Audit Services
Leading Wholesaler of GST Audit Service, LLP Audit Service, Statutory Audit Service and Tax Audit Service from Delhi.
GST stands for Goods and Services Tax. Simply put, it’s a tax people pay when they buy things or use services. To make things easier, different taxes are combined into one called the GST. All businesses must follow the rules of GST.
The auditor confirms all the sales and purchase invoices, taxes paid, input tax credit reclaim and compliance with the GST laws.
The annual return in the form of GSTR-9 of the taxpayer is also looked into and the reconciliation statement in GSTR-9C is also checked. Once the audit is complete the auditor writes a report which includes details of the irregularities or problems which the auditor may have come across.
Sap Tax Hub LLP, as a leading CA firm in Delhi NCR offers full assistance in the preparation of the required papers as well as responding to issues arising from the audit.
An audit under GST thus signifies that the government would verify whether the business is adhering to all of the provisions in the act of the GST. The government will scrutinize the records of a business and see whether they are paying the correct amount of compensation to be provided to the government as GST. It is called compliance under GST.
The GST audit services include the following major areas of GST law compliance:
- Checking computations of the tax liability.
- Verification of the input tax credit claims.
- Checking of tax invoices, receipts, and sales/purchase documents.
- Linkage between the turnover and tax paid with the company’s financial statements.
- Check compliance with reverse charge mechanisms as well as e-way bills.
At Sap Tax Hub LLP, the Best CA Firm in Delhi, we review every aspect of the GST audit services, ensure the businesses are GST compliant, reduce the chances of getting penalized, and increase the accuracy of financial reporting.
There are many benefits of choosing Sap Tax Hub LLP for GST Audit Services. We give you a thorough examination of your books of accounts. In order that all of the GST related transactions are correctly entered or recorded in the books of account.
This way, chances of errors or discrepancies are minimized, and the risk of attracting penalties is reduced to a significant extent. We review input tax credit claims for optimizing your tax liability while ensuring complete compliance with GST regulations. This way, while working with us, the businesses will ensure all the taxes are filed correctly, avoid legal wrangles, and will continue growing in business, without any concern for the complexity involved in GST audits. Our expert Chartered Accountant in Delhi is dedicated to providing top-notch service.
An LLP audit encompasses the detailed examination of the financial statements and records of the Limited Liability Partnership. The basic purpose behind conducting the audits is to make sure that the financial statement presents a true and fair view of the state of affairs of the LLP. Through an audit by a CA Firm in Delhi NCR, discrepancies and errors come to light, and even frauds may be detected; hence, it gives stakeholders comfort in the financial integrity of the business.
Regulatory Compliance: LLPs are required under the law to maintain proper books of account and get them audited at frequent intervals if the turnover is more than the prescribed limit. Failure to do so may attract penalties and other legal implications.
Financial Accuracy: The audits check that there are no misstatements in the financial statements of any material type. Financial statements can be accurately presented only when they are free from material misstatement. This helps the management and other stakeholders to make proper decisions.
Fraud Detection: Regular audits facilitate early detection of fraudulent activities and financial irregularities, thus saving the business from potential losses.
Investor Confidence: Transparent and accurate financial statements build trust and confidence among investors, creditors, and other stakeholders, enhancing the reputation of the LLP. Engaging with the Best CA Firm in Delhi can further ensure compliance and accuracy in these financial practices.
- Financial Statements
- General Ledger and Subsidiary Ledgers:
- Bank Statements and Reconciliations:
- Statutory Records and Registers
- Taxation Documents
- Fixed Assets related Documents
- Inventory Records
- Payroll Records
- Legal and Compliance Documents
- Internal Control Documentation
Other Relevant Documents:
- Insurance Policies
- Lease Agreements
- Any other documents specific to the business operations
What makes Sap Tax Hub LLP a renowned name in Delhi concerning auditing and compliance services is the following. Their group of highly experienced professionals provides specialized LLP audit Services as a Chartered Accountant in Delhi with due consideration to all the requirements individually of every client. Here’s how Sap Tax Hub LLP can help LLPs in Delhi with their audit requirements:
Proper maintenance of financial records and adhering to regulatory compliance are the essential requirements of any LLP in Delhi. Sap Tax Hub LLP, a leading Chartered Accountant Firm in Delhi, extends an efficient set of LLP audit services in Delhi concerning this. With Sap Tax Hub LLP, LLPs can avail of the services wherein audits would be carried out in a very minute and transparent manner. Besides, the process will also be tailored to the needs of the organization, which improves financial accuracy and stakeholder confidence. Thus, LLPs can focus on business activities while knowing that their financial integrity is being taken care of.
