If you are a taxpayer and the turnover of your business or total receipts from any profession exceed the limits prescribed by The Income Tax Act in any previous year, you are required to get your books of accounts audited by an Independent Chartered Accountant. The Tax Audit report shall be prepared as per Section 44AB of the Income Tax Act, 1961. The due date for the submission of the Tax Audit report is 30th September of the Assessment Year.
The tax audit process ensures that Income Tax compliances and other relevant laws are properly adhered to. It verifies the books of accounts of the assessee to ensure that all statutory mandates under the Income Tax Law are being followed correctly.
At TaxPro Experts, we conduct tax audits in compliance with prevailing laws and regulations, making all relevant disclosures in the specified formats. Our Tax Audit team is highly experienced and qualified to handle audits in a structured and time-efficient manner.
Section 44AB of the Income Tax Act, 1961, mandates that certain individuals or entities engaged in business or profession must get their books of accounts audited by a practising Chartered Accountant (CA).
However, if the aggregate of all receipts and payments in cash during the previous year does not exceed 5%, the turnover limit is extended to Rs. 5 crore. This revised limit applies from the Assessment Year 2021-22.
Under specific circumstances, even if the turnover is below the prescribed limits, businesses may still be required to undergo a tax audit as per Income Tax provisions.
Applicable entities must get their books of accounts audited before the due date and furnish the tax audit report within the specified timeframe.
we at tax pro experts go through our client’s needs and situation. we provide you:
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Apart from ensuring legal compliance and avoiding penalties, a tax audit offers multiple advantages that contribute to business growth
Government authorities accept audited financial statements as true and fair, which helps in securing loans and licenses for the organization.
Boosts confidence among customers, suppliers, investors, employees, and tax authorities by ensuring transparency in financial records.
Helps in detecting and mitigating risks related to fraudulent activities and financial discrepancies.
Our expert team at TaxPro Experts provides valuable insights and recommendations to enhance operational efficiency based on audit findings.
Failure to comply with tax audit requirements can lead to penalties, whichever is lower of the following:
0.5% of total sales, gross receipts, or turnover
Rs. 1,50,000
However, with TaxPro Experts, you don’t need to worry about penalties. Our team ensures that all tax audits are completed on time, keeping your business legally compliant.
we at tax pro experts go through our client’s needs and situation. we provide you:
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At TaxPro Experts, we bring years of experience in tax audits, serving a diverse clientele ranging from individual taxpayers to large enterprises. We are one of the leading tax audit consultants in Delhi, committed to providing efficient, compliance-driven audit services.
Risk-Based Audit Approach: Our structured audit methodology minimizes surprises by addressing issues proactively.
Expert Team: Our skilled professionals offer concrete suggestions to improve business efficiency based on audit findings.
Legal Protection: We help protect your business from legal consequences and penalties by ensuring accurate and timely compliance.
Global Standards Compliance: Our audit methodology aligns with the standards set by ICAI and International Auditing Standards.
Efficient and Minimal Disruption: We ensure smooth audit processes with minimal disruption to business operations.
Comprehensive Insights: Our reports provide valuable insights for accurate decision-making and strategic planning.
If you are looking for an experienced tax audit firm in Delhi, TaxPro Experts is your trusted partner. We are based in West Delhi, and if you need professional Income Tax Audit services in Delhi, you can reach us at info@taxproexperts.in.