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Sai Vishnu

Income Tax & GST Con...ย โ€ขย 3m

๐Ÿš€ Everything You Need to Know About TAX AUDIT in Just 5 Minutes! ๐Ÿ“Š๐Ÿ’ก ๐Ÿ”Ž What is a Tax Audit? A tax audit is a detailed examination of a taxpayerโ€™s books of accounts to verify: โœ… Income & Deductions โœ… Compliance with the Income Tax Act, 1961 โœ… Proper maintenance of records ๐Ÿ“Œ Who Needs a Tax Audit? ๐Ÿ’ผ Businesses & Professionals exceeding threshold limits under Section 44AB must get their accounts audited. ๐Ÿ“ Key Highlights: ๐Ÿ“Š Turnover limits for businesses & professionals ๐Ÿ“‘ Mandatory forms โ€“ 3CA, 3CB, 3CD, 3CE โณ Due date โ€“ 30th September every year โš ๏ธ Penalty โ€“ 0.5% of turnover or โ‚น1,50,000 (whichever is lower) ๐Ÿ’ก Why is Tax Audit Important? โœ” Ensures transparency & compliance โœ” Prevents tax evasion โœ” Reduces tax risks ๐Ÿ“ข Aspiring CAs & Finance Enthusiasts โ€“ SAVE THIS POST! ๐Ÿ”– Let's make finance simple and accessible! ๐Ÿš€ Tag a friend who should know this! #TaxAudit #Finance #IncomeTax #CA #Audit #Taxation ๐Ÿ‘‰๐Ÿป #SecretsOnFinance

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