How does the tax audit help in detecting tax evasion?
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A tax audit helps in detecting tax evasion by:
Ensuring proper accounting and reporting of income and expenses.
Identifying discrepancies between reported income and actual income.
Verifying the accuracy of deductions and exemptions claimed.
Checking the authenticity of transactions and compliance with tax laws.
Highlighting unrecorded transactions or income.
Ensuring proper TDS compliance and reconciliation.