Tax Audit & E-TDS Filing
A Tax Audit reviews financial records to ensure tax returns comply with the Income Tax Act and detect discrepancies, mandatory for businesses above a certain turnover. E-TDS Filing is the online submission of Tax Deducted at Source (TDS) returns, ensuring timely tax payments and avoiding penalties.
FAQ
Ensuring Financial Accuracy & Compliance with Expert Tax Audit & E-TDS Filing
- Businesses and Professionals: Entities with a turnover exceeding the limit prescribed by the Income Tax Act, requiring mandatory tax audits.
- Employers and Payers: Businesses or individuals responsible for deducting tax at source on salaries, contractor payments, interest payments, etc., need to file E-TDS returns periodically.
- Banks and Financial Institutions: Entities involved in processing large financial transactions must conduct Tax Audits and file E-TDS returns.
- Compliance with Tax Laws: Ensures that you meet all legal requirements under the Income Tax Act and avoid penalties.
- Financial Accuracy: Helps detect any misreporting, fraud, or discrepancies in financial records through the audit process.
- Prevention of Penalties: Timely E-TDS Filing ensures compliance and prevents penalties for late or incorrect filing.
- Transparency: Tax audits provide stakeholders with a clear view of the financial health and integrity of the business.
For Tax Audit:
- Profit & Loss Account
- Balance Sheet
- Income Tax Returns
- GST Returns
- Bank Statements
- Purchase and Sales Invoices
- Relevant Accounting Records
For E-TDS Filing:
- TAN (Tax Deduction Account Number)
- Challans of TDS Paid
- Details of Deductees
- Form 16/16A for Salary and Non-Salary Payments
- PAN of Deductees
Our experts provide end-to-end assistance with both Tax Audits and E-TDS Filing. We ensure that your financial records are thoroughly audited, and your TDS returns are filed accurately and on time, minimizing your risk of legal issues or penalties.
Common Questions About Tax Audit & E-TDS Filing
Who is required to undergo a Tax Audit?
A Tax Audit is mandatory for businesses whose total turnover exceeds ₹1 crore or professionals with receipts exceeding ₹50 lakh, as per the Income Tax Act.
What happens if I fail to file my E-TDS returns on time?
Failing to file E-TDS returns on time can result in penalties, interest, and late fees. Timely filing helps avoid unnecessary penalties and keeps your business compliant with tax laws.
How often should E-TDS returns be filed?
E-TDS returns must be filed quarterly. It is essential for businesses to file within the due dates for each quarter to avoid penalties.
Can I file E-TDS returns online?
Yes, E-TDS Filing is done entirely online through the government’s TDS portal, ensuring faster processing and transparency.