Tax audit is an examination or review of accounts of any business or profession carried out by taxpayers from an income tax viewpoint. It makes the process of income computation for filing of return of income easier.
Tax audit is conducted to achieve the following objectives:
- Ensure proper maintenance and correctness of books of accounts and certification of the same by a tax auditor
- Reporting observations/discrepancies noted by tax auditor after a methodical examination of the books of account
- To report prescribed information such as tax depreciation, compliance of various provisions of income tax law etc.
All these enable tax authorities in verifying the correctness of income tax returns filed by the taxpayer. Calculation and verification of total income, claim for deductions etc. also becomes easier.
WHY GAB & ASSOCIATES?
Indian Taxation is extremely complex and prone to many changes and therefore needs professional skill of the highest order and consultant has to be constantly updated of frequent changes and modification in income tax laws and rules.
Our team are continuously engaged in upgrading skills thereby offering comprehensive, efficient and pragmatic tax strategies.
After conducting in-depth analysis of the changes we guide our clients.
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