What is the Tax Audit in Indian income tax?
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Tax Audit is a statutory audit of the accounts of taxpayers conducted under the provisions of the Income Tax Act, 1961, by a chartered accountant. It is applicable to certain individuals, businesses, and entities whose turnover or gross receipts exceed the specified threshold limits. The purpose of a tax audit is to ensure compliance with the provisions of the Income Tax Act and to report any discrepancies or irregularities in the tax filings.