An Income Tax Audit is a review conducted to verify the accuracy of an individual's or business's financial records and tax filings. It ensures compliance with income tax laws, checks for any discrepancies or underreporting, and confirms that tax liabilities are properly assessed and paid according to legal standards.
Key features :
Verification of Financial Statements:
It involves examining financial records, books of accounts, and documents to ensure accuracy and compliance with tax laws.
Compliance Assessment:
The audit assesses adherence to income tax regulations, helping identify any discrepancies or violations.
Risk Identification:
It identifies potential risks and areas for improvement in financial practices, reducing the likelihood of future tax issues.
Objective Reporting:
The auditor provides an independent report detailing findings, which can be used to support tax filings and inform business decisions.
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