C t r l T a x

GST Audit

GST Audit

A GST Audit is an examination of the records, returns, and other documents maintained by a registered person under GST. The purpose of the audit is to verify the correctness of turnover declared, taxes paid, refund claimed, and Input Tax Credit (ITC) availed.

Who Needs GST Audit?

  • Businesses with turnover above the prescribed limit (₹2 crore, subject to GST law updates).
  • Entities receiving notices or scrutiny orders from GST authorities.
  • Companies requiring ITC reconciliation or refund verification.

Types of GST Audit

  • General Audit: Conducted by the tax authorities.
  • Special Audit: Ordered by the Assistant Commissioner with prior approval.
  • Turnover-based Audit: For businesses crossing threshold limits (subject to applicability).

Documents Required

  • GST returns (GSTR-1, GSTR-3B, GSTR-9, GSTR-9C).
  • Sales and purchase registers.
  • E-way bills and invoices.
  • Financial statements – balance sheet, P&L, trial balance.
  • Input tax credit reconciliation statements.

GST Audit Process

  1. Step 1: Collection of GST returns and financial records.
  2. Step 2: Reconciliation of ITC, outward & inward supplies.
  3. Step 3: Verification of tax payments and refunds claimed.
  4. Step 4: Identifying mismatches or non-compliances.
  5. Step 5: Preparing audit report (Form GSTR-9C, if applicable).
  6. Step 6: Submission and resolution of discrepancies, if any.

How Ctrl Tax Advisory Helps

  • Complete support in GST reconciliation and audit compliance.
  • Filing of GSTR-9C and other audit-related forms.
  • Representation before GST authorities in case of notices.
  • Identification of errors to avoid penalties and interest.
  • Professional guidance for smooth GST assessments.

FAQ’s

Frequently Asked Questions

Income Tax Filing

Income Tax Filing

Filing your Income Tax Return (ITR) is a legal obligation for every individual, business, or entity earning income in India above the prescribed exemption limit. Apart from compliance, timely filing ensures smooth financial records, refund claims, and creditworthiness.

Who Should File ITR?

  • Individuals with income above ₹2.5 lakh (₹3 lakh for senior citizens).
  • Companies, LLPs, and Firms irrespective of profit or loss.
  • Individuals with foreign assets or income.
  • Persons claiming tax refunds.
  • Businesses with turnover above ₹60 lakh or professional income above ₹10 lakh (as per rules).

Types of ITR Forms

  • ITR-1: Salary, one house property, and other income (individuals).
  • ITR-2: Income from more than one house property, capital gains, foreign income.
  • ITR-3: Business or professional income.
  • ITR-4: Presumptive taxation scheme (businesses/professionals).
  • ITR-6: Companies (other than those claiming exemption u/s 11).
  • ITR-7: Trusts, NGOs, and others required to file u/s 139(4A/4B/4C/4D).

Documents Required

  • PAN and Aadhaar card.
  • Form 16/16A from employers.
  • Bank statements and passbooks.
  • Details of investments (LIC, PPF, NSC, ELSS, etc.).
  • Home loan statements, rent receipts, and other deductions.
  • Balance sheet, P&L account (for businesses/professionals).

Process of Filing ITR

  1. Step 1: Collect income and investment documents.
  2. Step 2: Choose the applicable ITR form.
  3. Step 3: Prepare computation of total income and deductions.
  4. Step 4: Pay self-assessment tax, if any.
  5. Step 5: File return online on the Income Tax portal using DSC/EVC.
  6. Step 6: Verify return via Aadhaar OTP, EVC, or ITR-V submission.

How Ctrl Tax Advisory Helps

  • Selection of correct ITR form and tax computation.
  • Accurate filing to avoid notices and penalties.
  • Claiming all eligible deductions and exemptions.
  • Filing revised returns and handling scrutiny cases.
  • Assistance for individuals, businesses, NRIs, and trusts.

FAQ’s

Frequently Asked Questions