Audit under Presumptive Taxation
The presumptive taxation schemes under Sections 44AD, 44ADA, and 44AE simplify tax compliance for eligible taxpayers by allowing income to be declared on a presumptive basis. However, in certain situations, a tax audit becomes mandatory, such as when the taxpayer declares income below the prescribed limits or opts out of the presumptive taxation scheme while meeting the specified conditions. Understanding these provisions is essential to avoid penalties and ensure timely compliance.
At Ritesh Arora & Associates, we assist businesses and professionals in determining audit applicability under the presumptive taxation provisions and provide complete support for audit compliance where required.
Our Process
How we deliver this engagement.
Eligibility Review
Assess audit applicability under presumptive taxation provisions.
Financial Review
Prepare and verify books of accounts and financial records.
Audit Preparation
Complete audit procedures and reporting requirements.
Filing
Electronically file the audit report within due dates.
Advisory
Provide guidance for future tax compliance and planning.
Our Presumptive Taxation Audit Services
Applicability & Threshold Evaluation
We evaluate whether the taxpayer is required to undergo a tax audit under the applicable presumptive taxation provisions.
Comparative Tax Regime Analysis
Selecting the appropriate taxation method can have a significant impact on tax liability and compliance requirements.
Preparation of Books & Financial Statements
Where a tax audit becomes applicable, proper books of accounts and financial statements must be prepared.
Our services include:
Preparation of books of accounts.
| Particulars | Coverage |
|---|---|
| Timely Filing of Audit Report | We prepare and file the prescribed audit reports within the statutory due dates. |
| Penalty Risk Management Advisory | We advise taxpayers on minimizing the risk of penalties arising from non-compliance with the presumptive taxation provisions. |
| Benefits of Presumptive Tax Audit Advisory | Proper assessment of audit applicability. |
Simplifying Audit Compliance under Presumptive Taxation
Our audit advisory services help eligible businesses and professionals understand their compliance obligations under the presumptive taxation scheme. Through accurate assessments, timely reporting, and practical guidance, we ensure that taxpayers remain compliant while minimizing regulatory risks.
Our general frequently asked questions
Find quick answers to common questions about our services, timelines, and engagement process.
VIEW ALL QUESTIONSOur prices are competitive and market-driven. However, we offer various payment plans and special offers for early buyers. Contact our team to discuss available options and any ongoing promotions.
You will typically need PAN cards, Aadhaar cards, photographs, and address proofs of the directors, along with the registered office address proof.