21 Basic Income Tax Audit Checklist Points

1. Check Opening from Last Years Audited BS
2. Turnover Reconcilliation from GSTR-1
3. Check that GSTR-1 Matches with GSTR-3B
4. GSTR-2B Reconcilliation with Books
5. TDS Reconcilliation as per Form 26AS
6. Check for TDS carried forward from Last FY and TDS Carried to Next FY
7. GST Cash Ledger Reconcilliation
8. GST Liability Ledger Reconcilliation
9. GST Credit Ledger Reconcilliation
10. Bank Reconcilliation
11. Cash Balance-Check if balance is not Negative
12. Cash: Check for Cash Expenses/Fixed Assets purchased in cash, that are surpassing 10K Limit
13. Cash: Check for Cash Reciept or payment of more than Rs. 2,00,000
14. Check for TDS Deducted as per requirement, TDS Return filed
15. Provisions booked in March 2023: Check for TDS
16. Check for Prior Period Expenses
17. Check for Applicability of Accounting Standards
18. Check for Debtors and Creditor. Take Ledger confirmations
19. Calculation of Income Tax Liability for Provision of Income Tax
20. Check for related party transactions
21. GST: Check for segregation of Exempt, Taxable Expenses, Expenses from Registered, Unregistered Person for clause 44

The List is Inclusive not Exaustive