A tax audit determines whether financial records and transactions are correctly recorded and accounted for.
A tax audit is an examination of your tax return by an outside agency to verify that income and deductions filed are accurate. The income tax law asks the taxpayers to get the audit of accounts of their business or profession done according to provision of income tax law.
The provisions for tax audits in India are covered under section 44AB of the Income Tax Act, 1961. The tax audit is conducted by the chartered accountant of the accounts of the taxpayer in pursuance of the requirement of section 44AB.
1. Tax audit seeks to accomplish this by helping taxpayers to remember the dangers of noncompliance.
2. An audit gives autonomous check that the financial statements are a valid and reasonable portrayal of the entity’s present circumstance.
3. Identify and prevent fraud
4. Discover the areas of the law that require explanation.
1. Ensure proper maintenance and correctness of books of accounts and certification of the same by a tax auditor.
2. Reporting observations/discrepancies noted by tax auditor after a methodical examination of the books of account.
3. To report prescribed information such as tax depreciation, compliance of various provisions of income tax law, etc.
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