Income Tax Audit

Income Tax Audit:

Income Tax Act, 1961 requires, Persons (individuals, firms or companies) whose turnover during the financial year exceeds limits specified below to get their books of accounts audited by a independent Practicing Chartered Accountant:

• For persons carrying on business Rs. 1 Crore or 10 Million ( For businesses declaring income
  under section 44AD the limit is Rs 2 Cr)
• For persons carrying on profession Rs. 50 Lakhs 0.5 Million
• Asset Due diligence

Also, under section 92E of the Income Tax Act, 1961 requires every person entering into international transaction with associated enterprise or specified domestic transaction to get an audit of such transaction done by a CA and submit the report in prescribed format.

ADCA has over a period of 10 years has established itself as one of the best audit firms in Bangalore due to its expertise, timeliness and cost effectiveness.