Materiality Threshold

Tax Glossary Definition

Materiality Threshold

Refers to the benchmark level beyond which an error, omission, or inaccuracy in financial information could reasonably affect users’ judgments or audit outcomes. This concept assists auditors and tax authorities in assessing whether a deviation warrants correction, adjustment, or disclosure. Example: If a discrepancy in reported income exceeds ₹1 lakh, it may be considered material and must be highlighted in the audit report.

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