Tax Audits: Smart things to know about Tax Audits
Tax audits ensures proper maintenance of books of accounts and certification by a tax auditor.
The tax inspector is a taxpayer account with a business from tax revenues such as taxes, etc.
A taxpayer with a turnover exceeding Rs 1 crore in business (or better than tax) more than is required to obtain a Tax Audits.
Tax audits ensure proper maintenance of books and certification by tax auditors.
The tax audit report must be submitted on or before September 30 of the following year in the case of taxpayers who have not carried out international transactions.
If the taxpayer needed to get his books audited fails to do so then he is responsible for paying a fine of 0.5% of his turnover / gross revenue subject to a maximum of Rs 1.5 lakh