Income Tax Audit under section 44AB
As per the Income-tax Act 1961, it is obligatory for the following persons carrying on business or profession to get their accounts audited on or before September 30 by a Chartered Accountant:
- If the total sales, turnover or gross receipts in business exceeds Rs. 100 lakhs* (1 Crore) in any of the previous years; or
- If the gross receipts in the profession exceed Rs. 50 lakhs in any of the previous years; or
- If the assessee covered under the provision of section 44AD claims his profits to be lower than the profits deemed under presumptive basis and his income exceeds the basic exemption limit
*The threshold limit would be 10 crores instead of 1 crore (from 1/4/2021) If cash transactions don’t exceed 5% of total gross receipts and payments.
Tax Audit report to be furnished in Prescribed Forms
The tax audit report is required to be furnished in the prescribed forms 3CA/ 3CB/ 3CD by September 30, which is certified by the Chartered Accountant.
We at Shubham Anand & Co., provide tax audit services as per section 44AB of the Income Tax Act, 1961.
Tax Audit Advisory Services :
- To ascertain/derive/report as per the requirements of Form Nos. 3CA/3CB and 3CD.
- To ensure that the books of account and other records are properly maintained, that they truly reflect the income of the taxpayer, and that claims for deduction are correctly made by him.
- To check on fraudulent practices
- Each minute aspects and provisions of section 44AB, Form 3CA, 3CB & 3CD considered
Tax Audit Due Date for AY 2024-25 (FY 2023-24)
Due Date of filing Income Tax Return (Non-Audit Case): 31st July 2024
General due date for filing Income Tax Return (Audit Cases): 31st October 2024
Due Dates for Tax Audit Report (3CA-3CD/3CB-3CD): 30th September 2024*(*one month before the due date for furnishing the return of income under sub-section (1) of section 139)