Tax Audit Query

There's a circulating rumour on social media suggesting that tax audits might be abolished in the upcoming budget. While it's unlikely to happen this year, some believe it could be a possibility in the future. The current tax audit system provides assurance to the government regarding tax law compliance. Its removal could increase the burden on tax authorities and lead to more scrutiny for individuals. Alternatively, tax returns might become more comprehensive to cover audit report details, or the threshold for mandatory tax audits could be raised significantly.