Tax Audit

Auditing the financial statements of an entity in accordance with the provisions of the Income tax of India and providing disclosures through specified formats. It is an examination/review of accounts of any business /profession carried out by the taxpayer from an income tax viewpoint.

Tax audit is conducted to ensure proper maintenance and correctness of books of accounts and certification of the same by tax auditor and Reporting of observations/discrepancies noted by tax auditor after a methodical examination of books of account and Reporting prescribed information such as tax depreciation, compliance of various provisions of income tax law etc. This in turn enables and also saves time for tax authorities in verifying the correctness of income tax returns filed by the taxpayer such as total income, claim for deductions etc.