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Tax Audit

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Querist : Anonymous

Querist : Anonymous (Querist)

28 May 2010
Please specify what is Tax Audit ? And to whom is it obligatory to get tax audit done ?

Akbar Mirza

Akbar Mirza (Expert)
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28 May 2010 Tax Audit means the giving the information regarding allowable or disallowable expenses, TDS defaults, regarding defualts of any section of I.T. Act in prescribed form i.e. in Form 3CD as per Sec 44 AB of I.t. Act.

Tax Audit shal be applicable to those assessee's whose Gross receipt or Turnover exeeds Rs. 4000000/- in case of Business as well as Rs. 1000000/- in case of profession.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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28 May 2010 Limits for turnover over which accounts need to be audited under section 44AB enhanced to Rs.60 lakh for businesses from Rs. 40 Laks and to Rs. 15 lakh for professions from Rs. 10 Lakhs from fy 2010-11

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