Tax Audit under Income Tax Act
Businesses crossing specified turnover or professional receipts limits must undergo a Tax Audit under Section 44AB of the Income Tax Act. Our audit team ensures accuracy in income reporting, deductions, and compliance with tax provisions. We also file the prescribed audit reports with the Income Tax Department on time.
Why This Service Matters
- Ensures compliance with Section 44AB requirements.
- Prevents penalties for misreporting or delays.
- Validates the correctness of tax filings and claims.
- Enhances credibility with tax authorities.
- Helps avoid unnecessary scrutiny or notices.
What is the turnover limit for Tax Audit under Section 44AB?
It depends on the business type and mode of transactions (cash vs digital). Currently, businesses above ₹1 crore (or ₹10 crore with digital transactions) generally require audit
Is Tax Audit applicable for professionals?
Yes, if professional receipts exceed ₹50 lakhs in a financial year.
Who can conduct a Tax Audit?
Only a Chartered Accountant registered with ICAI is authorized.
When is the due date for filing Tax Audit reports?
Generally, 30th September following the financial year (subject to extensions by CBDT).
Can I avoid a Tax Audit if I opt for presumptive taxation?
Yes, in some cases under Section 44AD/44ADA, but conditions apply.