Tax Audit under Section 44AB: Applicability & Requirements
S
Statura Team
A tax audit under Section 44AB is a mandatory examination of a taxpayer's accounts by a Chartered Accountant when turnover or income crosses specified limits.
When Is It Required?
- Business turnover above the prescribed limit (higher if cash transactions are minimal).
- Professional receipts above the specified threshold.
- Where presumptive taxation is opted out of and income exceeds the basic exemption.
Forms & Reporting
The auditor files Form 3CA/3CB along with the detailed Form 3CD, reporting compliance across dozens of particulars.
Due Date & Penalty
The audit report is generally due by 30 September, before the income tax return. Failure attracts a penalty of up to 0.5% of turnover (capped at ₹1.5 lakh).
Statura coordinates tax audit and income tax filing so your reporting is accurate and on time.
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