Income Tax Audit Services in Bangalore
Income Tax Audit Services in Bangalore
Income Tax Audit Services in Bangalore - Filing income tax on time and compliance with all the regulations related to income tax is a prerequisite for various types of businesses. As the Income Tax Act, 1961 mandates individuals, firms or companies with a certain turnover to get their books of accounts audited by an independent Practicing Chartered Accountant or a firm the need for tax auditors arises. At Prakasha & Co you will find a team of Company Secretaries, CA, GST experts, and legal experts to manage all your GST, accounts, income tax filing, Trademark and audit needs. We offer the best Income Tax Audit Services in Bangalore available at an affordable charges.
The core purpose of an audit is to ensure that a business abides by the tax laws launched by the Income Tax Act of India. Our CAs have an extensive experience in identifying any errors or discrepancies at the beginning by carefully assessing books of accounts and other financial records. You can avail our Income Tax Audit Services in Bangalore and free yourself from navigating the complexities of Income tax and its laws. Read the blog further to delve deeper into the intricacies of income tax audit, its purpose, and various other aspects.
The best Income Tax Audit Services in Bangalore can be found at +91-7019 827 351 or you can also reach us by dropping an email at Prakashaandco@gmail.com.
Need For an Income Tax Audit
To fully comprehend the income tax audits, it is first important to understand the purpose of tax audits or why it is conducted. Income Tax Act, 1961 requires, Persons (individuals, firms or companies) whose turnover during the financial year exceeds limits specified below to get their books of accounts audited by a independent Practicing Chartered Accountant or a Charted accountancy firm.- For persons carrying on business Rs. 1 Crore or 10 Million ( For businesses declaring income under section 44AD the limit is Rs. 2 Cr)
- For persons carrying on profession Rs. 50 Lakhs 0.5 Million
- Asset Due diligence
- Ensures that all the financial records and books of accounts are maintained and certified by a tax auditor.
- The audit reported generated at the end confirms the compliance with various provisions of income tax law.
- Make Sure that your business records reflect the actual income for the deductions to be made accurately.
Individuals and Businesses Obligated to Undergo Tax Audits
The income tax departmet in India has made it mandatory for the individuals and businesses with sales, turnover or gross receipts of a business exceed Rs 1 crore in the financial year. For the professionals, receipts over Rs. 50 lakhs also make you eligible for you a tax audit. People from several professions such as engineers, actors, medical professionals, interior decorators, architects and legal professionals. Our Income Tax Audit Services in Bangalore are perfectly capable of catering to the audit requirements of different professions You can refer to the rule of 6F of the income tax rules, 1962 to get an exhaustive list of the professions. Several categories of circumstances where tax audits are required is elaborated in the table below.|
Eligible Categories |
Different Circumstances |
Threshold |
| Business | Carrying on business | - Total sales, turnover or gross receipts exceed Rs.1 crore in the FY - Cash transactions are up to 5% of total gross receipts and payments, the threshold limit of turnover for tax audit is increased to Rs.10 crores |
| Carrying on business eligible for presumptive taxation under Section 44AE, 44BB or 44BBB | Claims profits or gains lower than the prescribed limit under the presumptive taxation scheme | |
| Carrying on business eligible for presumptive taxation under Section 44AD | Declares taxable income below the limits prescribed under the presumptive tax scheme and has income exceeding the basic threshold limit. | |
| Professions | Carrying on profession | Total gross receipts exceed Rs 50 lakh in the FY |
| Carrying on the profession eligible for presumptive taxation under Section 44ADA | - Income exceeds the maximum amount not chargeable to income tax- Mentions profits or gains lower than the prescribed limit under the presumptive taxation scheme | |
| Business Loss | Business loss from carrying on of business and not opting for presumptive taxation scheme | Total sales, turnover or gross receipts exceed Rs 1 crore |
| Taxpayer’s total income exceeds basic threshold limit but has incurred a loss from carrying on a business (not opting for presumptive taxation scheme) | Loss from business when sales, turnover or gross receipts exceed 1 crore, the taxpayer is subject to tax audit under 44AB |
Connect With the Best Income Tax Audit Services in Bangalore
Income tax audits plays a crucial role for the smooth functioning of any business. It is important to hire the top income tax audit services in Bangalore who can accurately and precisely analyse your account books and financial records. At Prakasha & Co we offer range of assurance and business services to a diverse client base ranging from small businesses & start-ups to large groups and development sector. Our team of audit experts make sure that all your reporting requirements are met at the due time. With Prakasha & Co you can enjoy best tax planning advices that'll help your company run efficiently and cost effectively. We are backed up by a highly qualified and professional staff who utilizes time tested methods towards providing income tax audit services in Bangalore. We put emphasis on the compliance with the Indian GAAP, US GAAP and IFRS for Indian Companies. We are preferred in Bangalore for our adherence to Auditing standards issued by ICAI in carrying out our audit and assurance services. The list of benefits you and your business can enjoy after choosing our unmatched tax audit services in Bangalore are mentioned as follows:- Backed up by a team of Charted Accountants having more than 10 years of experience.
- Commitment to understanding the unique needs of each client.
- A vast experience in catering diverse business fields from pharmaceutical business to IT and Travel & Tour Operations, etc.
- Experts with thorough expertise and experience in income tax matters.
Reach the Best Income Tax Audit Services in Bangalore At!
Name: Prakasha & Co Address: 188/1, Sahakarnagar, Bangalore-92 Phone: +91-7019 827 351 Email: Prakashaandco@gmail.com
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Our Client's Review
Nitesh P2023-07-31Best place to file ur GST n IT returns .. They respond quickly, communicate well and get ur work done as per ur needs in a very short time ..Raghavendran V2023-07-27Best place for Income tax filingShruti Pb2023-07-17Of all the CA, CS teams I have interacted with, they are the most prompt and organized. I have taken their services for almost 3 years now for various things like income tax queries, income tax filing, networth certificates, and compliance certificates. They always display a clear understanding of the law and are also able to explain it to you in layman terms. Overall a very resourceful and courteous team. Thank you for the support!Suvadhana B2023-03-13Best company secretary I bangalore ever seen such quick quality serviceHeenarustam Sayal2023-03-12Prakasha & Co has been a lifesaver for me when it comes to my tax dispute and filings with IT office. They are always very responsive and helpful whenever I have any questions or issues, I recently had an issue with my sister business GST filings, and they were able to quickly identify the issue and help me resolve it. They really go above and beyond to make sure their clients are taken care of.moh Samn2023-02-17''The team at Prakasha& Co made sure my company was compliant with all the legal requirements. Their attention to detail and timely response was truly remarkable."Rizwan RS2023-02-17"I was impressed with the level of customer service provided by Prakasha& Co. They were always available to answer my questions and provide guidance throughout the company registration process."
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