Income Tax & Audit
About Income Tax & Audit
Income Tax: Income tax is a tax levied on individual or corporate earnings. It involves understanding tax brackets, claiming deductions and credits, and filing accurate returns annually to comply with tax laws and minimize tax liabilities.
Income Tax Audit: An income tax audit is a thorough examination of an individual's or company's financial records and tax returns by tax authorities. The audit ensures accuracy and compliance with tax laws, identifying discrepancies or errors that need correction.