Tax Audit
Section 44AB of the Income Tax Act 1961 covers the provisions for tax audits in India. This section states that anyone falling below one of the following categories must have their accounts audited by a professional Chartered Accountant. The audit report must then be submitted before the due date of filing income tax return.
Any business whose total turnover, sales or gross receipts exceeds Rs. 1 Crore.
Any professional whose gross receipts is more than Rs. 25 Lakhs.
Any business whose profits and gains from the business are calculated on a presumptive basis as per section 44AE, 44BB or 44BBB, however, the claim made on their income is lower than the actual profits or gains of business.
Any business whose profits and gains from the business are calculated on a presumptive basis as per section 44AD however, the claim made on their income is lower than the actual profits, but exceeds the maximum non-chargeable amount of income tax.
Internal Audit
Internal Audit is a key factor in determining the assurance in the state of affairs of a business entity. As the name suggests, internal audit involves auditing within the entity. The role of internal audit is to understand, determine risks and evaluate the controls inside a business. Through this, a company can make optimum use of resources and identify any liabilities which can be harmful to business.
Advantages of Internal Audit
Growth in the size of businesses.
Internal Audit is a risk management as it helps understand exposure to any risk and provides internal controls to manage such risks.
Increases transparency for establishing a sound corporate governance.
Functions of All India ITR as an Internal Auditor
We review the operations, policies, and procedures of our clients to provide a better management system for fair policies and processes
Providing assurance on risks is our focus. Our auditing service ensures that the business is managed as per the exemplary limits laid down by the Board of Directors.
Our team of experts examine and evaluate the effectiveness of the internal control system as well as provide professional advice on improving effectiveness.
We assist the management in fulfilling its responsibilities for prevention or detection of fraud.