Tax Audit Services

Tax Audit Services

Ensuring Tax Compliance and Financial Accuracy with TKM Associates

At TKM Associates, we provide expert Tax Audit Services to help businesses meet statutory requirements under the Indian Income Tax Act. Our meticulous approach ensures compliance, financial accuracy, and risk mitigation, empowering businesses to operate seamlessly while adhering to legal obligations.

What Is a Tax Audit?

A tax audit is a thorough examination of an organization’s financial records and transactions to ensure compliance with the provisions of the Income Tax Act, 1961. Mandated under Section 44AB, it applies to businesses and professionals whose turnover or receipts exceed specified thresholds.

Our Tax Audit Services Include:

Compliance Verification:

• Ensuring adherence to all provisions of the Income Tax Act.
• Verifying the accuracy of income declarations and deductions claimed.

Review of Financial Records:

• Examining financial statements, ledgers, and transaction records.
• Identifying discrepancies or irregularities in reporting.

Preparation and Filing of Tax Audit Reports:

• Preparing Form 3CA, 3CB, and Form 3CD as required.
• Filing tax audit reports within prescribed timelines.

Turnover and Revenue Analysis:

• Assessing turnover thresholds to determine audit applicability.
• Analyzing revenue streams and identifying tax-saving opportunities.

Compliance with GST and Other Taxes:

• Reviewing compliance with Goods and Services Tax (GST) and other indirect taxes.
• Aligning tax audit findings with GST records for consistency.

Guidance on Penalty Avoidance:

• Identifying potential non-compliance areas.
• Providing actionable recommendations to prevent penalties.

Assessment of Deductions and Exemptions:

• Ensuring eligibility and proper documentation for deductions under various sections.
• Optimizing tax liabilities without compromising compliance.

Tax Risk Identification:

• Highlighting risks in tax practices and suggesting mitigation strategies.

Who Requires a Tax Audit?

• Businesses with a turnover exceeding ₹1 crore (₹10 crore for those opting for digital transactions).
• Professionals with gross receipts exceeding ₹50 lakhs.
• Entities declaring lower profits than prescribed under the presumptive taxation scheme.

Benefits of a Tax Audit:

• Regulatory Compliance: Avoid penalties by meeting statutory requirements.
• Accurate Financial Reporting: Ensure transparency and reliability in financial records.
• Tax Savings: Identify legitimate deductions and exemptions to optimize tax liabilities.
• Fraud Prevention: Detect discrepancies and irregularities in financial records.
• Improved Decision-Making: Gain insights into financial health and tax positions.

Why Choose TKM Associates for Tax Audit Services?

• Expert Knowledge: Our team has in-depth expertise in Indian tax laws and regulations.
• Comprehensive Approach: We provide end-to-end support, from record verification to filing audit reports.
• Timely Delivery: Ensuring audits are completed and filed within prescribed timelines.
• Confidentiality Assured: We handle sensitive financial data with utmost discretion and professionalism.
• Tailored Solutions: Services customized to meet the unique needs of each business.

Industries We Serve:

• Manufacturing and Retail
• IT and Technology
• Healthcare and Pharmaceuticals
• Real Estate
• E-Commerce and Startups

Stay Compliant and Tax-Savvy with TKM Associates

A tax audit is more than a regulatory requirement—it’s an opportunity to optimize your tax liabilities and strengthen financial integrity. With TKM Associates, ensure your business is compliant, efficient, and well-prepared for growth.