Details

A tax audit is a mandatory examination of an organization’s financial records to ensure compliance with the provisions of the Income Tax Act, 1961, particularly for businesses and professionals meeting specific turnover or receipt thresholds. At Ramraj B Hingmire & Co., our tax audit services are designed to provide a thorough and accurate assessment of your financial statements, ensuring adherence to tax laws while minimizing the risk of penalties or scrutiny from tax authorities.

Our team of skilled auditors combines in-depth knowledge of tax regulations with a meticulous approach to deliver reliable and timely tax audit reports. We aim to support your organization in meeting statutory obligations while providing insights to enhance financial reporting practices.

Key Features of Our Tax Audit Services

• Regulatory Compliance: We ensure your financial records align with the requirements of Section 44AB and other relevant provisions of the Income Tax Act, 1961.
• Accurate Reporting: Our auditors verify the correctness of your books of accounts, ensuring all transactions are properly recorded and reported.
• Timely Submission: We assist in preparing and filing tax audit reports within the deadlines prescribed by the Income Tax Department.
• Risk Mitigation: We identify discrepancies or potential non-compliance issues, offering guidance to address them proactively.
• Detailed Analysis: Our audit process includes a review of income, expenses, deductions, and tax computations to ensure accuracy and transparency.
• Client Support: We provide clear explanations of audit findings and assist in addressing queries from tax authorities, if required.

Process of Tax Audit

1. Pre-Audit Planning: We engage with your team to understand your business operations, accounting systems, and specific tax audit requirements.
2. Document Review: Our auditors examine your books of accounts, financial statements, and supporting documents to verify compliance.
3. Verification and Testing: We perform detailed checks on income, expenses, tax calculations, and deductions to ensure accuracy and adherence to tax laws.
4. Report Preparation: A comprehensive tax audit report, including Form 3CA/3CB and Form 3CD, is prepared as per statutory requirements.
5. Submission and Follow-Up: We assist in filing the audit report with the Income Tax Department and provide support for any subsequent clarifications.

Our tax audit services are conducted in accordance with the guidelines issued by the Institute of Chartered Accountants of India (ICAI) and the Income Tax Act, ensuring high standards of quality and compliance. By entrusting us with your tax audit needs, you can focus on your core business activities while staying confident in your tax compliance.