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What are the common errors detected during a tax audit?
What are the common errors detected during a tax audit?
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Answer:
Common errors detected during a tax audit include:
Incorrect classification of income and expenses.
Omission of income from certain sources.
Overstating expenses or underreporting revenue.
Non-compliance with TDS provisions.
Improper maintenance of books of accounts.
Discrepancies between bank statements and financial records.
Non-disclosure of related party transactions.
Incorrect calculation of depreciation.