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By the definition, Tax Audit refers to the Financial Procedure of verifying the Tax Returns filed by an Individual or Business Entity. In this process, the concerned individual’s entire records of the Taxation Filings are reviewed, checked and scrutinized accordingly.
In India, the Tax Audit related matters are overseen by the provisions of the Income Tax Act, 1961. The notable sections for Tax Audit-related matters are likely – Section 44 AB, Section 44 AD, and Section 44 AE.

As per the Legal Provisions, the Audit Reports can only be prepared by a Registered Chartered Accountant (CA) who is not associated with the particular Individual or the Business Entity.

In case of a change in ownership, the FBO is mandated to file an FSSAI Food License Modification too. Along with that, the FBO will need to follow the Company Registration procedure as well.

Importance of Tax Audits in India

Proper Maintenance of Transactions

Tax Audit requires the updated data of every day transactions and financial records that helps in effortlessly maintaining the financial affairs’ records

Reduces Fraudulent Tax Practices

Through properly managed and calculated Tax Audits, the chances of facing any taxation frauds get reduced

Appropriate Cash Flow Management

In the process of Auditing the Taxations, the concerned Individual or Business Venture can track the total income and financial claims from the marketplace in a proper manner

Time Saving

While conducting the Tax Audit in a proper manner, a business organization will make the process easier for the country’s taxation regulatory board and saves a lot of time by eliminating the administrative hassles

Legal Facilitation

Income Tax Audits are the credentials that can be used to any Assessing Officials or the Regulating Authorities and getting the beneficial Govt. schemes

Notable Legal Compliances of Tax Audit

Section 44AB

Section 44AB states the General Regulations of the Tax Audit procedure

Who are liable to get the Tax Audit done –

  • An Individual conducting business with an annual turnover of upto 1 Crore and above
  • An Individual engaged in any profession and earning upto 50 Lakhs and above
  • An Individual who falls under the taxation scheme under Section 44AE but claims that lower Business Profit as per Section 44AE calculations
  • An Individual being qualified for the taxation schemes under Section 44AD but later claims a lower business profit than the presumptive taxation amount. It happens in cases where the income on record exceeds the ‘tax-free’ category amount

Different Forms of Tax Audit

  • Form 3CA & Form 3CD

    In case a Taxpayer chooses to get the Accounts Audited under any Prescribed Law other than Section 44AB, then the applicable form is the Form 3CA and the submitted details to be noted in the Form 3CD
  • Form 3CB & Form 3CD

    In case a Taxpayer conduct the Audit under the provisions of Section 44AB of the relevant Act, then the Form 3CB and other submitted details to be noted in the Form 3CD

Section 44AE

Relevant for the Business Ventures specialising in Hiring, Leasing, or Plying of Goods Carriages

Section 44AD

Applicable for any other Business Ventures mentioned under Section 44AE

Section 44BB

Applicable for Non-Resident Indians involved in business activities in the Minerals, Oil Industry

Section 44BBB

Applicable for International Organizations involved in any sort of Civil Construction Business, or Power Projects

Due Date for Conducting Tax Audit

Any Business Individual or Entity falls under Section 44AB required to to get their Accounts Audited and get the Audit Report on or before 30th September for the corresponding Financial Year

Penalties for Non-Compliance of Tax Audit

As per the Income Tax Act, 1961, the non-compliance of Tax Audit would lead to Penalty of whichever is lower form the followings –

  1. 0.5% of the total Sales amount or Annual Turnover or Gross Receipts
  2. Rs. 1,50,000




  • 1 Modification Application in the Food Product Category
  • Call, Chat, Email Support
  • Drafting of Modification Application



  • 1 Modification Application in Food Product Category / Business Location / Business Type
  • Call, Chat, Email Support
  • Drafting of Modification Application
  • Dedicated FSSAI FoSCoS Expert



  • 1 Modification Application in any Given Information on the Food License (Owner Name, Business Location, Business Category, Food Product Category, Change of Business)
  • Call, Chat, Email Support
  • Drafting of Modification Application
  • Dedicated FSSAI FoSCoS Expert

How we work?

Fill-up the Form & make the Payment

Get a Call from our In-House CAs & Taxation Experts

Submit the Documents, and Records as Requested

The CAs will Analyze, and Begin with the Tax Audit Process

Following the Completion of the Tax Audit, we will get your Approval for the same

Finalised and Approved Tax Audit report will be submitted to the Income Tax Department


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No. As per the legal provisions of the Income Tax Act, 1961, the Tax Audit for any Financial Year is required to be filed within 30th September of the following assessment year.

Absolutely not! At Online Legal India™, you will be guided and the Tax Audit process will completely be conducted in the digital platform by our in-house CAs.

As per the legal provisions, Tax Audit is required for the eligible business personnels after completing the GST Audit done by the CAs.

Following the guidelines stated in Section 44BB, the NRIs are required to conduct a Tax Audit for a specific spheres of business.