Income Tax Audit
Income Tax Audit
The audit under section 44AB aims to ascertain the compliance of various provisions of the Income-tax Law and the fulfillment of other requirements of the Income-tax Law.
An audit is nothing but an official inspection. As per the Income Tax Act of 1961, under Section 44AB, specific categories of individuals and certain businesses, must have their books of accounts audited. A tax audit is necessary for businesses and people once you do business over and above a specific amount.Ensure that total amount of profits distributed and the tax paid thereon is as per the audited profit and loss account. Verify and obtain copy of challan for payment of tax and date of payment.
