Tax Audit Services for Business and Professionals
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Tax Audit is mandatory under section 44AB of the Income Tax Act, 1961. Every person carrying on a business whose total sales or turnover exceeds Rs. 1 Crore and by a person carrying on a profession and his gross receipts from profession exceed Rs. 50 Lakhs in the previous year, is liable to get his Tax Audit mandatorily.
Penalty for Non-compliance
Any company or individuals not complying to is subject to penalty. For companies, the penalty is 0.5% of the total sales, turnover or gross receipts. As for individuals, the penalty is up to Rs 1,50,000. Some companies or individuals overlook the deadline for tax filing. The prepared tax report must be filed together with tax filing on every 30th September of the relevant assessment year. Engaging with tax audit services in India ensures that all tax report can be filed just in time of the due date.
Our objective is to reduce the tax burden by reviewing the disallowances and deductions within the parameters of the Income Tax Act, 1961. The assessment is thoroughly conducted, focusing on precise computations for determining the accurate assessable income. Pentagon Taxcorp offers a range of services that comply with high auditing and accounting standards, aligning with the comprehensive statutory and regulatory provisions of the Income Tax Act, 1961.
Pentagon Taxcorp support their clients in completing their tax auditing by taking the following actions:
By implementing these measures, Pentagon Taxcorp can support their clients in completing their tax auditing processes effectively and efficiently. Collaboration, compliance, accurate record-keeping, and engagement with tax professionals are key components of successful tax audit support.