TAX AUDIT

ABOUT TAX AUDIT

An audit is an examination of the financial statements to determine whether they reflect an accurate and impartial image of a company or organization. Its main goal is to provide management with a comprehensive view of the company's finances and to help them implement key initiatives aimed at increasing their development potential. You need help implementing and reporting in accordance with Indian GAAP and Accounting Standards for various statutory company audits, company tax audits, internal audit services, bank equity audits and other voluntary audits of companies in different industries. Tax Auditing company accounts, personal income tax accounts is one of the main requirements in India for those within the scope of the law. A Certified Public Accountant (CA) verifies the accounts in the designated ledger. A book audit is required if the LLP's capital exceeds 25 lacks or its turnover exceeds 40 lacks. An internal audit process is required when a company's sales or borrowings exceed a certain threshold.

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Frequently Asked Questions

  • Who is liable to tax audit?

    An assesse is liable to get his Tax Audit done by a chartered accountant mandatorily, if in the previous year, the person is carrying on business and his total sales/turnover exceeds Rs. 1 crore .

  • What happens if tax audit is not done?

  • Is tax audit compulsory for companies?

  • What does it mean to be audited?

  • What is the purpose of a tax audit?

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