Tax Audit Services
The Goods and Services Tax (GST) is an indirect tax that has taken the place of various other indirect taxes in India, including excise duty, VAT, and services tax, among others. The GST Act was passed by the Parliament on March 29th, 2017, and was implemented on July 1st, 2017.
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Initial Assessment
We start by assessing the scope and purpose of the tax audit. They review the applicable tax laws, regulations, and compliance requirements specific to the client's business or industry. They also gather relevant financial records, statements, and documentation to gain an understanding of the client's tax position.
Planning and Preparation
We develop a comprehensive audit plan tailored to the client's specific circumstances. They identify the key areas to be examined, such as income, deductions, credits, tax payments, and compliance with TDS/TCS or GST provisions. We determine the audit procedures and timelines, ensuring adherence to statutory deadlines.
Examination of Financial Records
We examine the client's financial records, including books of accounts, bank statements, invoices, vouchers, and other relevant documents. They verify the accuracy and completeness of the records and ensure compliance with accounting standards and tax laws. CAs may use sampling techniques or perform a detailed examination of specific transactions based on the audit plan.
Verification of Tax Compliances
We verify whether the client has complied with the applicable tax provisions. They review the client's tax return filings, including income tax returns, TDS/TCS returns, GST returns, and other relevant tax filings. We examine the accuracy of tax calculations, payment of taxes, and compliance with reporting requirements.
Reconciliation and Cross-Verification
We reconcile the financial records with the tax returns and other tax-related documents. They cross-verify the information reported in the financial statements with the information provided in the tax returns. We also match the tax deductions, exemptions, or credits claimed by the client with the supporting documentation.
Assessing Compliance with Tax Laws
We assess the client's compliance with various tax laws, rules, and regulations. They verify whether the client has correctly interpreted and applied the tax provisions. We review the client's adherence to specific tax regulations, such as transfer pricing, international tax provisions, or industry-specific tax laws.
Audit Report Preparation
Based on their findings, We prepare the tax audit report. The report includes a summary of the audit procedures performed, any identified discrepancies, non-compliance issues, or potential tax risks. We provide recommendations for corrective actions, if necessary, and suggest improvements to enhance tax compliance.
Representation and Response to Authorities
If the tax audit triggers any queries or inquiries from the tax authorities, We represent the client and respond to the authorities on their behalf. They address any queries raised by the tax authorities, provide explanations, and submit the necessary documentation to support the client's tax position.
Follow-Up and Closure
We follow up with the tax authorities to ensure the closure of the tax audit. They ensure that any agreed-upon actions or rectifications are implemented, and the audit process is concluded in a satisfactory manner. We also assist the client in complying with any subsequent requirements or recommendations resulting from the tax audit.
We are experts at
Business & Individual Tax
We are highly knowledgeable and well-versed in tax laws, regulations, and procedures. Tax matters can be time-consuming, especially for businesses with complex financial transactions. We will help you free up your valuable time and resources. Schedule a consultation, we are more than happy to provide you a viable solution.