lex koterie

TAX Audit

Assurance over information in Financial Statements help to navigate complexity & brings transparent information to investors & stakeholders.

Detailed Analysis
Tax Preparation
Check Fraud
& Malpractices

Lex Koterie LLP is a leader in assurance, tax, transaction & advisory. Our tax practice is a long- established one with specialists across all regulations & experience with Income Tax Preparation, assessment, scrutiny & dispute cases. The professional leaders provide detailed evaluations covering tax audit workflow.

There are various laws in India that govern different kinds of audit like income tax audit, stock audit, cost audit, company or statutory audit as per company law, to name a few. Section 44AB of the Income Tax Act, 1961, lays down the provisions for income tax audit.

Provision related to Tax Audit

When the annual gross turnover or professional receipt of an assessee exceeds the limit as specified in the Income Tax Act 1961, the Income tax act makes it compulsory to conduct an audit under section 44AB of Income Tax Act, 1961. In common parlance, such audit is referred as “Tax audit” Income Tax Act 1961 specified requirement of audit under different sections such as:

  • Audit under Section 12A (b) of Income Tax Act, 1961 in case of charitable or religious trust of institutions.
  • Tax audit under section 44 AB in the case of a person referred to in clause (b) of sub-rule (1) of rule 6G.
  • Various other audit requirements are given under different sections such as Section 33AB, 35D, 33ABA, 32AB etc. for special deductions and tax holidays.
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We also advise clients on how to effectively navigate the myriad of tax, and regulatory issues in cross- border transactions to help manage compliance risks and potentially enhance returns.

Our goal is to minimize your business and personal tax exposure by means of legitimate planning and keeping you aware of the changing requirements of the taxation system in India and abroad.

Importance of Tax Audit
Forms Required for Tax Audit

Tax Audit reports can be presented in two different ways by tax auditors, differing on the basis of the laws under which the accounts have been audited.

Presumptive Taxation Scheme u/s 44AD of Income Tax Act, 1961
Presumptive Taxation Scheme u/s 44ADA of Income Tax Act, 1961

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