Audit

Tax Glossary Definition

Audit

A structured and independent review of a taxpayer’s books of account, financial statements, and related records by auditors or tax authorities to confirm accuracy and adherence to applicable accounting and tax regulations. Audits may be scheduled periodically or initiated in response to inconsistencies or suspected non-compliance.

Example: Under Section 44AB of the Income Tax Act, the Income Tax Department conducts a tax audit to verify a company’s financial statements and reported income.

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