Tax Audit as per Sec 44AB of the Income Tax Act is applicable to a business or profession in certain specified situations.
Under Tax Audit, a charted accountant ensures that the books of accounts are correctly prepared and the taxable income is accurately calculated as per the provisions of the Income Tax Act.
To opt-out/ opt-in for Tax Audit on Quicko
- Navigate to REVIEW > TAX AUDIT from the side nav
- On the next screen, you will see Audit Recommendation under section 44AB
- Click on Are you getting your books audited?
- Here, you can opt-in for a tax audit by clicking on Yes or opt-out by clicking on No
- Click on SAVE
If you opt-in for tax audit you will be required to submit auditor details and auditor report details before clicking on SAVE button. Refer to What happens if I opt in for Tax Audit?