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, the CA ensures whether 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 Audit report details before clicking on SAVE button. Refer to What happens if I opt in for Tax Audit?
Read more about Tax Audit Report here