How does the tax audit process benefit the taxpayer?
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The tax audit process benefits the taxpayer by:
Ensuring accurate reporting of income and deductions, thereby avoiding penalties and interest for non-compliance.
Providing an independent review of financial records, which can help identify errors and areas for improvement.
Enhancing the credibility of financial statements with stakeholders, including banks, investors, and regulatory authorities.
Helping in better tax planning and management by identifying potential tax savings and compliance issues.