The applicability of Tax Audit in India is governed by Section 44AB of the Income Tax Act, 1961. It lays down the threshold limits and conditions under which an audit of accounts is mandatory for businesses and professionals.
A tax audit is an examination and review of accounts of an entity to ensure compliance with the provisions of the Income Tax Act. It is conducted by a Chartered Accountant (CA).
So, if cash transactions are minimal, businesses can enjoy the ₹10 crore threshold.
Due Date for Tax Audit Report (Form 3CA/3CB + 3CD):
If you want help determining whether your specific case is liable for tax audit, feel free to share your turnover, cash transactions, nature of income, etc.
Taxcellent assist you in filing Tax Audit service at very reasonable prices within statutory timelines.
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