Introduction

If you are a taxpayer and your business turnover or professional receipts exceed the prescribed limits under the Income Tax Act, 1961, you are required to get your books of accounts audited by an Independent Chartered Accountant.
 

The Tax Audit Report, prepared as per Section 44AB of the Income Tax Act, 1961, must be submitted by 30th September of the Assessment Year.
 

The primary objective of a tax audit is to ensure that businesses and professionals comply with tax laws and other relevant regulations. Our expert tax audit team at Naveen Pandey and Associates. ensures a systematic, efficient, and time-bound tax audit process while adhering to statutory requirements.
 

Who is Required to Undergo a Tax Audit?

According to Section 44AB of the Income Tax Act, 1961, the following entities must get their books of accounts audited:
 

1. Businesses
 

• If total sales, turnover, or gross receipts exceed ₹1 crore in any previous year.
   
• However, if the aggregate cash receipts and payments do not exceed 5% of total transactions, the limit is increased to ₹5 crore (applicable from Assessment Year 2021-22).
   

2. Professionals
 

• If the gross receipts exceed ₹50 lakhs in any previous year.
   

Additionally, under certain circumstances, entities with turnover below the specified limits may also be required to undergo a tax audit.
 

How Can a Tax Audit Benefit Your Business?

A tax audit is not just about compliance; it also brings several strategic advantages:
 

✅ Compliance & Legal Safety – Avoid penalties by adhering to tax laws.

✅ Government Acceptance – Audited financials are considered true and fair for taxation purposes.

✅ Easier Loan Approvals – Strengthens your credibility for obtaining loans and licenses.

✅ Enhances Business Reliability – Builds trust with customers, suppliers, investors, employees, and tax authorities.

✅ Fraud Prevention – Reduces the risk of financial discrepancies and fraudulent activities.

✅ Business Improvement – Get expert recommendations to enhance your business operations.
 

Penalty for Non-Filing or Delay in Filing the Tax Audit Report

Failure to submit the tax audit report on time may attract a penalty, which is the lesser of:
 

• 0.5% of total sales, gross receipts, or turnover, or
   
• ₹1,50,000
   

However, you don’t have to worry about penalties—Naveen Pandey and Associates.  ensures timely compliance and smooth tax audit processing.
 

Why Choose Naveen Pandey and Associates.?

At Naveen Pandey and Associates. , we have years of experience in tax audits, serving a wide range of clients—from individual taxpayers to large corporations.

Our audit procedures are meticulously designed to comply with the Income Tax Act, 1961, ensuring:

✔ Proactive Audit Planning – We identify and resolve issues upfront, minimizing disruptions.

✔ Expert Guidance – Our highly qualified tax team provides actionable insights for business improvement.

✔ Legal Protection – We help safeguard your business against penalties and compliance risks.

✔ ICAI-Compliant Methodology – Our audit process follows Indian Auditing Standards, aligned with International Auditing Standards.

✔ Efficient & Risk-Based Approach – We leverage the latest technology and a systematic audit methodology to ensure accuracy.

✔ Strategic Business Insights – Our audits go beyond compliance, offering valuable inputs for better financial decision-making.
 

Get the Best Tax Audit Services in Delhi

If you’re looking for an experienced tax audit firm in Delhi, Naveen Pandey and Associates. is your trusted partner. We are based in West Delhi and specialize in Income Tax Audits, ensuring seamless, high-quality services.
 

📧 Reach out to us at [email protected]. for expert tax audit assistance!