Tax audit is a compulsory audit under section 44AB of the Income-tax Act in India which is conducted where gross turnover exceeds Rs. 1 crore/ 25 lakh from business/profession.
Tax management/compliance is at the core of today’s business obligations that include filings and payment of taxes.
Scrutiny assessment refers to the examination of a return of income by giving an opportunity to the assessee to substantiate the income declared and the expenses, deductions, losses, exemptions, etc. claimed in the return with the help of evidence.
Rectification of mistake apparent in intimation, assessment, revision and appellate orders.
An appeal is applying to a higher authority for a reversal of the decision of an assessing officer/lower authority.
Revision U/s 263 is the reversal of erroneous and prejudicial order of subordinates by CIT/Pr. CIT. Revision U/s 264 is an alternative option available to the assessee. Instead of going to appeal, he can approach CIT/ Pr. CIT.
Specified transactions between related parties are applicable for domestic transfer pricing regulations and compliance.
A report under Section 92E in Form 3CEB needs to be filed for all the specified domestic transactions whose individual transaction amount exceeds 5/20 crores during the year under review.