Income Tax Audit
Income Tax Audit
In India, the requirement for a tax audit is primarily covered under Section 44AB of the Income Tax Act, 1961. This section mandates tax audits for certain taxpayers, including businesses, professionals, and individuals, if they meet specific criteria regarding turnover, income, and other financial thresholds as specified in the section and related rules. The tax audit is conducted by a qualified chartered accountant and involves the examination of financial records and statements to ensure compliance with the provisions of the Income Tax Act and other applicable laws.
Independent Tax Audit
Independence in Indian income tax audits ensures unbiased assessment, ethical compliance, and upholds credibility. Guided by ICAI’s guidance note, Independent Tax Audits under the Income Tax Act 1961 are mandatory for qualifying businesses. Reporting through Form 3CA/CB and 3CD ensures adherence to tax regulations. We conduct these audits with thorough assessments, assisting businesses in fulfilling tax audit requirements and maintaining accurate compliance with Income tax regulations.
Income Tax Audit Services
Income Tax Audit Services
Reporting
Tax Audit under Income Tax 1961 leads to issuance of tax audit report in form 3 CA/ 3 CB and 3 CD for true and correct view.
Guidance Note
Tax audit under income tax act, requires adherence to guidance note issued by the Income tax act 1961.
Analysis of Income Tax Provisions
It is important to analyse fine print of Indian income tax act 1961 to provide such independent tax audit services.
Communication
Should any discrepancies arise; our team communicates with client in order to align with tax laws and guidance to ensure accurate reporting in the Tax audit.
Technology
For documentation and standardised work papers we use Microsoft tools extensively for data exchange, communication, and storage.
How We Provide Income Tax Audit Services
How We Provide Income Tax Audit Services
Industry Specialization
Our allocated audit teams come equipped with deep domain knowledge tailored to auditee industry, ensuring quality of audit processes.
Ethical Standards
We follow highest standards of integrity, ethics and confidentiality.
Continuous Training
Our auditors regularly undergo training to stay abreast of the latest regulatory changes and audit best practices.
Compliance with Guidance Note
We ensure compliance with prescribed Tax audit guidance note issued by the institute of chartered accountants of India.
Peer Review
All attestation assignments including tax audit are covered under the peer review mechanism of the Institute of Chartered Accountants of India, enabling review of quality of services.
High quality tax audit services are required under Income tax act and rules to ensure timely compliance and true & correct view.