Dear Seniors, I want to know about tax audit kindly explain me about that...
From India, Chennai
+2 Others

Well Madhu !
Tax Audit is quite vast to wrap it up here. Still I would try to summarise.
Tax Audit is basically aimed at auditing those transactions of the entity which may affect its taxability aspects. Usually transactions like Expense transactions in excess of 25/35k paid in cash, ownership transfers, Statutory due defaults, Loan repayment defaults etc. are audited and are reported.
Over the time, ICAI has come up with Tax Audit Report Form which is more or less same and used by all CAs. Earlier CAs used to file Manual Tax Audit Report for which various documentation and forms were to be filled in by the Client. Now with e-filing, the documentation etc. has to be made in soft form.
Let me know if you require clarity further on any aspect of Tax Audit.

From India, Gurgaon
Tax audit is done once a year.
And its not "You CAN" but you HAVE TO get it done, as long as you're getting covered by Sec 44AB
As per Sec 44 AB, Every person, carrying on
(a) business shall, if his total sales, turnover or gross receipts, as the case may be, in business exceed or exceeds sixty lakh rupees in any previous year; or
(b) carrying on profession shall, if his gross receipts in profession exceed fifteen lakh rupees in any previous year;
get hisTax Audit done.
So as long as you are getting covered by above clauses, you HAVE TO GET THE AUDIT done. Not as an option but as a mandate.

From India, Gurgaon
Shall we do tax audit for the FY 2011 -2012 & 2012 -2013 now ?
From India, Chennai
tax audit is being conducted by the chartered accountant only. if the gross receipt exceed RS. ONE CROER, The busineeman is required to get tax audit, under section 44AB OF the income tax act

From India, Allahabad
A tax audit is a formal examination conducted by the IRS to verify information or uncover fraud and inaccurate tax returns. The IRS selects tax returns to examine both randomly and intentionally. If the audit is selected randomly, the IRS will simply take a closer look to make sure all information are accurate. The IRS will intentionally audit certain tax returns if there are issues, errors, or possible frauds in reporting the tax return.
Tax audits can be broken down into four different types:
1. Correspondence Audit: This is the least serious type of tax audit. A correspondence audit refers to the IRS request of additional information to verify the accuracy or details of your tax return.
2. Office Audit: An office audit refers to the in-person interview with an IRS manager to process your audit. To avoid making statements that can be used against you, it's highly advisable to consult with an attorney or a tax professional before you attend the interview.
3. Field Audit: This is the most serious type of audit because the IRS agents will visit you at home or business. They may ask to see things that are related to the tax you've reported.
4. Random Audit: As mentioned above, tax returns can be randomly selected for an audit. A random audit is made without any particular reason. The IRS auditor will review the entire tax return to make sure the information was entered correctly.

From India,

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