Audit Report

Tax Glossary Definition

Audit Report

Audit Report – A statement or certification prepared and submitted by a Chartered Accountant (CA) after conducting a tax audit of accounts as required under Section 44AB of the Income Tax Act. It verifies the accuracy of financial records and compliance with tax laws.

Example: A firm with a turnover of ₹2 crore is required to submit an audit report along with its Income Tax Return (ITR)

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