Tax Audit Limit – Section 44AB

Tax Audit Requirement

Tax audit is required under section 44AB, a compulsory tax audit is required to be completed by a Chartered Accountant.

If a business has total sales turnover or over Rs.1 crore and in case of a profession, if the profession has total gross receipts of more than Rs.50 lakhs, then tax audit by a Chartered Accountant is mandatory.

In addition to the above limits based on the business turnover, businesses covered under section 44AD, 44AE, 44BB or 44BBB and claiming income to be lower than the deemed profits as specified under respective sections is also required to obtain tax audit mandatorily.

Forms for Tax audit and who required Form no: 3CA

This form is furnished when a person carrying on business or profession is already mandatory to get his account audited under any other Law

Form no: 3CB

This form is furnished when a person carrying on business or profession is not required to get his account audited under any other Law

Form no: 3CD

This form is furnished in prescribed format under Tax audit.

Form no: 10B

This is Tax audit form and need to furnish by the Trust which are registered under 12A and 80G