A Corporate Tax Audit is a mandatory report to be submitted to the Tax department as the Income Tax Act 1961. It summarizes the businesses done right from the start, the amount earned, invested, employees involved so that the tax applicable to the company can be evaluated.
Understanding Corporate Tax Audit with the FinDynamics Tax Advisors in India
Yes, it is mandatory to submit a Tax Audit report along with your Income Tax filing processes
The report should be submitted electronically by September 30 every year and the Form 3CE – sent by November 30.
Reports will define the purchases, sales, gains, losses, and expansions in a business. This will help reduce tax liability for the company.
If you are a new company that needs to file your taxes, then list your initial expenses and avail tax benefits.
Both the office documents and any external asset documents are visited and added to the Tax Audit.
An in-detail statement that lists every business, and its corresponding transactions.
For certain businesses and entrepreneurs who have to file the report mandatorily.
It is meant for overseas companies that receive any income source in India.