INCOME TAX AUDIT UNDER INCOME TAX ACT,1961

• Section 44AB of the Income-tax Act, 1961 contains the provisions for the tax audit of an entity.
• These provisions, tax audit shall be conducted by a Chartered Accountant who ensures that the tax payers have maintained proper books of account and complied with the provisions of the Income-tax Act.
• To help in the cumbersome and time consuming process of return processing by the Income tax department, assessing officer helps and assist in computation of assessee’s total income in accordance with the tax laws, audit under section 44AB of Income-tax Act, 1961 is required.
• Tax audit is also required to ensure proper maintenance of books of accounts in accordance with the provisions of tax laws and to ensure that tax liability has been discharged on time and there is no concealment of income by the assessee.
• Tax Audit conducted by a Chartered Accountant is reported to the Income-tax department in Form no. 3CA/3CB and Form no. 3CD along with the income tax return.

1. A person carrying on business if the total sales/ turnover exceeds Rs. 1 crore during the previous year relevant to assessment year.
2. A person carrying on profession if the Gross receipts exceeds Rs. 50 lakhs during the previous year relevant to assessment year.
3. Also, the person who has opted for computing profits and gains of business on presumptive basis under section 44AD earlier and 5 years have not lapsed since then but the assessee has opted out of such presumptive income and his income exceeds the ceiling for chargeability of income tax, is also required to get tax audit done.
4. Further where a person has opted for presumptive scheme under section 44ADA and he claims his income lower than the deemed profits and his income exceeds the ceiling for chargeability of income tax, is also required to get tax audit done.

GST AUDIT UNDER GST ACT, 2017

• Every registered person, whose turnover during the financial year exceeds the prescribed “GST audit turnover limit” i.e., 2 crore rupees, shall get the accounts audited by a Chartered Accountant (CA) or a Cost and Management Accountant (CMA).
• Registered person who is required to get his accounts audited in accordance with section 35(5) shall submit electronically the Annual Return as per section 44 along with a copy of the audited statement of accounts and a reconciliation statement, reconciling the value of supplies declared in the return furnished for the financial year.
• It provides the services to the client with suggestion for improvement in the day to day handling of the GST glitches.

INTERNAL AUDIT & SUPPORT

• You’ll have a partner who thinks about risk in the context of your business.
• We apply a business lens to your challenges and opportunities, and draw on our experience, sector insight and global business acumen to help you get more Power in Every Hour out of your investment in internal audit.
• Our sourcing support for internal audit can not only help improve your organizations' internal financial, business and IT controls, but also turn your internal audit function into a strategic asset.
• We unite perspectives with CV Group's Risk Management & Compliance and Controls Testing & Monitoring Solutions, to guide you in a holistic approach to governance, risk and compliance in coordination.

TRANSFER PRICING AUDIT AND COMPLIANCE

• Complying with international transfer pricing guidelines is challenging at best.
• As local authorities around the world become more protective of their tax revenues, international transfer pricing is under increased scrutiny, and noncompliant pricing practices are much more likely to result in tax penalties and significant interference in your business from regulatory authorities.
• No matter what their size, companies need to pay strict attention to ensure that their international transactions are compliant with transfer pricing guidelines in each jurisdiction, robust enough to stand up to increased scrutiny from tax authorities, and designed to mitigate unintended tax exposures