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September month is a Tax audit month. Tax audit is popularly known as 44AB audit, this audit has to be completed on or before due date i.e. 30th Sept. This section creates an obligation on a person carrying on business to get his accounts audited by a chartered accountant in full time practice and to furnish by the specified date, the report in prescribed form of such audit, if the total sales, turnover or gross receipts in business in the relevant previous year exceed or exceeds Rs. 1 Crores. 44AB comprises of 2 forms Form 3CA/CB and Form 3CD. Every 44AB assesssee need to file either Form 3CA or 3CB. But Form 3CD is must Accounts maintained by companies are required to be audited under the Companies Act, 1956 (Now read The companies Act, 2013) Accounts maintained by co-operative societies are also required to be audited under the Co-operative Societies Act, 1912. There is, however, no obligation on other categories of taxpayers to get their accounts audited. A proper audit for tax purposes would ensure that the books of account and other records are properly maintained, that they faithfully reflect the income of the taxpayer and claims for deduction are correctly made by him. Such audit would also help in checking fraudulent practices. It can also facilitate the administration of tax laws by a proper presentation of the accounts before the tax authorities and considerably saving the time of Assessing Officers in carrying out routine verifications, like checking correctness of totals and verifying whether purchases and sales are properly vouched or not. The time of the Assessing Officers thus saved could be utilized for attending to more important investigational aspects
CHECKLIST FOR TAX AUDIT