Tax Audit Limit For Partnership Firm
For every year, the due date of furnishing the tax audit report is 30th September of the subsequent year
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44AB
For every year, the due date of furnishing the tax audit report is 30th September of the subsequent year
Tax audit is governed by income tax law, as the name suggests, a tax audit is an examination or review of accounts of any business or profession carried out by taxpayers from an income tax point of view. Section 44AB …
A Taxpayer is required to have a tax audit carried out if the sales, turnover, or gross receipts of business exceed Rs. 1 crore in the financial year. The threshold limit of Rs. 1 Crore for a tax audit is proposed to be increased to Rs. 5 Crore from AY 2020-21
The Audit conducted by the Chartered Accountant of the accounts of taxpayer in pursuance of the requirement of section 44AB is called tax audit.
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.