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Tax Audit

Tax Audit

Tax Audit under section 44AB of the Income Tax Act, 1961.

Tax Audit is an independent audit by a chartered accountant in full-time practice concerning the matters related to Taxation only and a report confirming that there is no concealment of income by the taxpayer and that there is no non-payment of tax liability and the same has is paid on due dates. The tax audit is a statutory obligation on the part of the taxpayer and is applicable on all cases where the turnover or the gross receipts during the previous year is more than the limit prescribed under section 44AB for the respective assessment year. The due date for filing the tax audit report is 30th September of the assessment year. In case the audit report is not submitted within its due date then the taxpayer is required to pay a penalty of an amount equal to 1.5% of the gross receipts/turnover, however, subject to a maximum fine of Rs. 1.5 lac.

TURNOVER OR GROSS RECIEPT LIMIT FOR TAX AUDIT FOR ASSESSEMENT YEAR 2020-21

SL.NO. TYPE OF TAXPAYER (ASSESSEE) TURNOVER FORMS APPLICABLE
1 Company 1 Crore 3CA and 3CD
2 LLP - Business Income 1 Crore 3CA and 3CD
3 LLP - Income From Profession 50 Lac 3CA and 3CD
4 Partnership - Business Income 1 Crore 3CB and 3CD
5 Partnership - Income From Profession 50 Lac 3CB and 3CD
6 Individual -Business Income 1 Crore 3CB and 3CD
7 Individual - Income From Profession 50 Lac 3CB and 3CD
8 Presumptive Business Income u/s 44AD 2 Crore 3CB and 3CD
9 Presumptive Profession Income u/s 44AD 50 Lac 3CB and 3CD