A tax audit is an examination into the background of tax related transaction to confirm that these are correctly calculated, paid and recorded. Since today’s dynamic environment both business and individuals have to conform with numerous taxation and other laws so a tax audit actually ensures compliance in order to minimize tax risk exposure to the client.

The primary purpose of a tax audit is to make certain that books of Accounts have been maintained in agreement with the provisions of the Income Tax Ordinance 2001:

• Ensure that audit has effectively curbed Tax Evasion and ensures Tax Compliance;

• It enhances the reliance of stakeholders

• Helps in improved tax planning

How the audit proceedings are conducted are as follows:-
The Commissioner may call for any record or documents including books of accounts maintained under this Ordinance or any there law for the time being in force for conducting audit of the income tax affairs of the person and where such record or documents have been kept on electronic data, the person shall allow access to the Commissioner or the officer authorized by the Commissioner for use of machine and software on which such data is kept and the Commissioner or the officer may have access to the required information and data and duly attested hard copies of such information or data for the purpose of investigation and proceedings under this Ordinance in respect of such person or any other person:

Provided that

(a) the Commissioner may, after recording reasons in writing call for record or documents including books of accounts of the taxpayer; and

(b) the reasons shall be communicated to the taxpayer while calling record or documents including books of accounts of the taxpayer:

Provided further that the Commissioner shall not call for record or documents of the taxpayer after expiry of six years from the end of the tax year to which they relate.
After obtaining the record of a person under sub-section (1) or where necessary record is not maintained, the Commissioner shall conduct an audit of the income tax affairs (including examination of accounts and records, enquiry into expenditure, assets and liabilities) of that person or any other person and may call for such other information and documents as he may deem appropriate. After completion of the audit the Commissioner may, if considered necessary, after obtaining taxpayer’s explanation on all the issues raised in the audit, amend the assessment under sub-section (1) or sub-section (4) of section 122, as the case may be.

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