Compliant Tax Audit & Assurance Services
Businesses and professionals exceeding prescribed limits are required to undergo audit under the Income Tax Act to ensure accurate reporting of income and compliance with tax provisions.
N D Savla & Associates provides complete audit and assurance services to help clients meet statutory requirements and avoid tax-related risks.
What is Audit under Income Tax Act?
Audit under the Income Tax Act primarily refers to tax audit conducted under Section 44AB, where financial records are examined to ensure correctness of income and compliance with tax laws.
It includes:
- Verification of books of accounts
- Reporting under prescribed tax audit forms
- Compliance with income tax provisions
- Identification of disallowances and adjustments
- Certification by Chartered Accountant
Applicability of Tax Audit
- Businesses exceeding prescribed turnover limits
- Professionals exceeding specified income thresholds
- Cases requiring audit under specific provisions
- Entities opting out of presumptive taxation schemes
Documents Required
- Books of accounts and ledgers
- Bank statements and reconciliations
- Invoices and expense records
- GST returns (if applicable)
- Previous tax filings and audit reports
Tax Audit Process (Step-by-Step)
- Review of books and financial records
- Verification of income and expenses
- Identification of tax adjustments
- Preparation of tax audit report
- Filing of audit report with Income Tax Department
- Support during assessment (if required)
Risks of Non-Compliance
- Penalties for non-filing or delayed audit
- Incorrect income reporting
- Increased scrutiny from tax authorities
- Disallowance of expenses and tax demands
Why Choose N D Savla & Associates?
Accurate Tax Audits
Ensuring correct reporting and compliance.
Experienced Professionals
Expert handling of tax audit matters.
Timely Filing
Avoid penalties with on-time submissions.
End-to-End Support
From audit to filing and advisory.
Compliance Focus
Aligned with latest tax provisions.
Trusted Advisory
Reliable tax audit and compliance support.