Tax Audit Applicability as per Section 44AB: Explained in Simple Terms

Does your business or profession need a tax audit under Section 44AB? Here's a straightforward breakdown:

• For Businesses: Audit required if total sales, turnover, or gross receipts exceed ₹1 crore. For businesses with less than 5% cash transactions, the limit is ₹10 crore.

• For Professionals: Audit mandatory if gross receipts exceed ₹50 lakhs.

• Presumptive Taxation: Applicable for sections 44AE, 44BB, 44BBB, 44ADA with income claimed lower than deemed profits, or if Section 44AD (4) applies and income exceeds the non-taxable limit.

Ensure your business stays compliant and avoid penalties. Contact Taxtime Consultancy Group for expert tax audit services.

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