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Income Tax Audit Services for Accurate and Compliant Tax Reporting

Income Tax Audit is required for certain taxpayers whose income or turnover crosses the prescribed limits under the Income Tax Act. My Startup Solution provides professional tax audit assistance to review financial records, prepare audit reports, and support accurate income tax compliance.

Whats Included
  • ✓ Preparation of applicable tax audit report
  • ✓ Tax compliance and adjustment review
  • ✓ Assistance with electronic tax audit filing

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Income Tax Audit Services

Income Tax Audit Services for Accurate and Compliant Tax Reporting

As a taxpayer, one has to comply with the Income Tax Act; if one surpasses the amount prescribed by the act when his business turnover or professional receipts surpass that amount.

My Startup Solution ensures complete Tax Audit Services such that the entire needs, to be satisfied with the legal requirements, are ensured, especially in terms of Section 44AB of the Income Tax Act, 1961. Thus, while our services ensure that your books of accounts are audited by qualified professionals, it also e...

As a taxpayer, one has to comply with the Income Tax Act; if one surpasses the amount prescribed by the act when his business turnover or professional receipts surpass that amount.

My Startup Solution ensures complete Tax Audit Services such that the entire needs, to be satisfied with the legal requirements, are ensured, especially in terms of Section 44AB of the Income Tax Act, 1961. Thus, while our services ensure that your books of accounts are audited by qualified professionals, it also ensures you meeting all your legal obligations on your timeline.
Normally, the tax audit report shall be submitted by 30 September of the Assessment Year. In that case, within the Timeline, urgency about time-related completion of actions becomes indispensable. Our experts help complete it accurate, observe all relevant regulations, and submit by due date.

Who May Need a Tax Audit?

Under the Income Tax Act, Section 44AB, subject matters and persons ought to have a tax audit. You ought to have tax audit if:

  • Business: Turnover or gross receipt in any accounting year exceeds Rs1 crore. However, if the cash transaction is less than 5% for entire receipts or payment for any accounting year, then the same is increased to Rs 5 crores.

  • Profession: Gross receipts over ₹50 Lakhs in any one financial year.

There are cases where, although your turnover is below these cutoff limits, a tax audit is required by some conditions that have arisen. Our team can check into your case and make sure all the obligations are complied with.

Importance of Tax Audit to Your Organization Insert Here

Auditing of a tax return has many benefits to your business:

  • Compliance & Avoiding Penalties: Ensures your business adheres to all tax laws and avoids penalties for non-compliance.

  • Increased Credibility: Audited financial statements increase the credibility of your business with all your customers, suppliers, investors, and even government.

  • Loans & Licenses: With the accreditation of audited reports by financial firms and government institutions, loans and licenses become easily accessible.

  • Prevention of fraud: Proper audit prevents fraud in its fullest extent because it provides vivid records of all financial transactions within your organization.

Through the audit, we ensure a practical insight to rectify business operations based on audit findings, making an audit something more than just a compliance check-a value-added service at My Startup Solution.

Penalty for Failure or Delay in Tax Audit:

Failure to file tax audit reports before the deadline can lead to penalties like:

  • 0.5% of gross receipts or sales or total turnover

  • Or Rs.1,50,000 whichever is less.

No problem, though those sanctions don't apply in any case here. My Startup Solution will definitively secure on-time compliance, and you will not have to be concerned with those.

Why Choose My Startup Solution?

My Startup Solution is based in Lucknow and has a very rich history as a tax audit firm for small, medium-sized, and large enterprises and professionals. We'll have well-designed, risk-based audit methodology, which should then limit any kind of disruption of your day-to-day operations to the maximum value you receive from our services. Our audit is devised in line with the latest standards as evolved by the Institute of Chartered Accountants of India. We are intimately involved with you upfront in managing any issues arising in ensuring that your audit process is smooth and efficient.

