Tax Audit Checklist: Essential Documents and Information

Preparing for a tax audit? Here’s a checklist to ensure you have all the necessary documents and information:

1. Financial Statements: Balance sheet, profit & loss account, cash flow statement.
2. Bank Statements: Reconcile with your financial statements.
3. Invoices & Receipts: Ensure all income and expenses are documented.
4. Tax Returns & Payment Records: Copies of filed returns and proof of tax payments.
5. Ledger Accounts: Detailed records of all accounts, including debtors and creditors.
6. Supporting Documents: Agreements, contracts, and other legal documents relevant to your financial transactions.
7. Employee Records: Payroll, provident fund contributions, and other employee-related expenses.
8. Inventory Records: Stock registers and valuation reports.
9. Compliance Reports: GST, TDS, and other statutory compliance documents.

Thorough preparation ensures a smooth audit process and minimizes the risk of errors or penalties. Stay organized and audit-ready!

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