A tax audit determines whether financial records and transactions are correctly recorded and accounted for. This, in turn, ensures that the records reflect the actual income of the taxpayer and that the claims for deductions made are accurate.
The term ‘audit’ refers to a check, review, verification or inspection of a record, transaction, account etc. A tax audit is the process of verification and inspection of the accounts of a taxpayer to confirm their adherence to the provisions of the Income Tax law.
Section 44AB of the Income Tax Act, 1961 deals with the Audit of the Accounts of a certain category of persons carrying on a business or engaged in a profession. The class of taxpayers listed under this section compulsorily have to get their accounts audited by a Chartered Accountant. The CA will check and verify that these accounts comply with the various provisions of the Income Tax law. Simply put, this audit required as per Section 44AB of the Income Tax Act, 1961 is called a tax audit.
Taking Your Business to The Next Level
Kalsun registered innovation in all levels of business to maintain the standard towards globalization. In Spite of the uncertain situation, we continuously moved on with an experience to handle the odds. In addition, Kalsun plans & organizes to provide the best source of support in all means in communication, technological upgrade, cashflows, workflows, supply chain management, problem-solving & risk management with the professional’s under all levels towards advancements.
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“I can’t believe it took us this long to make a change. So happy that we did. Numbers don’t lie.”