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Unit 4: Tax Audit
(Section 44AB of Income Tax Act, 1961): - Coggle Diagram
Unit 4: Tax Audit
(Section 44AB of Income Tax Act, 1961):
Points
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- Penalty for Non-Completion
Tax Audit Requirements
- Business exceeding ₹1,00,00,000 in sales or receipts
- Professionals exceeding ₹50,00,00 in gross receipts
- Professionals like architects, accountants, engineers, etc.
- Presumptive tax scheme members with sales over ₹2,00,00,000
Tax Audit Filing
- Due by 30th September of the assessment year
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- Form 3CD: Statement of relevant particulars
Penalty under Section 270A of the Income Tax Act, either:
A. 0.5% of turnover or gross receipts
B. ₹1,50,000, whichever is less
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