At Four Plus Legal Compliance, we specialize in Income Tax Return (ITR) Audit services, helping businesses, professionals, and other entities ensure their financial records and tax filings are accurate and compliant with the Income Tax Act. An ITR audit is mandatory for specific taxpayers and helps avoid discrepancies that could lead to legal or financial penalties.
What is ITR Audit?
ITR audit is the process of reviewing and verifying a taxpayer’s financial records to ensure that the income, expenses, and tax paid are correctly reported in the ITR. This audit is essential for businesses and professionals whose turnover exceeds the prescribed limits, or for companies, and it helps ensure that all records are in order.
Why ITR Audit is Important?
- Compliance Verification: Ensures your tax filings meet all the statutory requirements, preventing penalties for non-compliance.
- Accuracy of Financial Records: The audit verifies the accuracy of financial statements and ensures that your tax returns are free of errors.
- Transparent Financial Reporting: It enhances transparency in financial reporting, ensuring your books are in order.
- Tax Liability Evaluation: The audit helps in accurately assessing the tax liability, ensuring you do not overpay or underpay.
Who Needs an ITR Audit?
- Businesses: Businesses with an annual turnover exceeding ₹1 crore must undergo an ITR audit.
- Professionals: Professionals with a turnover exceeding ₹50 lakh need to get their books audited.
- Companies and LLPs: All companies and LLPs must undergo an ITR audit, irrespective of their income.
- Voluntary Audit: Small businesses below the turnover limits may opt for voluntary audits to ensure transparency and accuracy.
Our ITR Audit Services Include:
- Financial Record Review: We examine your financial records and assess whether they are in compliance with tax laws.
- Tax Computation Verification: We verify your tax computations to ensure that they are accurate and compliant.
- Income and Expense Audit: Our team audits your income and expenses, making sure all transactions are properly recorded.
- Tax Return Reconciliation: We reconcile your income tax return with the financial statements to identify any discrepancies.
- Audit Report: We provide a detailed audit report, highlighting any issues found and suggesting corrective actions.
- Support for Scrutiny: In case of tax scrutiny, we offer complete support to deal with any notices from the Income Tax Department.
Why Choose Us for ITR Audit?
- Experienced Professionals: Our team of tax experts ensures a comprehensive and accurate audit of your records.
- Timely Completion: We complete your ITR audit on time, meeting all statutory deadlines.
- Error-Free Audit: We identify and resolve discrepancies, ensuring your returns are free of errors.
- Confidential and Secure: Your business information is handled with the utmost confidentiality and security.
- Tax Efficiency: We help ensure that you are not overpaying or underreporting your tax liabilities.
For an accurate and hassle-free ITR Audit, contact Four Plus Legal Compliance today and ensure your business is fully compliant with tax regulations.