Income Tax Auditing Services in Bangalore
An audit is an official inspection of a company's accounts and the production of a report by an independent body. It is a systematic review or assessment. A tax audit is a review of accounts of a business or profession carried by taxpayers under income tax. It is the process of income computation for filing of return of income easier.
Income Tax Act, 1961 requires individuals, firms, or companies, whose turnover during the financial year exceeds the limits specified below to get their books of accounts audited by a Practicing Chartered Accountant:
- For persons carrying on business above the specified limit as per income Tax Act.
- For persons carrying on profession above specified limit as per Income Tax Act.
- Asset Due diligence
The Audit services at MKDA include:
- Tax Audit, Financial Audit
- Statutory Audit for Companies
- Concurrent Audit
- Management Audit
- External audits, Internal audits
- Compliance audits
Contact us today to see how we can assist you.
FAQs
An income tax audit is mandated on all companies, limited liability partnerships (LLPs), and individuals whose turnover crosses a particular threshold limit.
The Finance Act of 2021 has increased the threshold limit from Rs. 5 crores to Rs. 10 crores, effective from 2021-22 onwards.
- Trading Turnover for Intraday Trading = Absolute Turnover.
- Trading Turnover for F&O Trading. Futures = Absolute Turnover. Options = Absolute Turnover + Premium on Sale of Options.
A taxpayer must have a tax audit carried out if the sales, turnover, or gross receipts of a business exceed Rs 1 crore in the financial year.
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Let us help you get your year started right with a fresh set of eyes on your books.