The statutory Audit limit is up to Rs. 1 crore per annum turnover for a company in India above which it applies. For all other businesses, a statutory audit is mandated for a professional showing a turnover of more than ₹50 lakh and others reporting more than ₹1 crore. Moreover, some criteria for receiving an audit may be made necessary due to foreign transactions or transactions registered under the various acts, regardless of turnover. In so doing, it would ensure that the financial statements are transparent to the required extent and thus reports would be compliant with statutory requirements. This in return is necessitated for credibility purposes and to win stakeholders’ trust. Sap Tax Hub LLP, a reputable CA Firm in Delhi NCR, is one of the companies that is efficient for the service of Statutory Audit in Delhi.
Sap Tax Hub LLP is your risk-free provider for statutory audits, as we can ensure:
- Expertise: A team of the most experienced professionals.
- Thoroughness: Detailed audits with no room for error.
- Compliance: We ensure full legal and regulatory compliance.
- Efficiency: We use fast, reliable, and accurate audit services.
- Customization: Our audits can be adapted to suit your specific business needs.
When you partner with Sap Tax Hub LLP, the Best CA Firm in Delhi, for a statutory audit in Delhi, you’re partnering with a responsible firm that cares about your business being in the right financial health. We will give you peace of mind so that you can feel free to grow your business with confidence, knowing even financial audits are taken care of by experts.
Compliance
You ensure that with the help of Sap Tax Hub LLP, your business complies with set statutory requirements, thus keeping away fines and litigation.
Confidence and Credibility
The statutory audit performed by Sap Tax Hub LLP gives credence to your business in the eyes of stakeholders, investors, and regulatory authorities.
Sap Tax Hub LLP can come up with various statutory audit services tailored to meeting your business needs. It includes:
- Audit of Profit & Loss Account: Proper reporting of income and expenses.
- GST Audit: Accurate examination of the return filing of GST and payments made.
- TDS Audit: Verification of TDS deducted and filed on time.
- Review of Compliance: Legal filings ensured and the overall financial compliance.
- Cash Flow Review: Allows for smooth management of cash flow.
Our services, provided by a qualified Chartered Accountant in Delhi, are designed to ensure full transparency and financial compliance regarding your business, thus keeping it well out of legal and financial risk.
Many businesses incorporate statutory audits into their business plans, and such audits can be beneficial. They enhance the transparency and accuracy of your financial statements. Periodic audits can catch errors, fraud, or discrepancies early on, protecting your business from future issues. Statutory audits also enhance your credibility with investors and stakeholders, ensuring that your financial records comply with established regulatory standards and helping you avoid potential penalties. A proper audit not only fulfills legal compliance but also provides a clear picture of your business’s financial condition, thereby enhancing your decision-making skills. Partnering with a Chartered Accountant Firm in Delhi can further streamline this process.
The organization control environment gives the integrity of an organization, ethical values, management’s philosophy, operating style, organizational structure, assignment of authority, and human resource policies. The objective of the research in a controlled environment for statutory audit in India is to assess the integrity, ethical value, and other reviewing of these elements. This is because it helps in understanding how the entity manages any possible risk and internally controls itself. For, a statutory audit in Delhi or in fact in India, the basic assessment is determining the going concern of a client.
Statutory Audit in India is the audit that aims to examine whether the internal control system of an organization has been properly designed besides operating effectiveness. Auditors test controls to prove the controls are capable of preventing or detecting errors and fraud. The testing of the controls for statutory audit in Delhi or in Whole Pan India comprises the assessment of the relevant control activities by doing walkthroughs and tests of controls to back the reliability of the same. In this regard, the existence and effectiveness of internal controls are imperative for preparing appropriate financial reports besides being instrumental in ensuring adherence to the law.
It is a statutory audit in India for checking and verifying the veracity and sufficiency of assets, liabilities, and equity in a balance sheet reflected in books of financial accounts. The auditor will review the support schedules and resultant documents, perform analytical procedures related to account balance, and confirm account balances from third parties. In this manner, it will ensure that the balance sheet can reflect a fair view of the financial position of the company in compliance with the prevalent accounting standards and legal requirements. Stakeholder confidence is improved in the financial health of the company through a sound audit. Sap Tax Hub LLP is one of the companies that are efficient for such services of Statutory Audit in Delhi or in fact, it serves the whole of India.
