APRIL 15 marks the end of another taxable year for many companies. This is the time when annual income tax returns are filed to report the company’s performance during the year. For the tax authority, however, this marks the beginning of another audit quest. A taxpayer will know if it is under audit when it receives an electronic letter of authority (eLA). This is a written notice that signals the start of the tax authority’s audit process. Attached to the eLA is a request for submission, within a specific time frame, of documents like books of accounts, tax returns, and alphalists.
Apr 292013