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Sai Vishnu
Income Tax & GST Con...ย โขย 7m
๐ Everything You Need to Know About TAX AUDIT in Just 5 Minutes! ๐๐ก ๐ What is a Tax Audit? A tax audit is a detailed examination of a taxpayerโs books of accounts to verify: โ Income & Deductions โ Compliance with the Income Tax Act, 1961 โ Proper maintenance of records ๐ Who Needs a Tax Audit? ๐ผ Businesses & Professionals exceeding threshold limits under Section 44AB must get their accounts audited. ๐ Key Highlights: ๐ Turnover limits for businesses & professionals ๐ Mandatory forms โ 3CA, 3CB, 3CD, 3CE โณ Due date โ 30th September every year โ ๏ธ Penalty โ 0.5% of turnover or โน1,50,000 (whichever is lower) ๐ก Why is Tax Audit Important? โ Ensures transparency & compliance โ Prevents tax evasion โ Reduces tax risks ๐ข Aspiring CAs & Finance Enthusiasts โ SAVE THIS POST! ๐ Let's make finance simple and accessible! ๐ Tag a friend who should know this! #TaxAudit #Finance #IncomeTax #CA #Audit #Taxation ๐๐ป #SecretsOnFinance
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