Income Tax Audit
What is tax audit in income tax?
A tax audit is a process of examining a taxpayer’s records to ensure compliance with the Income Tax Act of 1961. Section 44AB of the Act requires certain types of Indian taxpayers to undergo a tax audit.
who is applicable for tax audit?
In India, any business with annual sales, turnover, or receipts greater than Rs. 1 crore is required to undergo a tax audit. If you are a professional with receipts exceeding Rs. 50 lakh, you can be subject to a tax audit.
Who is eligible for tax audit?
According to Income Tax Act section 44 AB, an audit of your accounts is required if your business’s gross turnover exceeded Rs. 1 crore in the previous year, or if the gross receipts from your profession exceeded Rs. 50 lakh in the previous year.
when to file tax audit report
The tax audit report is to be submitted by the deadline for submitting the income return, if not earlier. If the taxpayer has engaged in an international transaction, it is November 30 of the next year; for other taxpayers, it is September 30 of the following year.
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