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A tax audit is an examine of an organization’s or individual’s tax return to verfy that financial information is being reported correctly. Typically, your tax return is chosen for audit when something you have entered on your return is out of the ordinary. The chances of being singled out for closer scruntiny are statistically low; there are factors that could increase your odds of receiving notice. Fortunately, there are measures you can take now to minimize future problems. The provision for tax audits in India are covered under section 44AB of the income tax Act 1961. There are three types of IRS audit. Mail audits:- A mail audit is the simplest types of IRS examination and does not require you to meet with an auditor in person. Usually, the IRS requests additional documentation to substantiate various items you report on tax return.Office audits:-Audit office is an in person audit deportment at a local IRS office. These audits are more in complexity than mail audits and usually include questioning by an audit officer about information on your return. You can say to bring specific information to an office audit, like as the record of business and the books or bank statement and receipts.Field audits:-It is the largest type of examination that the IRS conducts. An IRS agent will conduct the audit at your home or place of business. Usually, field audits are conducted when the IRS is questioning more than just an assumption or two. It is typically very thorugh and will shield many, if not all, items on your return.
According to section 44AB if the satisfying any of the following conditions:
In any one fails to submit with the provisions relating to the Income Tax Audit, there is penalty of 0.5% of the total turnover or Rs. 1, 50,000 whichever is less. However, if a person has a reasonable cause for non filing of the tax audit report, then such a punishment may not be levied on him.
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