Audit software for chartered accountants in India, Tax Audit efiling software, Electrocom.in (2024)

FAQs

How do I add CA to my tax audit? ›

Taxpayer may add CA by navigating through Authorised Partners → My Chartered Accountant → Add CA. Alternatively, taxpayer may navigate through e-File → Income Tax Forms → File Income Tax Forms → Form 3CA- 3CD/Form3CB-3CD.

A practicing Chartered Accountant shall not accept, in a financial year, more than “60” tax audit assignments under Section 44AB of the Income Tax Act, 1961.

The tax auditor shall furnish a tax audit report online by using his login details in the capacity of 'Chartered Accountant'. Taxpayers shall also add CA details in their login portal. Once the tax auditor uploads the audit report, the same should either be accepted/rejected by the taxpayer in their login portal.

Step 1 Taxpayer Login to e-Filing Portal. Navigate to “My Chartered Accountant(s)” functionality under Authorised Partners menu. Add CA by providing the Membership Number. Assign Form by selecting Form 15CB, Financial Year and click 'Add'.

a) Assessee is required to login into his/her account by entering user id and password at www.incometaxindiaefiling.gov.in b) Go to 'My Account' tab and select 'Add CA' c) Enter MRN of the CA. After entering correct 6 digits MRN of CA, the name of CA will automatically get prefilled. d) Select the Form no.

It is important to note that Chartered Accountants have a limit on the number of tax audit reports that can be filed. The maximum number of audits that can be undertaken by a Chartered Accountant is limited to 60. In the case of a firm, the restriction on tax audit limit will be applicable for each partner.

GST Audit Limit for Turnover-Based Audit

A registered taxpayer must have his accounts audited annually by a chartered accountant or cost accountant if his yearly turnover exceeds Rs. 2 crore in a fiscal year.

Business Turnover: A tax audit is mandatory for businesses with a total sales, business turnover, or gross receipts exceeding Rs. 1 crore in a financial year. However, if cash transactions are up to 5% of the total gross payments, the threshold limit for tax audit is increased to Rs. 10 crores.

A taxpayer is mandatorily subject to a tax audit if their business sales, turnover, or gross receipts surpass Rs 1 crore in the fiscal year. Amendments in the Finance Acts 2020 and 2021 raised the threshold to Rs 5 crore and Rs 10 crore, respectively, based on cash transaction percentages.

Persons or individuals who need to have their accounts audited under Section 44AB but fail to do so face a penalty or charge of 0.5% of their total turnover amount earned during the relevant fiscal year. This penalty, however, cannot exceed Rs. 1.5 lakhs.

Who is liable to audit U.S. 44AB? ›

Under section 44 AB of the Income Tax Act, audit of accounts is compulsory if: Your business's gross turnover exceeds Rs. 1 crore in any preceding year, or if your profession's gross receipts are more than Rs. 50 lakh in any preceding year.

Appointed by Board Of Directors. This has to be done within 30 days from the date of Registration. Appointment can also be done by Members at Extraordinary General Meeting within 90 days of the information. Appointed by the Comptroller and Auditor General of India.

Right-click the CA certificate file and select 'Install Certificate'. Follow the prompts to add the certificate to the trust store either for the current user only or for all users of the computer. For example: sudo cp ~/MyCompanyCA.

Tax due to California as a result of a CDTFA audit can also be caused by innocent oversights and negligence as well as willful fraud. To reiterate, if you have a high amount of exempt sales or deductions taken against total sales, the CDTFA may likely audit you in order to find out why.