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Tax Audit

The tax audit is mandatory for all the taxpayers under the requirements for tax audit stated in the Section 44AB of the Income Tax Act 1961. The business whose turnover is more than 1 crore in case of businesses and in case of professionals, Rs. 50 Lakh is required and mandatory for tax audit. In order to get the tax audit done, every taxpayer must appoint a Chartered Accountant to audit their accounts. In order to maintain the proper book of account, other revenue and expenditure records, a company must tax audit in a proper manner with the help of a professional. Such a case, when there is loss in business and the loss must be carry forward, the tax audit is necessary. In terms of businesses, if profits are less than 8% (6% on Digital transactions) of the turnover and in case of professionals, 50% of receipts then also tax audit is necessary.

All businesses, whether it is a private limited company or one-person company must tax audits irrespective of their annual turnover. The tax audit also ensures that there are no chances of fraud, if the total taxes and claims have been filed correctly and in a proper manner.

Benefits

  • Audit helps in providing proper advice for the business growth.
  • Tax audit maintains and keep proper account record before the tax authorities.
  • Auditing statements contribute in detecting errors or fraud caused in the business.
  • It helps in transparency and reliability on book of accounts of business.

Information required for Tax Audit

  • 1. PAN
  • 2. Aadhar Card
  • 3. All Bank Account No & IFSC
  • 4. Form-16/Form-16A
  • 5. Any Other Source of Income
  • 6. Amount of Investment/Deductions
  • 7. Bank Statement
  • 8. Mobile No & Email Id

Documents required for Tax Audit

  1. Annexure I Questionnaire.
  2. Annexure II List of addtional documents.
  3. Annexure III FDSS.
  4. Annexure IV Reconciliation.
  5. Annexure V Cenvat Account Rule 9

FAQ

1What is LPP?

The LPP stands for Limited Liability Partnership it is a better version of a general partnership firm. It is governed by limited liability partnership act 2008.

2 What are the minimum required partners to start LPP?

Minimun 2 Partners are required to start a LPP. There are no limit on the mximum number of in a LPP.

3How much investment is required to start a LPP?

Unilike a private ltd company no minimum capital required to start a LPP.

4 What is the legal proof of LPP Firm?

A legal proof of LPP is certificate incorporation as well as LPP agreement.

5 What is LPP agreement.?

LPP agreement is similar to a partnership deed where all the rights, liabilities and share of profit and loss are mentioned/drafted.

6Can I name my LLP whatever I want?

Name allotment as desired by you is wholly a discretionary power of ROC. Normally ROC is allot your desired business name if it is unique and not resemblinding with any existing company/LPP.

7 Is DSC required for LPP firm?

Yes, DSC of an authorised director is required while in corporating an LPP.

8 Do you provide this service in my town?

Yes, Charted Help is an online platform serving all over india no matter wherever you are doing your business all you need is internet connection on your mobile or desktop and we are ready to get your done.

9 Do i need to physically present to for the process?

No, You don't need to be a physically present for the process.E-startupindia is an online catering platform all you need is internet connection in your phone/desktop and required document with and we can get the job done no matters even you are present at remotest location of the india.