In any business, auditing the profit and loss account is essential. Proper auditing ensures that financial transactions are recorded and reported accurately. At Sap Tax Hub LLP, we meticulously review every aspect of your income and expenses, giving you the opportunity to understand your financial performance and ensure compliance with legal standards. Our team checks for errors or omissions, helping you avoid potential future issues with your financial management. A thorough profit and loss audit is vital for effective business management as well as for preparing accurate tax filings to receive any eligible tax refunds. As a reputed CA firm in Delhi, Sap Tax Hub LLP takes care of all your financial records.
GST Audit- Complete GST Audit Facility: Sap Tax Hub LLP ensures compliance with all regulatory requirements.
- Thorough Examination: All GST entries filed and paid by you are reviewed for accuracy and timeliness.
- Penalty Prevention: We help you avoid penalties arising from errors in GST returns.
- Error Correction: Our team identifies and rectifies potential errors in your GST records.
- Risk Mitigation: Conducting a detailed audit safeguards your business from legal risks.
- Comprehensive Compliance: We ensure that all GST-related requirements are met effectively.
TDS Audit
- A TDS audit is crucial for accurate tax reporting.
- Sap Tax Hub LLP thoroughly checks every TDS deduction made by your company to ensure error-free deductions.
- We ensure that returns for every reporting period are filed, preventing mistakes that could lead to penalty fees.
- TDS compliance is critical for all businesses, ensuring legal adherence.
- Proper TDS management helps your business run smoothly without unnecessary tax issues.
- At Sap Tax Hub LLP, we maintain accurate and compliant TDS records
Some Other Important Checks
Apart from the audits of Profit & Loss, GST, and TDS, we perform some other important checks that can ensure complete compliance. Such checks include the following:
- Review of cash flow statements.
- Verification of legal filings and company records.
- Cross-checking bank statements and loan agreements.
Besides, these add-on checks also point out the discrepancies existing in your financial records. Our comprehensive approach ensures that your business functions with minimal financial and legal shocks. Sap Tax Hub LLP leaves no stone unturned to ensure that your business is in compliance with all relevant regulations.
Planning and Preparation
The work will be initiated by giving an overview of your business and its financial environment. This would include meetings with key personnel, an overview of previous audits, and areas of risk.
The audit planning process generates an audit plan outlining the audit scope, objectives, and timelines.
Fieldwork
The examination for evidence and validation of financial records shall be by on-site inspections by the auditors of Sap Tax Hub LLP.
Transaction tests
Examination of financial statements
Internal controls
The discussion will explain to the management and staff the business operation and give insight into prospective problems.
Analysis and Evaluation
The data collected will be analyzed for accuracy and compliance with the relevant laws and regulations.
The Sap Tax Hub LLP auditors identify those areas of internal controls that require improvement.
Report
A draft audit report is prepared, highlighting the findings and recommendations.
The draft is discussed with your management team for purposes of ensuring accuracy and clarity.
An overall summary of the audit findings and the actions required will be finally issued in a final audit report.
- Financial Statements: Balance Sheet, Statement of Income, and Statement of Cash Flows. Notes to financial statements and related schedules.
- Bank Statements: Statements for all business bank accounts for the audit period.
- Invoices and Receipts: Sale and Purchase Invoices, Receipts, and Payment Vouchers
- Tax Files: Copies of returns filed for GST, Income Tax, and related documents.
- Internal Reports: Inventory, Payroll, and Expense reports
- Legal Documents: Articles of association, partnership deeds, and all other legal documents.
Sap Tax Hub LLP is an efficient helping hand to the statutory audit in Delhi. Their comprehensive approach toward work will keep your business compliant, transparent, and prepared for any kind of financial scrutiny. You can trust Sap Tax Hub LLP on your statutory audit requirements and rest assured about professional audit services.
If the turnover crosses ₹1 crore, in such a case, a tax audit is mandatory. For professionals, ₹50 lakhs are the limit. However, in a presumptive taxation scheme, the threshold is low. Always take care that the account is correctly prepared. If your turnover crosses these limits, you should go for the tax audit. For individuals, companies, partnerships, and LLPs, this can be implemented. Tax laws are always in the process of amendment and must be updated. Maintains proper records of income and expenditure to avoid penalties. Professional guidance from the Best CA Firm in Delhi can also be taken to meet the demands of the law.
