Indicate TRUE or FALSE for the following statements:
1. Desk audit involves the examination of the taxpayer’s business records at the taxpayer’s premises.
2. During the course of an audit, the audit officer should not be allowed to examine all business records and to inspect stock and equipment physically for verification of the claims made.
3. The timeframe for settlement of a tax audit should be 99 calendar days from the commencement of the audit. IRBM will inform the taxpayer of the progress of the audit in the event that the case needs more than 99 days to settle.
4. Taxpayer is prohibited from obstructing or refusing to allow an audit officer from entering lands, buildings, places, and premises to perform his duties in accordance with section 80 of the ITA.
5. The time required to carry out an audit visit is between one (1) to three (3) days.