The IRS can audit returns for up to three prior tax years and, in some cases, go back even further
If an audit results in increased tax liability, you may also be subject to penalties and interest
Reviewing your return carefully before filing can help to minimize the odds of being audited
,What Is a Tax Audit?A tax audit is when the IRS decides to examine your tax return a little more closely and verify that your income and deductions are accurate
Typically, your tax return is chosen for audit when something you have entered on your return is out of the ordinary
Typically, your tax return is chosen for audit when something you have entered on your return is out of the ordinary
There are three main types of IRS audits: the mail audit, the office audit and the field audit
No matter what type of audit the IRS decides to conduct, you will receive notification of it by mail
Tax on corporations
Also called corporation tax or company tax
Is a type of direct tax levied on the income or capital of corporations and other similar legal entities.The tax is usually imposed at the national level
But it may also be imposed at state or local levels in some countries.Corporate taxes may be referred to as income tax or capital tax
Depending on the nature of the tax.
Indian tax forms are used to document information in compliance with the Income Tax Act of 1961 and in accordance with the Income Tax Rules
Which govern the process of filing income tax returns in India.
Means of collecting income tax in India
Tax deduction at source (TDS) is an Indian withholding tax that is a means of collecting tax on income
DividendsOr asset sales by requiring the payer to deduct tax due before paying the balance to the payee.
List of individual's monetary gains and losses over 12 months submitted to government each year
A tax return is the completion of documentation that calculates an entity or individual's income earned and the amount of taxes to be paid to the government or government organizations or
