Tax Audit Fundamentals

Tax Audit Basics is an online course where you will be learning about Tax Audit Introduction, Tax Applicability, Tax Auditor, Letters, Tax Audit Procedures, Documentation, Tax Audit Report, and also about Form 3 CD.

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 54m | 10 Videos | 90242 Views |   Beginner

Tax Audit Basics

Do you feel puzzled and confused just thinking about paying taxes? Or are the Tax terms making you go crazy? Don’t worry we are here to make it all simple for you.

In this course we will teach you about tax audit terms and concepts. So by the end of the course understanding the tax audit terms will become a familiar process, may be even fun, like it is for me like doing a piece puzzle.
So let’s understand first What is Tax Audit?

The main meaning of the term audit is check, review, inspection. There are many types of audits which are given under different laws like company law requires a company audit, cost accounting law requires a cost audit. For example if we try to look at the  Income-tax Law, it basically requires the taxpayer to get the audit of the accounts of his business/profession from the view point of Income-tax Law.

Section under the Act gives the provisions relating to the class of taxpayers who are required to get their accounts audited from a chartered accountant. The audit under this section aims to ascertain the compliance of various provisions of the Income-tax Law and the fulfillment of other requirements of the Income-tax Law. The audit conducted by the chartered accountant of the accounts of the taxpayer in pursuance of the requirement of section is called tax audit.

There is a main role which is played by the chartered accountant conducting the tax audit, as he is required to give his findings, observation, etc., in the form of audit report. The report of tax audit is to be given by the chartered accountant in a Form.

One of the objectives of tax audit is to determine/develop/report the necessities of Form. Apart from reporting requirements of Form, a proper audit for tax purposes would ensure that the books of account and other records are properly maintained, that they faithfully reflect the income of the taxpayer and claims for deduction are correctly made by him. Such types of audits are highly useful as they help in checking fraudulent practices. Tax Audit can also simplify the administration of tax laws by a proper presentation of accounts before the tax authorities and considerably save the time of Assessing Officers in carrying out routine verifications, like checking correctness of totals and verifying whether purchases and sales are properly vouched for or not. The time of the Assessing Officers saved could be utilized for attending to more important and investigational aspects of a case.

The main objective of the course on Tax Audit is:

– To learn the Tax Jargons
– Understand why Tax is levied
– Understand the concept of tax Preparation

What are the requirements?

– Knowledge of basic tax concepts
– You will need your device to watch videos and read text (a desktop computer, or a laptop, or a smart phone), a note pad to take notes and ear phones (just for your convenience)

What am I going to get from this Tax Audit Basics course?

– Over 10 lectures and 55 mins of content!
– You will learn all the tax jargon at the end of the course
– Understand Why Taxes are levied?
– You will clearly understand what tax preparation is and why it’s importance.

What is the target audience for this tax Audit Basics Course?

– This course will be useful for Tax Payers
– Students who wish get to learn concepts of Tax Audit
– Professionals

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