Income Tax Audit

What is Income Tax Audit?

Having the check and balance at the organization is desirous for all employers. They want to make the balance on their organizations so that the transparency can be maintained. Similarly, the income tax audit is also important for the Federal Board of revenue. Income tax audit is more important as compared to the general audit. A computer-based audit of any organization which is done to assess all the income operations is known as income tax audit. FBR gets to know that all the things which are concerned here in this organization have been put down clearly. To make the surety about the statements and their effectiveness, the income tax audit is essential.

Why income tax audit is important?

It is important so that the level of transparency can be maintained. In this regard, a proper check and balance can be made in all the departments. Otherwise, the companies might acquire the tax shield without even meeting with the eligibility criteria. Therefore, it is a process that is done by the FBR after the evaluation.

Requirements

For the income tax audit following documents are required:

Company Existence

Balance Sheets should be Present

Profit and Loss Statements should be Present

Ledgers should be Maintained Properly

All Other Documents if the Invoices are not Updated

If there will be Bank Reconciliation Statements so those should be Presented Accurately

Solutions

 

For income tax audit we offer the following services:

  • We provide you the guide for making the statements accordingly.
  • We will guide you about all the rules and regulations.
  • We can help you to tackle the issues if there is a conflict.

 

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