Section 44AB- Income Tax Audit Meaning, Limit, Applicability, Forms, Due date, Penalty, FAQs, etc.
The Audit conducted by the Chartered Accountant of the accounts of taxpayer in pursuance of the requirement of section 44AB is called tax audit.
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Tax Audit
The Audit conducted by the Chartered Accountant of the accounts of taxpayer in pursuance of the requirement of section 44AB is called tax audit.
A Tax Audit determines whether financial records and transactions are correctly recorded and accounted for. This ensures that the records reflect the taxpayer’s actual income and that the claims for deductions made are accurate.
Govt extends timelines of certain compliances, to mitigate the difficulties faced by taxpayers due to the ongoing COVID-19 pandemic. For this purpose, CBDT issued “Circular No. 09/2021: Dated 20th May 2021”
In view of the severe pandemic, the Central Board of Direct Taxes, in the exercise of its powers under Section 119 of the Income-tax Act, 1961, provides the following relaxation circular no. 09/2021 in respect of Income-tax compliances by the …
In order to boost non-cash-transaction to promote the digital economy and to further reduce the compliance burden of small and medium enterprises, it is proposed to increase the threshold from “Rs. five crores” to “Rs. ten crores” in the cases listed above.
The Income Tax Audit original due date is 30th September of the assessment year.
In order to boost non-cash-transaction to promote the digital economy and to further reduce the compliance burden of small and medium enterprises, it is proposed to increase the threshold from Rs. 5 crores to Rs. 10 crores
Section 44AB deals with the tax audit limit and provision of Tax Audit.