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A Tax Audit is an audit, made compulsory by the Income Tax Act, if the annual gross turnover/receipts of the assesse exceed the specified limit. Tax audit is conducted in Sec 44AB of the Income Tax Act,1961 by a Chartered Accountant.
At Nagpal & Nagpal Chartered accountants, we provide specialized services in the following areas
Preparation of financial statements: We recognizes the management’s needs for submitting timely financial statements with conformity to the industry practices and rules and regulations. We assist our clients by helping them prepare financial statements that reflect the client’s fair and transparent dealings while conducting any business transactions. The company assists in preparing financial statements like Cash Flow statement, Profit and Loss Account and Balance sheet for our clients.
Financial review: We help in identifying the strengths and weaknesses of the financial accounting procedures and systems of our clients. The deficiencies are addressed by suggesting suitable measures for improvement that ensure quality while meeting the industry standards.
Tax related issues: We advises companies on various issues related to complicated tax regulations that can have financial implications for the companies. The main objective is to minimize any tax burden for the company allowing them to experience a greater control of their financial position and performance as a stakeholder.