Four things to check in income tax audit report

economictimes.indiatimes.com:

income tax audit is completed, an individual should check certain things. This is to ensure that the income tax auditor has not made any mistakes while submitting the audit report. If there is a mistake in the audit report, then an individual will be first required to prove to the income tax department that the mistake was made by the auditor. This must be done to avoid a penalty being levied by the income tax department due to the wrong information in the audit report. Further, the individual will have to hire an auditor again to get the audit done once more.

Here are four things you must check after theincome tax audit report has been submitted by your tax auditor.

Correct forms used for income tax audit
According to Shalu Kedia, Director, Audit & Assurance, Nangia & Co LLP, an audit and business consultancy company, «Individuals mandatorily required to get tax audit done should ensure that their auditor has submitted correct forms as required by law. An auditor is required to give report in Form 3CB along with a detailed particulars mentioning 44 clauses in Form 3CD. These forms are used if income tax audit is mandatory for income tax purposes. However, if the individual is required to get books audited for any other law (like Companies Act, 2013), then the auditor will give report in Form 3CA along with detailed particulars in Form 3CD. So, in essence, Form 3CD is a common form for all individuals who are required to comply with income tax audit. The requirement of Form 3CA and Form 3CB will depend upon the category of the individual.»

Hence, an individual should check whether the tax auditor has furnished the correct audit forms or not.

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