Our team is very committed to protecting your business from legal complications while providing timely and actionable insights. If you are looking for professional Lucknow tax audit services, then simply call My Startup Solution today. Let us handle all that hassle so that you can keep your focus on increasing your business.

Income Tax Audit Services
Who qualifies

Who Needs an Income Tax Audit?

  • Businesses Crossing the Prescribed Turnover Limit: Businesses may be required to undergo an Income Tax Audit when their turnover or gross receipts exceed the applicable limit under the Income Tax Act.
  • Professionals Exceeding the Specified Receipts Limit: Individuals and professionals whose gross receipts cross the prescribed threshold may need to get their accounts audited by a Chartered Accountant.
  • Businesses Opting for Presumptive Taxation: An audit may apply when a taxpayer covered under presumptive taxation does not follow the prescribed conditions or declares income below the specified limits.
  • Other Cases Covered by Tax Law: Certain taxpayers may require an audit based on specific provisions of the Income Tax Act, even when the general turnover threshold is not exceeded.
Paperwork

Documents required

Documents Required for Income Tax Audit

✓ Books of Accounts: Provide cash books, ledgers, journals, purchase and sales records, and other relevant books maintained for the financial year.
✓ Bank Statements: Bank statements for all business or professional accounts help verify transactions, receipts, payments, and account balances.
✓ Invoices and Expense Records: Sales invoices, purchase bills, expense receipts, and supporting documents are required to substantiate business transactions and deductions.
✓ Financial Statements: Balance sheet, profit and loss account, and related financial statements are reviewed as part of the Income Tax Audit.
✓ GST and Tax Records: GST returns, registration details, TDS records, and other applicable tax documents may be required for reconciliation and verification.
✓ Details of Loans and Investments: Information about loans, fixed assets, investments, and other significant financial transactions may be required during the audit.
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How it works

Registration process

A simple four-step process, start to finish.

1

Review of Financial Records

My Startup Solution reviews the books of accounts, financial statements, transactions, and supporting documents to identify discrepancies and ensure proper reporting.
2

Verification and Reconciliation

Income, expenses, bank transactions, GST records, TDS details, and other relevant figures are checked and reconciled with the available records.
3

Audit and Reporting

The Chartered Accountant examines the accounts and prepares the applicable tax audit report in the prescribed format based on the taxpayer's financial information.
4

Filing of Audit Report

After completing the review, the applicable Income Tax Audit Report is submitted electronically within the prescribed due date, subject to the taxpayer's applicable requirements.

Frequently asked questions

An income tax audit examines specified books and financial records and reports relevant information to the Income Tax Department. It helps meet prescribed tax reporting requirements and provides a structured review of financial and tax-related information.

Common documents include books of accounts, financial statements, bank statements, sales and purchase records, expense details, invoices, fixed asset information, GST records where applicable, and previous tax records. The exact requirements depend on the taxpayer.

An income tax audit is mandatory for taxpayers who fall within the conditions specified under Section 44AB of the Income Tax Act. The requirement depends on the taxpayer’s nature of business or profession, applicable turnover or receipts, and other conditions prescribed for the relevant year.

Section 44AB specifies circumstances in which certain taxpayers are required to get their accounts audited by a prescribed accountant and furnish the applicable tax audit report. The section covers specified businesses, professions, and certain presumptive taxation situations.

GST turnover and income tax turnover are related but should not automatically be treated as identical for every tax audit calculation. The appropriate turnover or gross receipts must be determined based on the applicable income tax provisions and the taxpayer’s circumstances.

Failure to comply with applicable tax audit requirements may result in consequences under the Income Tax Act, including a penalty where the prescribed conditions are satisfied. The specific consequences depend on the circumstances and applicable provisions for the relevant assessment year.

Yes. Certain professionals may be required to get their accounts audited when their gross receipts or other circumstances fall within the conditions prescribed under the Income Tax Act. The applicable threshold and rules should be checked for the relevant assessment year.
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