Tag Archives: #FinancialAuditStandards

What is the objective of tax audit?

Tax Audit Tax Audit, The primary objective is to examine a taxpayer’s accounts and financial statements to ensure compliance with the provisions of the Income Tax Act, 1961, and to verify the accuracy and completeness of the tax returns. Conducted by a qualified chartered accountant, the tax audit aims to provide assurance to the tax… Read More »

What is the definition of a turnover in tax audit?

Turnover vs. retention

The definition of a turnover in tax audit In the context of a tax audit, turnover represents the complete income generated by a business through its operations within a specific financial year. Turnover is an important factor in determining the tax liability of a business, as it used to calculate various taxes such as income… Read More »