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:

Maintaining accurate and organized financial records: We help our clients to maintain comprehensive and accurate financial records, including income, expenses, deductions, and supporting documentation. By organizing and documenting their financial transactions, clients provide a solid foundation for the tax audit process.
Compliance with tax laws and regulations:Pentagon Taxcorp needs to ensure they comply with relevant tax laws and regulations. Staying up to date with changes in tax laws and regulations, such as income tax, sales tax, and payroll tax, is essential. Compliance includes timely and accurate filing of tax returns, payment of taxes owed, and adherence to reporting requirements.
Engaging tax professionals: We can engage tax professionals or tax advisors, who specialize in tax auditing and compliance. These professionals can provide guidance on tax planning, ensure accurate tax calculations, and assist with preparing tax audit reports and filing tax returns. Our expertise helps companies navigate complex tax laws and minimize the risk of errors or non-compliance
Conducting internal tax audits:We can conduct internal tax audits as part of their tax compliance procedures. These audits involve reviewing financial records, identifying potential tax issues, and reconciling tax returns with supporting documentation. Internal tax audits help companies identify and rectify any errors or inconsistencies before external tax auditors are involved.
Collaboration with external auditors:If an external tax audit is initiated, Pentagon Taxcorp Company can support their clients by collaborating with the external auditors. This includes providing access to financial records, answering queries, and facilitating the audit process. Open and transparent communication between the company and the external auditors helps ensure a smoother and more efficient tax audit
Documentation of tax positions and strategies: We help our clients in preparing proper documentation that demonstrates that the company has made reasonable efforts to comply with tax laws and regulations and can help justify the tax positions taken during the audit.
Responding to audit findings and inquiries: In the event of audit findings or inquiries from tax authorities, we support our clients in promptly address and respond to the issues raised. This may involve providing additional information, clarifications, or supporting documentation to resolve any discrepancies or concerns identified during the tax audit.
Continuous monitoring and improvement: We can continuously monitor and improve their tax compliance processes and systems. Regular reviews and assessments help identify areas for improvement, enhance internal controls, and reduce the risk of tax-related issues. Staying proactive and vigilant in tax compliance efforts can lead to a smoother tax audit experience.

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.

Here’s how we can assist you

Registration Support
Legal Compliance
Tax Planning and Reporting
Business Advisory Services
Ongoing Support