Tax Audit is the process of examining a person’s books and records for errors. It is conducted from a tax compliance viewpoint, and involves assessing a person’s income and deductions. It is essential to report all essential details as per the Income Tax Act.
There are a variety of ways in which a taxpayer can avoid the risk of an audit. The most common way to avoid this risk is to ensure that your books and records are properly audited. The best way to avoid this is to conduct the audit yourself, which is an important step to take if you plan to appeal the tax.
Any business where the total sales, turnover, or receipts exceeds Rs. 1 crore in a year should have a tax audit in India. As a professional, receipts over Rs. 50 lakh makes you eligible for a tax audit.
We provide the tax audit services, tax auditors and we are the best auditing services providers in hyderabad, kukatpally, madhapur, gachibowli, lingampally, filmnagar, kondapur.
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