and it regulates management of a company and creates certain rights and obligations between the members and the company.
Yes, Startups get benefits of getting themselves registered as a Start-up under DPIIT and avail many benefits launched by the Govt. Corporates recognize Private Limited Company very well and the foremost advantage is of credibility and good reputation of the established business in the eyes of Investors, Incubation Centres, Financial Institutions and Customers at large.
Post incorporation compliances are easy and manageable. Companies Act, 2013 provides a lot of exemptions to private Companies due to which compliances becomes easy and handy. At CCL, Professionals are there to manage each and every compliance of your company. Get in touch with us to know the post incorporation compliance especially commencement of business.
No, With Compliance Calendar LLP, no compliance is complicated. Our team is here to manage each and every thing when it is about managing company compliances.
We are the market experts in registration and compliance of Companies. We can help you with end-to-end services in Private Limited Registration anywhere in India. Company Registration is a legal process and therefore it is prudent to assign the work to a professionally managed firm like CCL.
Not to worry at all! A Professional from our experienced team will resolve all your queries. Our Company Registration Experts will give you the best advice without any consultancy fees.