Tax Audit- Applicability, Penalty, Due date & recent Amendments

• May 5, 2020
• CA Chandan Agarwal's Office

A. Tax Audit is Conducted to achieve the following objectives

♣ Ensure proper maintenance and correctness of books and certification of the same by a tax auditor

♣ Reporting

a) observations/discrepancies noted by tax auditor AFTER EXAMINATION

b) prescribed information such as tax depreciation, compliance of income tax law

♣ Checks frauds and malpractices in filing income tax returns.

 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

Read on me: https://taxguru.in/income-tax/tax-audit-applicability-penalty-due-date-recent-amendments.html