India's Trusted
Income Tax Audit
Firm.

Why Income Tax Audit ?
- Ensure Compliance with Tax Laws
- Detect and Prevent Financial Irregularities
- Validate Accuracy of Financial Statements
- Avoid Penalties for Non-Compliance
- Build Credibility with Stakeholders
- Facilitate Smooth Tax Assessment Process
Frequently Asked Questions
Businesses with a turnover exceeding ₹1 crore (₹10 crore for digital transactions) and professionals with gross receipts above ₹50 lakhs must undergo an Income Tax Audit. Specific cases under presumptive taxation may also require an audit.
Key documents include books of accounts, balance sheets, profit and loss statements, TDS records, GST filings, and supporting invoices or receipts.
The purpose is to ensure compliance with tax laws, verify the accuracy of financial records, detect discrepancies, and avoid penalties or legal issues.
Typically, the due date for filing an audit report is 30th September of the assessment year, but it may vary based on government notifications.
Failure to file the audit report within the due date can result in penalties of 0.5% of turnover or gross receipts, subject to a maximum of ₹1,50,000.
Yes, an audit report can be revised if errors or omissions are discovered before the assessment is completed. The revised report must include correct details.
Send Us Your Documents.
Do you want to work with us? Please, send your Documents to taxovita@gmail.com
Upto : 3 Lakhs
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Time :
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Salary:
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No. Of Vacancy:
8

An Income Tax Audit is essential to ensure that businesses and individuals comply with the provisions of the Income Tax Act and maintain transparency in their financial records. It helps detect and prevent discrepancies, such as underreporting of income or overclaiming of expenses, ensuring accurate tax calculations. A tax audit also validates the accuracy of financial statements, which builds trust with stakeholders, including investors and financial institutions. Furthermore, it helps businesses avoid penalties and legal complications by adhering to tax laws and facilitates a smooth assessment process by providing a clear record of financial transactions.
- Ensure Compliance with Tax Laws:
Helps businesses and individuals adhere to the Income Tax Act provisions. - Detect and Prevent Discrepancies:
Identifies underreported income or overclaimed expenses, ensuring accurate tax calculations. - Validate Financial Accuracy:
Verifies the correctness of financial statements and records. - Avoid Penalties and Legal Issues:
Ensures compliance with regulations, reducing the risk of penalties or legal complications. - Build Credibility with Stakeholders:
Boosts trust among investors, creditors, and other financial partners. - Facilitate Smooth Tax Assessments:
Provides a clear and detailed record of transactions for easy tax scrutiny.
How Income Tax Audit Works
An Income Tax Audit involves a systematic review of financial records to ensure compliance with tax laws. Here’s how it works:
- Assessment of Applicability:
Determine if your business or individual account is subject to an income tax audit based on turnover, gross receipts, or other criteria specified under the Income Tax Act. Appointment of Auditor:
Engage a qualified Chartered Accountant (CA) to conduct the audit and review your financial records.Document Collection:
Provide all necessary financial documents, such as books of accounts, profit and loss statements, balance sheets, TDS records, and other relevant documents.Audit Procedures:
The auditor reviews the financial records for accuracy, compliance, and adherence to tax laws. They verify income, expenses, deductions, and tax calculations.Preparation of Audit Report:
The auditor prepares Form 3CA/3CB (audit report) and Form 3CD (details of audit findings), highlighting key observations and ensuring accuracy.Submission of Audit Report:
The completed audit report is submitted electronically on the Income Tax Department’s e-filing portal before the specified due date.Post-Audit Support:
Address any queries or follow-ups from the Income Tax Department based on the submitted audit report.
This process ensures transparency, compliance, and error-free reporting of financial transactions.
Why Choose Taxovita?
Taxovita is your trusted partner for reliable and efficient tax and financial services. With a team of experienced professionals and a customer-centric approach, we ensure that every aspect of your tax filing and financial needs is handled with utmost precision. Our streamlined processes, personalized solutions, and commitment to excellence make us the ideal choice for individuals and businesses across India.
Key Benefits of Choosing Taxovita:
- Experienced Professionals: A team of experts with in-depth knowledge of tax and financial regulations.
- Personalized Solutions: Tailored services to meet the unique needs of each client.
- Hassle-Free Processes: Streamlined and efficient processes to save you time and effort.
- Transparency: Clear communication and updates at every step for complete peace of mind.
- Affordable Services: Competitive pricing without compromising on quality.
- Comprehensive Support: From tax filing to compliance and financial planning, we cover it all.
With Taxovita, you can focus on what matters most while we take care of the complexities.
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