Tax audit is one of the most relevant and demanded types of auditing services in India. During such an audit, the correctness of tax accounting is checked, the formation of a tax base for all taxes and fees, the correctness of the preparation and submission of tax returns, the timeliness of the transfer of taxes and fees, and other aspects of taxation are considered.
Such a company audit is carried out by the decision of the founders and/or the management of the organization and can cover any period of the organization’s activity.
Tax audit is carried out in the following cases:
- When checking the work of the accounting service of the enterprise;
- When assessing possible tax risks;
- When optimizing taxation;
- Identifying errors in the calculation of taxes and fees;
- When setting up a tax accounting system, etc.
The purpose of a tax audit is to identify errors in accounting and tax accounting systems and develop measures to eliminate them. Usually, tax audit services are requested by those who are interested in assessing the tax risks of an enterprise and minimizing them.
The clients of tax audit receive professional advice on how to correct errors in tax accounting and reporting, and to reduce tax risks. A tax audit is necessary not only for an operating enterprise, but it is also indispensable when setting up a new business, at the time of planning and calculating future income and expenses, so as not to incur unexpected expenses.
A timely tax audit of the planned business will help to avoid negative consequences. Tax planning should become an integral part of management.
The service provided by top Indian audit firms helps a business owner in detecting the issues that he/she may face in the future, reviewing the issues that may lessen the taxes to be paid in compliance with the laws and rights given to a taxpayer as per the tax laws, and guiding and informing them on the same.
The tax audit is one through which the correct registration and settlement of the financial information of a company or individual and compliance with their tax obligations are verified.
In today’s globalization of the world economy, tax legislation has become complex nationally and internationally. AKGVG, with its expert staff and wide experience, who know national and international tax and trade legislation, follows the changes in the legislation, contributes to the businesses it serves against the opportunities and risks created by the market conditions within the framework of the rights granted by the tax legislation.
This content is meant for information only and should not be considered as an advice or legal opinion, or otherwise. AKGVG & Associates does not intend to advertise its services through this.
Posted by:
CA Aman Aggarwal
AKGVG & Associates