TAX AUDIT u/s 44AB

As the the month of September arises, so does the last date for getting your accounts audited under Income Tax Act, 1961. Income Tax Act has specifically mentioned certain assesse to get their accounts audited from a Chartered Accountant. The following assesses are required to get their accounts audited:

1. The Person is carrying on business and his Total Sales/Turnover exceeds Rs. 1 Crore (or)
2. The Person is carrying on Profession, and his Gross Receipts exceed Rs. 25 Lakhs (or)
3. The Person is carrying on business or profession and is covered under the provisions of section 44AD, 44AE, 44AF, 44BB or 44BBB and claims that his income from the said business is lower than the deemed profits and gains computed under the relevant section.

Forms of Tax Audit Report 

• Form 3CA & Form 3CD These Forms are used in case where the Accounts of the business or profession of a person have already been audited under any other Law.
• Form 3CB & Form 3CD These Forms are used in case where the Accounts of the business or profession have not been audited earlier.

For further details please add your comments below or you can contact us at 

ngoandtaxconsultant@gmail.com

Author
Akshay Jain
Chartered Accountant
Varanasi (U.P.)
Contact Me at: ngoandtaxconsultant@gmail.com for any query
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