Tax Audit | Auditing | BCom Sem 6 | VNSGU | Advance Accounting & Auditing 7 | скачать в хорошем качестве

Tax Audit | Auditing | BCom Sem 6 | VNSGU | Advance Accounting & Auditing 7 |

What is Tax Audit ? A Tax Audit is an audit, made compulsory by the Income Tax Act, if the annual gross turnover/receipts of the assessee exceed the specified limit. Tax audit is conducted in Sec 44AB of the Income Tax Act by a Chartered Accountant. Simply Tax Audit means, an audit of matters related to tax. Persons covered: (Tax Audit Limit AY 23-24) Business Turnover Based Limit - #1 Cash Transactions more than 5% - 1 Crore #2 Digital Transactions More than 95% -10 Crore For Professional (Medical or IT or Lawyer or CA Profession etc.) #Gross Receipt More than 50 lakh Audit is required (2) Persons not covered: The following persons are not required to get their accounts audited: (i) A person who is not required to file the return under the Income-tax Act or who is outside the scope of Income-tax Act eg agriculturists. (ii) A person who is a non-resident and is engaged in business of operations of ship (iii) A person who is a non-resident and is engaged in business of providing services or plant and machinery on hire etc in production of mineral oils. (Sec 44BB) (iv) A person who is a non resident and is engaged in the business of operation of aircraft (v) An assessee which is a foreign company engaged in the business of civil construction or business of creation of plant and machinery in connection with a turn key power projects approved by the Central Government. Auditor: The accounts are to be audited under this section by an "accountant" which means by any chartered accountant in practice. It may be audited by a firm of chartered accountants. As laid down by the Institute of Chartered Accountants of India, the maximum of 60 tax audits can be accepted in a financial year by an auditor If he accepts more than that, he will be guilty of professional misconduct. In case of a firm of chartered accountant, the number of tax audit that can be accepted is 60 for each partner in the firm. #taxaudit #auditing #learnwithhimanshunandwani #himanshunandwani #bcomsem6 #vnsgu #icai #bcomhonours #tybcomsem6 #thirdyear All videos of auditing in link below 👇🏻    • T.Y.B.Com Sem 6 | Advance Accounting & Aud...