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9555484633
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info@askaca.co.in
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Tax Audit
ax audit is a regulated necessity that all companies need to conduct for filing their tax returns. It is basically an examination done by a chartered accountant to verify the income and financials filed by a company in their tax report. According to Income Tax law, a chartered accountant must follow every guideline to make sure that each and every Entry on their accounts is accurate and there are no discrepancies in the data provided. It is necessary by law to make sure that every company is filing the proper income tax and they follow each and every important guideline given by the Income Tax act.
Income Tax Act
One must refer to section 44ab of the Income Tax Act,1961 to carefully read the provision of the tax audit.
Why Choose Us
We would like to discuss the objectives of the tax audit as this would give you a very clear picture of why it is so essential. The first necessity lies in the fact that we make sure that each and every figure in your balance sheet and accounts are in line with the tax laws and policies.
Data entry processes
A specific standard of data entry and data policies must be present in every company to make sure no errors incur.
Subsequent steps
The next step is to check Reporting under Form 3 CA / 3 CB / 3 CD. We Tally other data according to company’s vitals.
Accurate business owner data
The names of the owners and directors must align with names listed on the tax returns. There is a specific pattern that needs to be followed while making the tax audit and we make sure that everything is in line so that the tax authorities can quickly process the audit without any difficulties.
Guidelines
Government guidelines
In India, any company whose turnover exceeds 1 crore are illegible to get a tax audit conducted. Also any professional with sales of more than 50 lacs is also required to have a tax audit conducted.
Procedures we follow
We make sure to check each and every account book of your company for the particular financial year for which the audit is being conducted.
Long term benefits
We also make sure to give you recommendations to further improve your data entry skills so that you can make sure that every data entered in your account books is according to the guidelines given by tax authorities.
Methods to implement the recommendations
We will also give you options and ways to implement the recommendations so that you can have a foolproof system of accounts in your company.