How to Do Tax Audit under Income Tax Act



As per income tax act 1961's sections 44AB and 44 ADA, every business whose annual turnover is more than Rs. 1 crore or any profession whose receipt is more than Rs. 50 Lakh must audit its all account for  filling income tax report and business person must send tax audit report with income tax return. In this year, last date is 31st Oct. 2019.

 Following are its Simple Steps


1st Step : Decide Whether Apply 44 AD on the Client Business or Not

It is auditor duty to check whether his client come udner 44 AD or not. For profession like legal, medical, architecture, accountancy, technical consultancy, interior decoration, authorized representative, film artist, company secretary and information technology or assess got commission or brokerage, agency business, business of hiring or leasing goods or claimed the deduction of 10 A, 10 AA, 10B, 10BA, 80HH, or 80RRB in the relevant assessment year.

2nd Step : Audit of Income Tax 


To check whether company or organisation paid its tax liability on time or not. Whether it paid accurate income tax or not. Whether it paid on the time or not.



3rd Step : Audit of TDS

I have already explained its step in "How to Audit of TDS?" Read.

4th Step : Disallowing expenses if tax has not been deducted. 

If company is showing the expenses for hiding tax, auditor can disallow such expenses.

5th Step : To Check any Refunds of  direct  Tax 

It is duty of auditor to check any refund of income tax. If not correct this mistake.

6th Step : Checking the Depreciation is accurate regarding deferred tax asset. 

Property will be tax asset and depreciation must be accurate on it. Because if depreciation is wrong, property will show wrong and income tax will wrong. So, checking all these things will come under tax audit.


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Accounting Education: How to Do Tax Audit under Income Tax Act
How to Do Tax Audit under Income Tax Act
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