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Tax & Licenses
Tax Audit by Chartered Accountants
Crossed the turnover limit? Our chartered accountants carry out your tax audit and file the report on time, so you avoid penalties and file your return smoothly.
- 2–3 weeks after books are finalised
- Chartered accountant audit
- Report filed online
- ITR coordination
Who needs a tax audit?
A tax audit under the Income-tax Act is required when turnover or receipts cross the limits set by law. Broadly:
| Taxpayer | Tax audit required when |
|---|---|
| Business | Turnover above ₹1 crore – or above ₹10 crore where cash receipts and payments are each within 5% |
| Profession | Gross receipts above ₹50 lakh – or above ₹75 lakh where cash receipts are within 5% |
| Presumptive taxation | Profit declared below the presumptive rate while income exceeds the basic exemption limit, in specified cases |
Due date and penalty
The tax audit report must be filed by the chartered accountant and accepted by you before the specified date – generally 30 September, a month before the return due date for audited taxpayers. Failure can attract a penalty of 0.5% of turnover, up to ₹1.5 lakh.
Our service
Our chartered accountants review your books, verify compliance with tax provisions, prepare the audit report in the prescribed format and file it online, then coordinate with your income tax return filing. Need your books in order first? See bookkeeping and accounting.
Documents required for Tax Audit
After you purchase, log in to My Account → My Services and upload each document below. Scanned copies or clear phone photos (PDF, JPG or PNG) are fine. Your files are stored privately and seen only by your assigned expert.
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Books of accounts Ledgers, trial balance and bank statements for the year Required
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Financial statements Profit and loss account and balance sheet Required
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GST returns For the financial year Required
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Fixed asset register and loan statements Details of additions and repayments Required
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TDS returns and challans For the financial year If applicable
Tax Audit process with Nevo Legal
Books
Share finalised books and supporting records.
Audit
A chartered accountant reviews transactions and compliance.
Report
Tax audit report prepared and discussed with you.
Filing
Report uploaded and accepted on the e-filing portal.
What you get
- Tax audit report filed online
- Audit observations and suggestions
- Coordination with your ITR filing
Tax Audit – frequently asked questions
What is the tax audit limit for businesses?
₹1 crore turnover, raised to ₹10 crore where cash receipts and payments are each within 5% of the total.
What is the penalty for not getting a tax audit?
0.5% of turnover or gross receipts, up to a maximum of ₹1.5 lakh.
Is a tax audit different from a statutory audit?
Yes. A statutory audit is under company law; a tax audit is under the Income-tax Act. Companies above the limit need both.
You may also need
All Tax & Licenses services Related services
GST Return Filing
GSTR-1 and GSTR-3B filed on time, with ITC reconciliation.
Income Tax Return (ITR) Filing
Accurate ITRs for salaried, business, NRI and capital gains income.
Not sure which service you need?
Speak to a Nevo Legal expert. We will understand your requirement and recommend the right legal route – no obligation.