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Income Tax Audits

An Income Tax Audit in India is a thorough examination of a taxpayer’s accounts and financial records to ensure compliance with the provisions of the Income Tax Act, 1961. It is conducted by a Chartered Accountant (CA) who verifies the accuracy of the taxpayer’s income, deductions, and other tax-related information. An Income Tax Audit helps maintain the integrity of the tax system and ensures that taxpayers meet their obligations accurately and fairly. An audit is the examination of the financial report of an organisation – as presented in the annual report – by someone independent of that organisation. The financial report includes a balance sheet, an income statement, a statement of changes in equity, a cash flow statement, and notes comprising a summary of significant accounting policies and other explanatory notes.

Document Required

  • PAN CARD
  • AADHAR CARD
  • BANK STATEMENT
  • FOMR 16 (SALARY & TDS)
  • CAPITAL GAIN ASSETS

GST Audit

Audit under GST is the process of examination of records, returns and other documents maintained by a taxable person. The purpose is to verify the correctness of turnover declared, taxes paid, refund claimed and input tax credit availed, and to assess the compliance with the provisions of GST.
  • Checking and confirming the data on the invoice.
  • Input tax credit reversal for late payments made within 180 days.
  • E-way bill analysis and invoice comparison.
  • The auditors will scrutinise your quarterly and monthly returns. You must carry data in addition to the necessary supporting paperwork.
  • Ensuring the pending stock with employees on the job.
  • GSTR 3B evaluation using GSTR 1 and GSTR 2A. The procedure comprises GSTR Amendment, GST Penalties, and GST Interest.
  • The auditor encourages you to make adjustments if there are any data gaps during the audit.

Company Audit

A company audit is a systematic examination of a company’s financial statements, records, and operations to ensure accuracy, compliance, and transparency. The audit is typically conducted by an independent auditor to provide an objective assessment. The primary purpose of a company audit is to verify the accuracy of the financial statements and ensure they present a true and fair view of the company’s financial position. It also helps detect and prevent fraud and errors.
  • Statutory Audit: Mandatory audits required by law, usually for public companies and large private companies
  • Internal Audit: Conducted by the company’s own internal auditors to evaluate internal controls, risk management, and operational efficiency.
  • External Audit: Conducted by independent auditors outside the company to provide an unbiased opinion on the financial statements.
  • Tax Audit: Focused on ensuring compliance with tax laws and accurate reporting of tax liabilities.

Trust Audit

A trust audit in India involves a detailed examination of the financial records and operations of a trust to ensure compliance with legal and regulatory requirements, proper management of funds, and adherence to the objectives for which the trust was established. To verify the accuracy and completeness of financial records. Established for charitable purposes like education, relief of the poor, medical relief, and other activities serving the public good. Various states in India have their own public trusts acts, such as the Maharashtra Public Trusts Act, 1950, governing charitable trusts. rusts with income exceeding a specified limit (usually ₹2.5 lakhs per annum) are required to get their accounts audited. Ensuring compliance with legal requirements, including registration, filing of returns, and maintenance of proper records. In summary, trust audits in India are essential for maintaining the integrity, accountability, and transparency of trust operations, ensuring that the funds are used effectively and for the intended purposes.

Co-operative Societies Audit

An audit of cooperative societies in India involves examining their financial statements and records to ensure compliance with legal requirements, accurate financial reporting, and proper management of funds. Cooperative societies are organizations owned and operated by their members for mutual benefit. Cooperative societies in India are governed by state-specific Cooperative Societies Acts, as well as the Multi-State Cooperative Societies Act, 2002 for societies operating in more than one state. The audit of cooperative societies is mandated under these acts and relevant state rules. The audit report includes an opinion on the financial statements, highlighting any discrepancies, non-compliance issues, and areas needing improvement. The report must be submitted to the society’s management, governing body, and relevant regulatory authorities. The audit of cooperative societies in India is a crucial process to ensure the accurate and transparent management of financial resources, compliance with legal requirements, and the overall financial health and operational efficiency of the society.

Co-operative Societies Audit

Concurrent audit in India is a continuous audit process that occurs simultaneously with the financial transactions it aims to review, providing real-time scrutiny and feedback. This type of audit is particularly prevalent in the banking and financial sector but can be applied to other industries and organizations for enhanced internal controls and risk management. Reviews daily or periodic transactions such as loans, advances, cash operations, investment activities, and other financial operations. Mainly applied in banks and financial institutions, particularly in branches with large volumes of transactions or high-risk operations. Concurrent auditors maintain detailed records of their findings, observations, and recommendations. Concurrent audit in India is a proactive approach to auditing that provides real-time assurance on the accuracy, compliance, and effectiveness of financial transactions and operations. It is a valuable tool for organizations seeking to enhance their internal controls, risk management, and overall governance framework.

Concurrent Audit

At N.R. Mantri Taxcontroll Planner (OPC) Private Limited, we specialize in providing expert consultancy for income tax notices and scrutiny. Our dedicated team ensures that your tax issues are handled with precision and professionalism. We offer personalized solutions tailored to your specific needs, ensuring compliance and minimizing liabilities. Our comprehensive approach includes thorough documentation review, representation before tax authorities, and strategic planning to mitigate future risks. Trust us to navigate the complexities of tax regulations and provide you with peace of mind. With N.R. Mantri, you’re in expert hands. Contact us today for reliable and efficient tax consultancy services.

Stock Audit

A stock audit in India, also known as an inventory audit, is a process of physically verifying and assessing the quantity, condition, and value of a company’s inventory. It ensures that the inventory records accurately reflect the actual stock on hand and helps identify discrepancies, losses, and inefficiencies. Stock audits are essential for manufacturing companies, retail businesses, wholesalers, and any organization that maintains significant inventory levels. Banks and financial institutions often require stock audits for businesses that have availed loans secured by inventory. Counting and inspecting the actual inventory items. This may involve techniques such as cycle counting, full inventory counts, or sample-based counts. Ensuring that the inventory records accurately reflect the actual stock levels. Assessing the effectiveness of internal controls over inventory management, including procurement, storage, and issuance procedures. A stock audit in India is a critical process for ensuring accurate inventory records, proper valuation, and effective inventory management. It helps organizations maintain control over their inventory, reduce risks, and enhance overall operational efficiency.