A tax audit is required by:

  • Business taxpayers with a turnover of more than Rs. 1 crore
  • Professionals with gross receipts of more than Rs. 50 lakh

Yes, a tax audit report can be revised under certain circumstances. An experienced chartered accountant can help you revise your audit report.

The purpose of a tax audit is to ensure that taxpayers maintain proper books of accounts and comply with the Income Tax Act provisions.

The tax audit report needs to be filed electronically using the Income Tax Department's online portal.

The due date for filing the tax audit report as per Section 44AB is September 30th of the relevant assessment year.
If taxpayers fail to get their accounts audited or submit the tax audit report by the due date, they may be liable to pay the penalty. The penalty equals 0.5% of the taxpayer's turnover or gross receipts.