Tax Audit Basics
Learn the Nuts and Bolts of the Concept of Tax Audits.
LEARN IT FOR FREE:
COURSE DESCRIPTION
Do you feel puzzled and
confused just thinking about paying taxes? Or are the Tax terms making
you go crazy? Don't worry we are here to make it all simple for you.
In this course we will teach you about tax audit terms and concepts.
So by the end of the course understanding the tax audit terms will
become a familiar process, may be even fun, like it is for me like doing
a piece puzzle.
So let's understand first What is Tax Audit?
The dictionary meaning of the term audit is check, review,
inspection, etc. There are various types of audits prescribed under
different laws like company law requires a company audit, cost
accounting law requires a cost audit, etc. The Income-tax Law requires
the taxpayer to get the audit of the accounts of his business/profession
from the view point of Income-tax Law.
Section under the
Act gives the provisions relating to the class of taxpayers who are
required to get their accounts audited from a chartered accountant. The
audit under this section aims to ascertain the compliance of various
provisions of the Income-tax Law and the fulfillment of other
requirements of the Income-tax Law. The audit conducted by the chartered
accountant of the accounts of the taxpayer in pursuance of the
requirement of section is called tax audit.
The chartered
accountant conducting the tax audit is required to give his findings,
observation, etc., in the form of audit report. The report of tax audit
is to be given by the chartered accountant in a Form.
One
of the objectives of tax audit is to ascertain/derive/report the
requirements of Form. Apart from reporting requirements of Form, a
proper audit for tax purposes would ensure that the books of account and
other records are properly maintained, that they faithfully reflect the
income of the taxpayer and claims for deduction are correctly made by
him. Such audit would also help in checking fraudulent practices. It can
also facilitate the administration of tax laws by a proper presentation
of accounts before the tax authorities and considerably save the time
of Assessing Officers in carrying out routine verifications, like
checking correctness of totals and verifying whether purchases and sales
are properly vouched for or not. The time of the Assessing Officers
saved could be utilized for attending to more important and
investigational aspects of a case.
The main objective of the course is:
·To learn the Tax Jargons
·Understand why Tax is levied
·Understand the concept of tax Preparation
The course is suitable for:
·Students
·Professionals
·Anyone who wants to learn about Tax Audit
Thus this introductory course will enhance the knowledge base of participants and learn what Tax Audit is all about.
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