Tax Audit

To discourage tax avoidance and evasion, the requirement of a tax audit was introduced by the Finance Act of 1984, by inserting a new section “44AB” w.e.f Assessment Year 1985-86. A Tax Audit involves an expression of the tax auditors’ opinion on the truth and correctness of certain factual details, given by assessee to the Income Tax Authorities to enable an assessment of tax. Our endeavor is to mitigate the burden of tax and to review that disallowances and deductions if any, under the various provisions of Income Tax Act, 1961 are properly and correctly calculated, so that the income assessable can be computed correctly.

Our approach involves the following: –

  • Certification of the books of account being in agreement with the Balance Sheet and Profit and Loss Account as per the requirements of the Income Tax Act, 1961.
  • Checking the correctness of the Claimable deductions as allowed in the Income Tax Act, 1961. 
  • Effective reviews to see that the accounts are prepared in accordance with the tax efficient policies 
  • Checking the various tax compliance norms as set out by the Income Tax Act, 1961. 
  • Issuing the Report of Tax Audit as required by the Income Tax Rules in the prescribed format. 
  • Preparation and filing of income-tax returns for Companies and other entities with the Revenue authorities.

We can help you develop tax efficient strategies and manage your tax exposures considering your individual business needs. We will keep you abreast of new developments in the Indian corporate taxation arena that affect your business