A Tax Audit is an essential step to ensure the accuracy and compliance of your financial records as per the Income Tax Act. At Ractax, we offer expert-driven tax audit services that help individuals, businesses, and organizations meet their obligations while identifying opportunities for financial improvement.
What is a Tax Audit?
A tax audit involves the verification and examination of your financial records by a Chartered Accountant to ensure compliance with tax laws. It is mandated under Section 44AB of the Income Tax Act for certain categories of taxpayers, depending on their turnover, income, or specific conditions.
Who Requires a Tax Audit?
- Businesses: Turnover exceeds ₹1 crore (₹10 crore if 95% of transactions are digital).
- Professionals: Gross receipts exceed ₹50 lakh in a financial year.
- Taxpayers under Presumptive Taxation: Income is lower than the prescribed rate and total income exceeds the basic exemption limit.
Why Choose Ractax for Your Tax Audit?
- Experienced Professionals: Our team of Chartered Accountants has extensive experience in handling tax audits across industries.
- Comprehensive Analysis: We thoroughly examine your books of accounts to ensure compliance while identifying potential improvements.
- Timely Completion: We adhere to deadlines, ensuring your tax audit is completed without delays.
- Personalized Service: Tailored solutions based on your business size, nature, and operations.
Key Benefits of a Tax Audit
Compliance Assurance: Stay aligned with tax laws and avoid penalties.
Accurate Reporting: Enhance the reliability of financial statements.
Tax Savings: Identify discrepancies and optimize tax benefits.
Credibility: Improve your business’s reputation with transparent financial practices.
Documents Required for a Tax Audit
- Books of accounts (ledger, trial balance, profit & loss statement, balance sheet)
- PAN card and TAN details
- Tax payment challans and TDS details
- GST returns and invoices
- Previous year’s tax audit report
- Bank statements
Key Deadlines
For Tax Audit Filing: 30th September of the assessment year (unless extended by the government).
How Ractax Simplifies Tax Audits
- Seamless Process: From documentation to filing Form 3CA/3CB and Form 3CD, we handle it all.
- Regulatory Expertise: Stay updated with the latest amendments and changes in tax laws.
- Peace of Mind: Focus on growing your business while we manage your tax audit requirements.
Let’s Get Started!
Avoid the hassle of navigating complex tax audits. Choose Ractax for professional, accurate, and reliable tax audit services.
Contact Us Today for a free consultation and ensure your tax compliance is in safe hands!