Tax audits involve examining an entity's financial statements to ensure compliance with the Income Tax Act of India and providing necessary disclosures in prescribed formats. This process entails reviewing the accounts of a business or profession from a tax perspective.
The objective of a tax audit is to verify the accurate maintenance of books of accounts and to certify their correctness. A tax auditor conducts a thorough examination of the accounts, reports any discrepancies or observations, and ensures compliance with various provisions of income tax law, such as tax depreciation. This process not only confirms the accuracy of the taxpayer's income tax returns—covering total income and deductions—but also facilitates a more efficient review by tax authorities.
We offer expert tax audit services designed to:
- Ensure proper maintenance and accuracy of financial records
- Certify the correctness of books of accounts
- Report observations and discrepancies from a detailed examination
- Provide required disclosures and compliance information
- Aid tax authorities in efficiently verifying the accuracy of income tax returns and claims