What is a tax audit?
An "audit" is a check, review, verification, or examination of a record, transaction, account, etc. The process of examining and verifying a taxpayer's financial records to ensure compliance with income tax regulations is known as a tax audit. The Income Tax Act of 1961's Section 44AB addresses the audit of the accounts of a specific group of people who are either professionals or people operating businesses. The class of taxpayers specified in this section are required by law to have a chartered accountant audit their books.
The different sections of the Income Tax law pertaining to these accounts will be examined and verified by the CA. In short, a tax audit is the audit that is mandated by Income Tax Act, 1961 Section 44AB.
J S D K & ASSOCIATES is Tax Auditors in Pune, it provides Audit services in Pune Dharashiv, Shewalwadi, Bhosari, and Saswad.