Tax Audit under Income Tax Act
Tax Audit under Income Tax Act
A tax audit under the Income Tax Act is a statutory requirement for businesses whose turnover or receipts exceed the prescribed limits. Its primary purpose is to ensure that proper books of accounts are maintained and that taxpayers comply with applicable tax laws, thereby minimizing the risk of tax evasion and disputes with the authorities.
Through verification of books of accounts, compliance with tax provisions, and adherence to prescribed reporting requirements, the audit offers greater transparency to both the assessee and the tax authorities. It also helps identify potential risks, errors, or inefficiencies in financial systems, allowing timely corrective measures before any regulatory action arises.
About This Service
Our tax audit services are structured to assist businesses in meeting their statutory requirements under the Income Tax Act, while ensuring strict compliance with the rules and guidance issued by the Institute of Chartered Accountants of India (ICAI). The audit involves a comprehensive examination of the company’s accounts to confirm that transactions are accurately recorded and aligned with applicable tax law provisions.
We review income and expense records, depreciation calculations, eligible deductions, and compliance with TDS and TCS regulations. Our services also include preparation and certification of the statutory audit reports in Form 3CA or 3CB along with Form 3CD, covering compliance across more than 40 specified reporting clauses.
Our methodology focuses on precision, transparency, and value creation. In addition to meeting statutory obligations, we identify potential tax risks, weaknesses in internal controls, and opportunities for process improvements that can improve efficiency and mitigate the risk of penalties or disputes.
By partnering with us, businesses can be assured that their tax matters are handled diligently and in accordance with the highest compliance standards, helping protect their reputation and reduce exposure to regulatory scrutiny.
Key Features / Scope of Work
Carrying out a comprehensive review of financial records in accordance with the provisions of the Income Tax Act.
Review of compliance with the prescribed thresholds for applicability of tax audit requirements.
Verification of income, expenses, eligible deductions, and depreciation claims.
Review of compliance with TDS/TCS provisions and related reporting obligations.
Preparation and certification of tax audit reports in Form 3CA/3CB and Form 3CD by Singh Gulati & Associates.
Identification of tax risks and potential areas of non-compliance by Singh Gulati & Associates.
Recommendations for strengthening tax controls and record-keeping systems by Singh Gulati & Associates.
Providing assurance to stakeholders and authorities on the accuracy of reported tax data by Singh Gulati & Associates.
- Statutory & Regulatory Audits
- Statutory Audit
- Ind-AS, IFRS & US GAAP Audits
- Tax Audit under Income Tax Act
- PCAOB-Compliant Audit for Foreign Listed Companies
- Audit of Trusts, Societies & NGOs
- PSU & Government Audits
- Restatements, certifications, comfort letter under IPO
- https://sgacharteredaccountants.com/practice-areas/audit-assurance/audit-under-llp-act-and-other-special-acts/
- Limited Review, Interim Financial Review
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