Tax Audit under Section 44AB
Form 3CA or 3CB with the 3CD annexure, filed by 30 September.
Tax audit applies above ₹1 crore turnover for a business, or ₹10 crore where cash receipts and cash payments are each under 5% of the total. For a profession the threshold is ₹50 lakh. It also applies at any turnover if you declare profits below the presumptive rate under 44AD and your income exceeds the exemption limit.
The audit report is due by 30 September, a month before the return itself. Missing it costs 0.5% of turnover up to ₹1,50,000 under section 271B.
The 3CD annexure is where the work is — clause by clause on payments, disallowances, related-party transactions and TDS compliance.
What is included
- Audit under section 44AB
- Form 3CA or 3CB as applicable
- Form 3CD particulars, clause by clause
- Filing and the audit report acknowledgement
What we need from you
- Books of account and the trial balance
- Bank statements for the full year
- Statutory audit report where one applies
- TDS returns and GST returns for the year
Questions
When does tax audit become applicable?
Above ₹1 crore turnover for a business, or ₹10 crore where both cash receipts and cash payments stay under 5% of the total. ₹50 lakh for a profession. Also at any turnover if you declare below the presumptive rate under section 44AD.
Also in Income tax
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