Tax Audit Service Across India

Are you looking for a Tax Audit Service Across India? We provide Tax Audit services across India, ensuring businesses and individuals comply with tax laws by verifying income accuracy. Our expert accountants review financial records to validate income, deductions, and compliance. Audits aim to detect errors, prevent tax evasion, and ensure accurate tax payments. If selected for an audit, remain calm, cooperate fully, and provide accurate details to resolve issues promptly. This process serves as a vital check on income taxes, promoting fairness for businesses and high-earning professionals. Contact us today for professional service.

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Do You Need to Obtain a Tax Audit Certificate?

CA Certifications for Tax Compliance

Our CA Certificate services are designed to provide essential certifications required for Tax Audit as per the Income Tax Act and GST regulations. As Chartered Accountants, we specialize in issuing these certifications to ensure businesses and individuals comply with all tax and regulatory requirements. This includes providing Tax Audit Certificates under Section 44AB, which are mandatory for businesses with turnovers above specified limits, ensuring the accuracy of their tax audits. Additionally, we offer GST Audit Certificates to verify correct GST filings for businesses with higher turnovers. Our expertise extends to certifications for foreign remittances and verifying deductions under various sections of the Income Tax Act, ensuring comprehensive compliance.

With our attention to detail and deep understanding of tax laws, we help businesses meet their compliance obligations effectively. Our CA Certificate services are tailored to support your needs, whether it’s certification for tax compliance, financial transactions, or other regulatory purposes. We strive to make the complex landscape of tax regulations more navigable for your business. Contact us today to learn more about how we can assist you in ensuring smooth and effective compliance with all relevant tax laws and regulations.

What Documents Are Needed for an Income Tax Audit?

  • (ITR)Income Tax Return or Audit
  • (COI) Computation of Income 
Tax Audit Service

Package for Tax Audit Under the Income Tax Act

A tax audit under the Income Tax Act involves a detailed review of a business’s financial records to ensure accuracy and compliance with tax laws. Here’s a simplified overview of what’s included in this package:

Chartered Accountant Fees for Income Tax Audit: Starting from Rs. 14,000 (may vary based on transaction volume)

Usage of Tax Audit for CA Certificate

tax audit as defined by the Income Tax Act of India, is an examination of financial records by a Chartered Accountant (CA) to ensure compliance with tax laws.

Financial Accuracy:
 Confirms the accuracy of financial statements and proper maintenance of records.

Detection of Irregularities:
Identifies tax evasion or fraud and detects discrepancies.

Facilitation of Tax Assessments:
Simplifies tax assessment and reduces detailed scrutiny by providing a certified audit report.

Enhanced Credibility:
Adds credibility to financial statements and aids decision-making for stakeholders.

Key Requirements for Tax Audit in CA Certification

1.Business Turnover Threshold:

  • Mandatory if total sales, turnover, or gross receipts exceed ₹1 crore.
  • For professionals, required if gross receipts exceed ₹50 lakh.
  • For businesses under Section 44AD, required if turnover exceeds ₹2 crore.

2.Presumptive Taxation Scheme:

  • Required if a taxpayer opts out of Section 44AD and income exceeds the exemption limit.
  • For Section 44ADA, mandatory if income exceeds 50% of gross receipts and receipts exceed ₹50 lakh.

3.Non-Cash Transactions:

  • For businesses with turnover between ₹1 crore and ₹5 crore, and cash transactions below 5%, a tax audit may not be needed.

How to Perform a Tax Audit as Per the Income Tax Act?

Send Documents

Send us your financial papers, like income statements, balance sheets, and tax returns, early to expedite the audit process.

Audit by CA

Our CAs will review your documents for accuracy, tax compliance, error detection, and tax-saving opportunities.

Query Report

After reviewing, we'll create a Query Report detailing issues, missing information, questions, and suggested solutions.

Final Audit Report

After resolving questions, we'll finalize the audit report with findings, fixes, and recommendations, and assist with any tax authority queries.

Purpose of Certificate for Tax Audit

A tax audit in India is a critical examination of the financial records and statements of a taxpayer to ensure they comply with the tax laws and regulations established by the Income Tax Act, 1961. Conducted by a qualified Chartered Accountant, the tax audit aims to verify the accuracy and fairness of the financial information provided to the tax authorities. Here are the primary purposes of a tax audit in India:

  1. Ensuring Compliance with Tax Laws:

    • Tax audits help ensure that taxpayers comply with all the applicable provisions of the Income Tax Act.
    • It verifies that the financial statements are prepared in accordance with the tax laws and accounting standards.

  2. Detection and Prevention of Tax Evasion:

    • By examining the books of accounts, tax auditors can identify discrepancies, errors, or fraudulent activities.
    • It helps in detecting potential tax evasion and ensuring that all income and transactions are accurately reported.

  3. Facilitating Proper Tax Assessment:

    • Tax audits assist the Income Tax Department in accurately assessing the taxpayer’s income.
    • They provide a reliable basis for the tax authorities to determine the correct amount of tax liability.

  4. Enhancing Transparency and Accountability:

    • A tax audit enhances the credibility of financial statements by ensuring they reflect a true and fair view of the taxpayer’s financial position.
    • It promotes transparency and accountability among businesses and individuals regarding their financial dealings.

  5. Standardization of Accounting Practices:

    • Tax audits promote the adoption of standardized accounting practices and procedures.
    • They ensure consistency and reliability in financial reporting across different businesses and industries.

  6. Timely Submission of Tax Returns:

    • Tax audits ensure that taxpayers adhere to deadlines for filing tax returns and maintaining records.
    • It helps in avoiding penalties and interest for late submissions and non-compliance.

  7. Encouraging Voluntary Compliance:

    • The prospect of a tax audit encourages taxpayers to voluntarily comply with tax laws and maintain proper books of accounts.
    • It fosters a culture of compliance and reduces the incidence of non-compliance.
FAQ's

A tax audit for a CA certificate verifies that a taxpayer’s financial records comply with tax laws and accurately report income, helping to find mistakes and ease tax assessments.

To ensure compliance with tax laws, verify financial accuracy, detect irregularities, facilitate tax assessments, and enhance financial statement credibility.

Verification of records, details of discrepancies, and confirmation of compliance with tax laws.

The tax audit report under Section 44AB needs to be submitted one month before the due date for filing Income Tax Return, i.e. September 30th.