Tax Audit

Service Details
service details

Tax Audit

As a taxpayer, one has to comply with the Income Tax Act; if one surpasses the amount prescribed by the act when his business turnover or professional receipts surpass that amount.

My Startup Solution ensures complete Tax Audit Services such that the entire needs, to be satisfied with the legal requirements, are ensured, especially in terms of Section 44AB of the Income Tax Act, 1961. Thus, while our services ensure that your books of accounts are audited by qualified professionals, it also ensures you meeting all your legal obligations on your timeline.
Normally, the tax audit report shall be submitted by 30 September of the Assessment Year. In that case, within the Timeline, urgency about time-related completion of actions becomes indispensable. Our experts help complete it accurate, observe all relevant regulations, and submit by due date.

Who May Need a Tax Audit?

Under the Income Tax Act, Section 44AB, subject matters and persons ought to have a tax audit. You ought to have tax audit if:

  • Business: Turnover or gross receipt in any accounting year exceeds Rs1 crore. However, if the cash transaction is less than 5% for entire receipts or payment for any accounting year, then the same is increased to Rs 5 crores.

  • Profession: Gross receipts over ₹50 Lakhs in any one financial year.

There are cases where, although your turnover is below these cutoff limits, a tax audit is required by some conditions that have arisen. Our team can check into your case and make sure all the obligations are complied with.

Importance of Tax Audit to Your Organization Insert Here

Auditing of a tax return has many benefits to your business:

  • Compliance & Avoiding Penalties: Ensures your business adheres to all tax laws and avoids penalties for non-compliance.

  • Increased Credibility: Audited financial statements increase the credibility of your business with all your customers, suppliers, investors, and even government.

  • Loans & Licenses: With the accreditation of audited reports by financial firms and government institutions, loans and licenses become easily accessible.

  • Prevention of fraud: Proper audit prevents fraud in its fullest extent because it provides vivid records of all financial transactions within your organization.

Through the audit, we ensure a practical insight to rectify business operations based on audit findings, making an audit something more than just a compliance check-a value-added service at My Startup Solution.

Penalty for Failure or Delay in Tax Audit:

Failure to file tax audit reports before the deadline can lead to penalties like:

  • 0.5% of gross receipts or sales or total turnover

  • Or Rs.1,50,000 whichever is less.

No problem, though those sanctions don't apply in any case here. My Startup Solution will definitively secure on-time compliance, and you will not have to be concerned with those.

Why Choose My Startup Solution?

My Startup Solution is based in Lucknow and has a very rich history as a tax audit firm for small, medium-sized, and large enterprises and professionals. We'll have well-designed, risk-based audit methodology, which should then limit any kind of disruption of your day-to-day operations to the maximum value you receive from our services. Our audit is devised in line with the latest standards as evolved by the Institute of Chartered Accountants of India. We are intimately involved with you upfront in managing any issues arising in ensuring that your audit process is smooth and efficient.

Our team is very committed to protecting your business from legal complications while providing timely and actionable insights. If you are looking for professional Lucknow tax audit services, then simply call My Startup Solution today. Let us handle all that hassle so that you can keep your focus on increasing your business.

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FAQ

Frequently Asked Questions

An audit firm in Lucknow with good credentials, happy clientele, and experience in your field is the way forward. My Startup Solution is professional in approach and customized in service.

Lucknow tax audit consultants provide services such as income tax audits, compliance support, tax planning, and advisory services. Tax consultants advise businesses on how to maneuver complex tax laws.

Engaging the tax consultancy firm in Lucknow will save you plenty of time and reduce the risk of errors during the income tax returns preparation. These experts make sure to be under the law when it comes to tax policies; they also make sure all your taxes are well optimized so that you have fewer liabilities when it comes to paying them. These professionals, in addition, will give you strategic knowledge about your business.

Lucknow's income tax audit requires the verification of income and expenses through financial records and ensuring tax compliance. Usually, an audit is concluded with a report stating the findings and recommendations in case of corrections needed.

OUR VALUES

OUR VALUES

    • To uphold high standards of honesty and integrity that makes the individual and collective actions of those who work for the Firm fruitful to our client.
    • To place the interest of individuals and that of clients’ ahead of that of the Firm whenever the need arises to differentiate between these interests.
    • To strive always to improve the quality of services, driven by the larger need, internal and external, to improve the quality of life and the standard of living, for society as a whole.

Our VISION

    • To be significantly present in all the regions of the country as a, national, professional Firm of repute, addressing primarily the mid-sized and large Corporate segments and all those entrepreneurial-individuals who create and drive the economic growth of the country irrespective of size.
    • To provide balanced and rounded threefold services in the related areas of professional practice: audit, tax and consulting, at all practice locations.
    • To be a competitive & dynamic leader in the areas of operation, so that the best opportunity to progress and grow at all levels is available to all associated with the Firm, thereby directly serving the best-interests of the Firm’s clients; and to develop and implement strategies towards that end.
Our VISION
WHY CHOOSE MY STARTUP SOLUTIONS
WHY CHOOSE

MY STARTUP SOLUTIONS

  • Faster Services around India and Local Cities.
  • We take the time to understand your unique needs, goals, and challenges.
  • We help you chart a financial roadmap that aligns with your growth ambitions.
  • My Startup Solution" isn't just about taxes. It's a holistic approach to financial management. From bookkeeping to tax planning, financial forecasting to compliance, we've got you covered.
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