Overview of Tax Audit
Tax Audit refers to the verification and inspection of the accounts of the taxpayer to ensure that the accounts are in accordance with the provisions of the Income Tax Act 1961. The Government of India has made tax audits mandatory compliance for every taxpayer.
Income Tax Act 1961 has made tax audit compulsory on the annual gross turnover/receipts if the amount exceeds a specified limit. Chartered Accountant conducts the tax audit defined in Section 44AB of the Income Tax Act, 1961.
Objectives of Tax Audit
The key objectives of the Tax audit are given below-
It ensures that the books of accounts are maintained properly and correctly, and certified by the tax auditor.
Once methodical verification of books of accounts is done, it is necessary to report observations or discrepancies observed by the tax auditor.
An annual audit is both time and money-consuming process. Tax audit is necessary for every eligible Assessee,Income Tax Act has made it mandatory In India, and a tax consultant (Chartered Accountant) conducts Tax Audit.
How does Barrister Babu help its client in Tax Audits?
Barrister Babu has a team of experts and experienced business advisors who will assist and execute the entire Tax Audit. Barrister Babu helps its client in conducting the Tax Audit by providing services like-
Proper analysis of laws & accounts and addresses all queries about Tax Audit.
Preparation of proper documents & analysis of reports & statements.
Ensuring that the company follows the applicable Tax Standards & analysis of Business and Working procedure.
Ensures that the audit services should be viewed as an investment with medium to long term profits.
