Tax audits for businesses and professionals across Kerala
In short: A tax audit is an audit of accounts by a Chartered Accountant required under the Income-tax law when turnover or receipts cross set limits. In general, businesses with turnover above ₹1 crore need one (₹10 crore where cash receipts and payments are each within 5%), and professionals with gross receipts above ₹50 lakh, along with some taxpayers under presumptive taxation who declare lower profits. The audit report must be filed online before the income tax return due date. A. George & Associates in Kochi conducts tax audits for businesses and professionals across Kerala.
Every year, thousands of businesses and professionals in Kerala must get their accounts audited under the Income-tax law and file the tax audit report before the due date. Leaving it to September usually means rushed reconciliations, missed disallowances and avoidable penalties.
Our team starts early: we review your books, reconcile them with GST returns and Form 26AS/AIS, identify items that must be reported or disallowed, and prepare the audit report and its detailed annexures for upload on the income tax portal.
We also coordinate the tax audit with your statutory audit, GST annual return and income tax return, so all filings tell the same story.
What does our tax audit service include?
Applicability check
Turnover and gross receipts review; Cash transaction test for the higher limit; Presumptive taxation cases; Advice on whether an audit is required.
Books and reconciliations
Review of books of account and vouchers; Reconciliation with GST returns and e-way bills; Matching with Form 26AS, AIS and TIS; Fixed asset and depreciation schedules.
Tax audit report
Preparation of the audit report and statement of particulars; Reporting of TDS defaults, cash payments and loans; Disallowances and deemed income items; Online upload and acceptance by the taxpayer.
Income tax return
Computation of total income; Income tax return filing after the audit; Advance tax and self-assessment tax working.
Who we audit
Proprietors, partnership firms and LLPs; Private limited companies; Doctors, architects, consultants and other professionals; Traders, contractors, hotels and manufacturers.
After filing
Replies to defective return notices; Revision of the audit report where needed; Support during scrutiny assessments.
How does the tax audit process work?
- Check applicability: We confirm whether a tax audit applies for the year and agree the timeline and documents needed.
- Review and reconcile: Books are reviewed and reconciled with GST, TDS and AIS data, and issues are discussed with you before reporting.
- Prepare the report: We prepare the tax audit report and annexures, finalise the accounts and share the draft for your review.
- File on time: The report is uploaded on the income tax portal, accepted by you, and followed by the income tax return.
Limits, due dates and reporting requirements are set by the Income-tax law and can change; we confirm what applies to you each year.
Related: Audit & Assurance, Income Tax Consultants in Kochi, GST Consultants in Kochi, Internal & Stock Audits, Monthly Compliance Packages, Taxation.
Tax audit services across Kerala
Kochi and Ernakulam
Businesses in Vyttila, Kakkanad, Edappally, Kalamassery, Aluva, Angamaly, Perumbavoor, Muvattupuzha and Fort Kochi.
Thrissur and Palakkad
Traders, manufacturers and professionals in Thrissur, Chalakudy, Guruvayur and Palakkad.
Kottayam and Alappuzha
Businesses in Kottayam, Changanassery, Pala, Alappuzha and Cherthala.
Idukki and Pathanamthitta
Plantation, tourism and trading businesses in Thodupuzha, Munnar, Kattappana, Thiruvalla and Pathanamthitta.
Thiruvananthapuram and Kollam
IT companies in Technopark and businesses across Thiruvananthapuram and Kollam.
Malabar
Businesses in Kozhikode, Malappuram, Kannur, Kasaragod and Wayanad.
Most work is done through secure online document sharing, with meetings at our Vyttila office or your premises when needed.
Why choose A. George & Associates for your tax audit?
- Chartered Accountancy firm in Vyttila, Kochi since 1987
- Experienced audit team for businesses and professionals across Kerala
- Early start each year to avoid last-week pressure and penalties
- Tax audit, statutory audit, GST and income tax handled together
- Support with notices and assessments after filing
Frequently asked questions
Who needs a tax audit?
A tax audit is an audit of accounts by a Chartered Accountant required under the Income-tax law when turnover or receipts cross set limits. In general, businesses with turnover above ₹1 crore need one (₹10 crore where cash receipts and payments are each within 5%), and professionals with gross receipts above ₹50 lakh, along with some taxpayers under presumptive taxation who declare lower profits. The audit report must be filed online before the income tax return due date. A. George & Associates in Kochi conducts tax audits for businesses and professionals across Kerala.
What is the tax audit limit for businesses?
A tax audit is generally required when business turnover exceeds ₹1 crore. The limit rises to ₹10 crore if cash receipts and cash payments are each no more than 5% of the total. Some businesses under presumptive taxation also need an audit if they declare profits below the prescribed rate and their income exceeds the basic exemption limit.
What is the tax audit limit for professionals?
Professionals such as doctors, architects, engineers and consultants generally need a tax audit when gross receipts exceed ₹50 lakh in the year.
What is the due date for the tax audit report?
The tax audit report is usually due by 30 September following the end of the financial year, one month before the income tax return due date for audited taxpayers. The government sometimes extends these dates, so we track announcements each year.
What is the penalty for not getting a tax audit done?
Failure to get accounts audited or to furnish the report can attract a penalty of 0.5% of turnover or gross receipts, subject to a maximum of ₹1.5 lakh, unless there is a reasonable cause.
Is tax audit different from statutory audit?
Yes. A statutory audit under company law gives an opinion on the financial statements, while a tax audit checks compliance with the Income-tax law and reports specific tax information. Companies that cross the tax audit limit need both, and we coordinate them.
Can you do the tax audit if our accounts are kept by someone else?
Yes. We regularly audit businesses whose books are maintained in-house or by another accountant, and we work with them to complete reconciliations before the due date.