Tax audits and consultancy services help individuals and businesses meet their tax obligations, maintain accurate financial records, and understand the tax requirements applicable to them. A tax audit involves examining financial records and relevant documents to check compliance with applicable income tax provisions, while tax consultancy provides guidance on tax planning, return filing, assessments, and other tax-related matters.
We provide tax audit and consultancy services based on the financial position and requirements of each client. Our approach focuses on accurate reporting, timely compliance, and practical tax guidance to help clients manage their tax responsibilities and make informed financial decisions.
What Do Tax Audits & Consultancy Services Cover?
Our tax audit and consultancy services cover various aspects of tax compliance, reporting, and advisory support.
Tax Audit and Reporting
Examination of books of accounts, financial records, and supporting documents to assess compliance with applicable income tax provisions. We assist with tax audit reporting and related documentation wherever required under the law.
Income Tax Return Preparation and Filing
Assistance with the preparation and filing of income tax returns for individuals, businesses, and other eligible entities. We review relevant financial information to support accurate reporting of income, deductions, and other applicable details.
Tax Planning and Advisory
Guidance on tax planning based on the client's income, financial position, and business activities. We help clients understand applicable tax provisions and evaluate suitable options within the framework of the law.
Tax Assessment and Notice Assistance
Support in responding to income tax notices, preparing relevant documents, and addressing queries raised by the tax authorities. We help clients understand the issues involved and prepare appropriate responses based on the facts and applicable provisions.
Review of Tax Compliance and Records
Review of financial statements, books of accounts, tax calculations, and supporting records to identify discrepancies and areas requiring attention. This helps clients maintain organised records and address potential compliance issues.
Tax Advisory and Representation Support
Professional guidance on tax-related matters, including clarification of applicable provisions and assistance with proceedings before the relevant tax authorities, where required. Our support is based on the nature of the matter and the client's specific requirements.
Frequently Asked Questions
A tax audit is an examination of a taxpayer's books of accounts and supporting documents to verify compliance with applicable provisions of the Income-tax Act. It is required only when the conditions prescribed under the law are met.
A tax audit may be required for certain businesses and professionals when their turnover, gross receipts, or other circumstances meet the conditions specified under the Income-tax Act. The applicable thresholds and exceptions depend on the nature of the activity and relevant provisions.
A statutory audit examines financial statements under the applicable legal framework governing the entity, while a tax audit focuses on specific requirements under income tax law. Depending on the entity and applicable provisions, both audits may be required.
Common documents include books of accounts, bank statements, sales and purchase records, expense details, financial statements, tax returns, invoices, and other supporting documents relevant to the business or profession.
Can a Chartered Accountant help with income tax notices?
