In India, a tax audit under Section 44AB of the Income Tax Act is mandatory if your business turnover exceeds ₹10 crore or professional gross receipts surpass ₹50 lakh. This audit ensures compliance with tax regulations and requires a qualified Chartered Accountant to conduct it. The auditor prepares a report in Form 3CD, detailing financial statements, income, deductions, and tax compliance, which must be filed electronically by the income tax return due date, typically September 30th.
Tax audit applicable if business or profession exceeds certain turnover or income threshold limits.
Income tax audits under Section 44AB of the Income Tax Act, 1961, are crucial for ensuring compliance with tax regulations in India.
Here’s a comprehensive overview of the requirements and pro
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