Tax Audit

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Tax audit is a thorough examination of a taxpayer's financial records by a qualified professional to ensure compliance with tax laws. Documents typically checked include financial statements, bank statements, income tax returns, and supporting vouchers. Auditors verify the accuracy of income, deductions, and compliance with tax regulations. The process ensures the taxpayer's financial transparency, identifies discrepancies, and aids in tax assessment. Taxpayers may be required to furnish additional documents like books of accounts, agreements, and correspondence. A comprehensive understanding of tax laws and meticulous record-keeping is crucial for a successful tax audit.