Ensuring compliance under the Income Tax Act with accurate financial disclosure.

Tax audits play a crucial role in ensuring transparent financial reporting and compliance with the Income Tax Act, 1961. At CHOWDARY & RAO, we approach tax audits with a comprehensive understanding of both the legal requirements and the underlying commercial context of each business. Our objective is not just to verify compliance, but to ensure that the financial disclosures under Section 44AB of the Income Tax Act are accurate, complete, and consistent with applicable accounting principles and regulatory expectations.

Our audit procedures involve a detailed analysis of books of accounts, financial statements, tax computations, and statutory records. We examine all critical components, including turnover reconciliation, depreciation, related party transactions, deductions, and disallowances, to identify any inconsistencies or reporting issues. The process also includes cross-verification with GST returns, TDS statements, and other statutory filings to provide a robust and integrated assessment. Our team maintains the highest standards of audit documentation and quality review, in line with ICAI's guidance and audit standards.

With experience spanning a wide range of industries—from manufacturing and services to trading, real estate, and IT—we tailor our audit execution to the size and complexity of the business. The tax audit report, along with Form 3CD/3CB, is finalized after multiple levels of technical review and client discussion. Throughout the engagement, we maintain objectivity, independence, and confidentiality. Our focus remains on facilitating a smooth tax assessment process for our clients while meeting every statutory and ethical requirement with diligence and precision.