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Tax Audit; Audit

WANT TO GET TAX AUDIT DONE

FOR YOUR BUSINESS ENTITY??

GET IT DONE THROUGH ePRO EXPRESS

AT PRICE STARTING AT RS. 9999/-

  1. MANDATORY FOR ENTITY HAVING TURNOVER OF MORE THAN RS. ONECRORES
  2. JUST RELAX AND SIT BACK AND COMPLETE YOUR TAX COMPLIANCE SMOOTHLY
  3. GET YOUR WORK DONE TIMELY AND EFFECTIVELY

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MEANING

There are various types of audit being conducted and mandated under various laws. Tax is one of the main contributions to the revenue of any country which needs to be assessed properly. Tax audit is an audit mandated by income tax Act whichmeans inspection of accounts of business entity carried out by tax auditor(Chartered Accountants) under which it is examined that whether the accounts are finalized properly and tax is computed accurately and certainly as it truly reflects the  authenticity of the income on which tax is calculated and thereafter a report by tax auditor have to be furnished along with income tax return.

Tax audit is required to be conducted when  turnover of a business entity exceeds the specified limit or when income tax officer decides or is of opinion that your tax should be examined in detail and your income and deductions shown in income tax return should be checked properly then he can instruct you to conduct audit. Hence, Tax audit might be done for the sake of instruction given by Income Tax officer to review the fraudulent activities if carried out by any business.

Please note that the limit of tax audit as on date is as follows:
Business: Turnover of business exceeding Rs. 2 Crores in a Financial Year

 Profession: Gross receipts in a profession exceeding Rs. 50 Lakhs in a Financial Year
Further, every business entity should maintain their accounts properly and should not hide its income for the sake of reducing the profit so as to save itself from notice of audit.
A tax audit is a complicated and time consuming process and it is mandated by law to get it done from professional (Chartered Accountant).

ePRO EXPRESS, a consultancy LLP having a team of qualified and experienced Chartered Accountants can help you to do tax audit at lesser time and cost.

BENEFITS OF CONDUCTING TAX AUDIT

  1. HELPS IN PROPER MAINTENCE OF BOOKS OF ACCOUNTS
  2. REDUCES THE CHANCES OF UNFAIR OR FRADULENT PRACTICE
  3. ACCESS PROPER FINANCIAL RESULT OF BUSINESS
  4. BUILDS THE IMAGE OF ENTITY
  5. SHOWS A TRUE AND FAIR POSITION OF BUSINESS
  6. PROTECTS THE RIGHTS OF INVESTORS
  7. RAISES CREDIBILITY OF BUSINESS FOR STAKEHOLDERS

DOCUMENTS AND INFORMATION REQUIRED FOR TAX AUDIT

  1. PREVIOUS YEAR FINANCIAL STATEMENT
  2. COPY OF LAST YEAR INCOME TAX COMPUTATION
  3. LIST OF DIRECTORS/DESIGNATED PARTNERS/PARTNERS
  4. DETAILS OF SHAREHOLDERS IN CASE OF COMPANY
  5. REGISTRATION CERTIFICATE OF BUSINESS ENTITY
  6. DETAILS OF GST RETURN ALONG WITH ITS LOGIN CREDENTIALS
  7. DETAIL OF FIXED ASSETS
  8. DETAIL OF TDS AND TCS PAYMENT
  9. 26AS
  10. CHALLAN OF ADVANCE TAX PAID
  11. PF OR ESI CHALLAN (IF APPLICABLE)
  12. CONFIRMATION FROM DEBTORS AND CREDITORS
  13. BANK STATEMENT OF THAT FINANCIAL YEAR
  14. CASH AND BANK BALANCE CONFIRMATION
  15. LOAN REPAYMENT SCHEDULE ALONG WITH CONFIRMATION LETTER FROM BANK
  16. DETAILS OF FOREIGN EXCHANGE TRANSACTIONS (IF ANY)
  17. LOGIN CREDENTIALS
  18. ANY OTHER DOCUMENT OR INFORMATION (AS REQUIRED)

PROCEDURE TO DO TAX AUDIT

  1. FILL AND SUBMIT OUR ONLINE FORM
  2. OUR EXPERT WILL CONTACT YOU WITHIN 6 WORKING HOURS AND ASSIST YOU AS PER YOUR REQUIREMENT
  3. OUR TEAM MEMBER WILL SEND YOU QUOTATION AS PER YOUR TURNOVER LIMIT ALONG WITH REQUISITE LIST OF DOCUMENTS AND INFORMATION REQUIRED FOR AUDIT
  4. MAKE HALF OF PAYMENT IN ADVANCE AND SUBMIT THE REQUISITE DOCUMENTS AND INFORMATION TIME TO TIME AS REQUIRED BY OUR TEAM MEMBER
  5. CONDUCTING OF AUDIT BY OUR ASSIGNED TEAM MEMBER WHO MAY ALSO VISIT YOUR OFFICE (IF REQUIRED)
  6. SUBMISSION OF INCOME TAX RETURN ALONG WITH TAX AUDIT REPORT AFTER GETTING RESOLUTION OF ALL THE QUERIES FROM CLIENT

FREQUENTLY ASKED QUESTIONS (FAQS)

What is tax audit??

Tax audit means assessment of accounts of business or profession from the point of view of income tax carried out by tax auditor (Chartered Accountant) if the turnover limit of business or profession exceeds the specified limit.

 

What is the objective of tax audit??

The main objective of tax audit is to ensure that books of accounts are maintained properly and tax is computed correctly.

Who is mandatorily required to file conduct tax audit??

Every entity carrying on any business whose annual turnover exceeds Rs. 2 crores or every entity carrying or any profession whose annual gross receipts exceeds Rs. 50 Lakhs is required to conduct tax audit.Further, income tax officer can also instruct or issue order to conduct tax audit to any business entity.

Which form is required to be furnished in tax audit??

Form No. 3CA has to be furnished when a person carrying on business or profession is mandatorily required to get tax audit done and Form No. 3CBhas to be furnished when a person carrying on business or profession is mandatorily required to get tax audit at the time of filing income tax return.

The above particulars have to be prescribed by tax auditor in Form Form No. 3CD which constitutes part of audit report.

What are the consequences ofnon-filingconducting or delay in filingconducting tax audit report??

If a taxpayer who is required to get tax audit done fails to do the same then he has to bear heavy amount of penalty.

What are the charges for tax audit??

If a taxpayer who is required to get tax audit done fails to do the same then he has to bear heavy amount of penalty.

What are the charges for tax audit??

ePRO EXPRESS, a consultancy LLP provides you the complete business solution at affordable price. Our tax audit package starts at Rs. 9999/- which may rise as per the turnover and requirement of the business.

How long will it take to complete the tax audit??Title Text

Tax auditshall be completed by our auditor within 10-15 working days from the date of receiving all the requisite documents and information. Though the time can be extended subject to turnover limit.

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