A tax audit is important in the sense that it prevents or avoids several problems that may arise from the tax department. If your taxes are inaccurate, you might have to pay extra, either as fines or money. It merely conducts the audit to ensure all accuracy and being up–to–date. This way, any problem with the taxman may be avoided.
This Section 44AD relieves small businesses in terms of detailed accounting. A business having a turnover of less than ₹2 crore may not keep any detailed account. Rather, it shall compute its income under this section at 8% of its turnover. The main points are as follows:
- A business of a turnover up to ₹ 2crore.
- Get 8% of your turnover as income.
- Not mandatory to retain books of accounts.
- Available for a sole proprietor, HUFs, and partnership firms
- Tax audit would not be needed in case this scheme is adopted.
- Exit from the scheme would incapacitate entry for five years
As a leading CA firm in Delhi NCR, Sap Tax Hub LLP is there to deal with all these.
Section 44ADA has been provided to the professionals like doctors, lawyers, or architects. Professionals having a gross receipt of up to ₹50 lakh can opt for this scheme. It works like:
- Applicable to professionals earning gross receipts upto ₹50 lakh.
- Notifies 50% of gross receipts as income.
- Not required to maintain books of accounts in detail.
- This scheme is applicable on individual professionals but not on firms or companies.
- Not required to get their accounts audited if the scheme is availed.
- If they stay out, one cannot re-enter for five years.
Avoids risks from a tax audit. Maintain clean and accurate records. All financial transactions should be well documented. Utilize accounting software to track better. Ensure timely tax payments and filings. Make use of the presumed taxation scheme if you qualify. This reduces the need for audits. Hold regular meetings with a Chartered Accountant in Delhi to keep you updated on new rules. Always report your income honestly. Avoid discrepancies in financial statements. Being proactive about your finances ensures audit safety.
It is true that your accounts may face a tax audit. Even a business or a professional may be audited. The companies, partnerships, and LLPs come in this category, as do the individuals. If you have crossed the ₹1 crore turnover threshold for business persons or ₹50 lakhs for professionals, then audit is inescapable. Accounts under presumptive taxation schemes are exempt from audits if certain thresholds are achieved. All business account books are prepared and kept ready for verification. This ensures hassle-free compliance. Proper maintenance of accounts helps in penalty and delay in tax filing.
Turnover is inclusive of all kinds of receipts from sales and services. In other words, all sales and services would fall under turnover, including cash and credit sales. For businesses, even trade discounts and commissions fall under turnover. For professionals, gross receipts from services rendered count towards turnover. Sales returns should be subtracted from total sales. Always calculate turnover very carefully. It determines if you need a tax audit. A Chartered Accountant Firm in Delhi can assist you in ensuring the correct identification of your turnover, which ensures compliance. It helps keep straight financial records.
Tax audit is compulsory in cases of businesses whose turnover is more than INR 1 crore and for professionals who have a gross receipt of more than INR 50 lakh. Availing the services of Tax Audit in Delhi assures compliance on crossing the thresholds. Tax Audit in India assists in finding discrepancies and avoiding penalties by complying with the requirements of the Income Tax Act.
A tax audit verifies accuracy in financial statements, identifies discrepancies, and brings about improvements in compliance with tax laws. One’s reliance on Tax Audits in Delhi services gives an organization an edge in error detection, improvement in financial management, and avoiding penalties. Availing of Tax Audit in India services could give valuable insights into the financial health, smoothening of operations, and ensuring compliance of the organization with large statutory regulations, thereby enhancing credibility and operational efficiency levels.
Non-filing or delay in filing of the tax audit report invites a penalty of 0.5% of turnover, out of a maximum of INR 1.5 Lakhs. The availing of Tax Audit in Delhi services ensures timely compliance.
They vary from statutory audits to internal, forensic, and compliance audits. Delhi-based Tax Audit services include a host of audit types as per requirement needs. Availing of Tax Audit in India ensures a detailed assessment and compliance in its entirety. The different types of audits facilitate record-keeping with accuracy, fraud detection, and adherence to regulatory compliances, therefore fully supporting financial integrity and operational efficiency.
