Ensure Compliance. Optimize Financial Integrity.
Navigating the complexities of income tax regulations requires precision and expertise. Our Income Tax Audit Services are designed to ensure your financial records comply with statutory requirements, minimizing risks and fostering confidence in your financial reporting.
Understanding Income Tax Audits
What is an Income Tax Audit?
An income tax audit involves a thorough examination of an individual’s or organization’s financial records to verify accuracy and adherence to the Income Tax Act, 1961. This process ensures that the income, deductions, and tax liabilities are reported correctly, maintaining transparency and compliance.
Why Are Income Tax Audits Important?
Ensures adherence to tax laws, avoiding legal penalties.
Validates the correctness of financial statements, promoting trust among stakeholders.
Identifies discrepancies that could lead to future tax liabilities or legal issues.
Our Income Tax Audit Services
✔ Comprehensive Audit Assessments
We conduct detailed evaluations of your financial records to ensure compliance with the Income Tax Act and other relevant regulations.
✔ Tax Audit Reports (Form 3CA/3CB & 3CD)
Preparation and filing of mandatory tax audit reports as per Section 44AB requirements.
✔ Advisory on Tax Compliance
Guidance on maintaining proper books of accounts and implementing effective internal controls.
✔ Representation Before Tax Authorities
Assistance in representing your case during tax assessments or inquiries.
Who Requires an Income Tax Audit?
Our Audit Process
Document Collection
Gather financial statements, bank records, and relevant documents.
Preliminary Review
Assess records to identify areas requiring detailed examination.
Detailed Analysis
Examine transactions, verify compliance, and detect discrepancies.
Report Preparation
Compile findings into Form 3CA/3CB and 3CD as applicable.
Client Discussion
Review findings with you and suggest corrective actions if necessary.
Finalization & Submission
Finalize the audit report and submit it to the tax authorities.
Common Questions About Income Tax Audits
An audit is mandatory if your business turnover exceeds ₹1 crore or professional receipts exceed ₹50 lakh in a financial year.
- Form 3CA: Used when the taxpayer’s accounts are audited under any other law.
- Form 3CB: Used when the taxpayer’s accounts are not audited under any other law.
- Form 3CD: A detailed statement of particulars required under Section 44AB.
- The tax audit report must be filed one month before the due date for filing the income tax return, typically by 30th September.
- Failure to conduct a required tax audit can result in a penalty of 0.5% of turnover, up to a maximum of ₹150000.
- Yes, if your accounts are audited under another law (e.g., Companies Act), the same report can be filed for tax audit purposes.
- Maintain accurate financial records, ensure timely compliance with tax laws, and seek professional guidance to navigate the audit process effectively.
Client Testimonials
Ensure Compliance with Expert Tax Audit Services
Protect your business from potential penalties and ensure financial accuracy with our professional income tax audit services.
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+91 96642 08393
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Monday, Thursday, Saturday: 9 AM to 6 PM
Address
B 1210, Kailash Business Park, Hiranandani Powai Link Road, Vikroli West, Mumbai - 400079