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Income Tax Return (ITR) is a form in which the taxpayers file data or information about his income earned and tax relevant to the income tax department.
ITR forms varies in 7 sectors i.e. ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6 & ITR 7 to date. Every taxpayer should file his ITR on or before the due date to save himself/herself from the heavy penalty. The applicability of ITR forms varies depending on the sources of income of the taxpayer, the amount of the income earned and the category the taxpayer belongs to like individuals, HUF, company, etc.
The requirements for an Income Tax audit are included under section 44AB of the Income Tax Act of 1961. The Income Tax audit is an analysis of a person or company’s tax returns by any outside company to confirm that all the income, expense and reduction information is filed correctly. Tax audits have been made compulsory by the Income Tax Act that states that all taxpayers are expected to get the accounts of their company or organization audited according to the provision of the act.
Under section 44AB, the audit aims to determine the actual veracity of returns filed and the completion of other conditions as per relevant rules. The Chartered Accountant doing the tax audit has to relinquish all his/her findings and views in the form of an audit report. The audit report is given as per format open in the form numbers 3CA/3CB and 3CD
Individuals and entities who are required to get their accounts audited have to file their income tax return compulsorily using a digital signature. Furthermore, the Ministry of Corporate Affairs has made it mandatory for companies to file all reports, applications, and forms using a digital signature only.
Under GST also, a company can get registered only by verifying the GST application through a digital signature. The use of a digital signature is necessary even for filing all applications, amendments and other related forms.
The Controller of Certifying Authority to issue digital signatures in India has authorized eMudhra as one of the certifying authority for issuance of Digital Signature Certificate.
Other certifying authorities may include (n) Code Solutions, National Informatics Centre, Safescrypt and Institute for Development and Research in Banking Technology.
• 0.5% of the total sales in case of a trade organisation or 0.5% of the total receipts in case of service of the current financial year.
• The business may be fined with an amount of Rs.1,50,000.
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