Tax Audit is applicable u/s 44AB to individual taxpayers in case of income from Business/Profession. It is the examination and review of the books of accounts of a taxpayer having income from business or profession.
Steps to opt-in for Tax Audit
- Navigate to Review > Tax Audit
- On this page, you will see an Audit Recommendation based on the criteria set by the Income Tax Department. The methodology of the recommendation is also visualized below.
- To opt for Tax Audit, click on the banner at the top saying, "Are you getting your book audit?" and select Yes
Steps to add Auditor's details
- After you opt-in for Tax Audit, you need to appoint a practicing Chartered Accountant to carry out audit for your books of accounts
- The CA will audit and report it to the Income-tax department in Form no. 3CB/3CD before filing the income tax return
- When you opt for Tax Audit, the Auditor's details have to be mentioned in the ITR. Your Auditor can provide you with these details to be filled up:
- Once your Auditor has filed the Tax Audit report, you need to accept/reject it from your account on IT website by generating a Signature File using the DSC Utility
- Finally, E-file your return
Read more: Digital Signature Certificate Process