Tax Audit-Tax Auditor in India Patna Bihar Jharkhand Ranchi Jamshedpur Gaya Jahanabad Bettiah Muzaffarpur
What is Tax Audit?
Tax Audit is just like any other financial audit, it is done by Chartered Accountants when turnover from business of customer crosses or meet limitation prescribed in Section 44AB of Income Tax Act, 1961, India.
As per section 44AB- Every person
- Carrying on business shall, if his total sales, turnover or gross receipts, as the case may be, in business exceed or exceeds one crore rupees. ; or
- Carrying on profession shall, if his gross receipts in profession exceed twenty-five lakh rupees. ; or
- Carrying on the business shall, if the profits and gains from the business are deemed to be the profits and gains of such person under section 44AD and he has claimed such income to be lower than the profits and gains so deemed to be the profits and gains of his business and his income exceeds the maximum amount which is not chargeable to income-tax in any previous year.
get his accounts of such previous year audited by a Chartered Accountant. The due date for filing the Tax Audit Report u/s 44AB is 30th September of the Assessment year.
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Topic of this page:
Tax audit-Tax auditor in India Patna Bihar Jharkhand Ranchi Jamshedpur Gaya Jahanabad Bettiah Muzaffarpur
This article is written by: ACS Prince Kunal
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