Ensure statutory compliance and avoid penalties. Professional Tax Audit services under Section 44AB of the Income Tax Act.
A Tax Audit is an examination of a taxpayer’s books of accounts and other relevant documents. It is conducted to ensure that the financial statements are accurate and the tax liabilities have been correctly calculated. Under Section 44AB of the Income Tax Act, 1961, certain categories of taxpayers must get their accounts audited by a Chartered Accountant.
Taxcrafted Solutions provides meticulous tax audit services, helping businesses identify errors, ensure compliance with tax laws, and file their audit reports (Form 3CA/3CB & 3CD) on time.
Mandatory limits for businesses and professionals.
Key details about Income Tax Audit under Section 44AB.
A Tax Audit is mandatory if the total sales, turnover, or gross receipts of a business exceed ₹1 Crore in a financial year. However, if cash receipts are less than 5% of total turnover, the limit is increased to ₹10 Crores.
Yes, professionals (like Doctors, Architects, Lawyers, CAs) must get their accounts audited if their gross receipts exceed ₹50 Lakhs in a financial year.
The due date for filing the Tax Audit Report (Form 3CD/3CA/3CB) is typically 30th September of the assessment year. The Income Tax Return (ITR) itself must be filed by 31st October.
If a taxpayer fails to get their accounts audited or fails to furnish the report, the penalty under Section 271B is 0.5% of the total sales/turnover or ₹1,50,000, whichever is lower.
Yes, if you declare profits under Section 44AD (8% or 6% of turnover) and your turnover is below ₹2 Crores, you are exempt from maintaining books of accounts and getting a Tax Audit done.
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