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Oct 17, 2024 · The purpose is to authenticate the accounts, verify compliance with income tax provisions, and submit a tax audit report with the Income Tax Return. What is the last date for the income tax audit? The last date for filing the income tax audit for the FY 2023-24 has been extended by 7 days i.e. 7th October 2024.
Sep 15, 2021 · Audit of accounts of certain persons carrying on business or profession. 44AB. Every person –. (a) carrying on business shall, > if his total sales, turnover or gross receipts, > as the case may be, > in business exceed or exceeds. > one crore rupees in any previous year.
Jun 7, 2024 · Section 44AB of the Income Tax Act outlines specific conditions under which a tax audit is mandatory. This article provides a comprehensive guide on the audit requirements and criteria for businesses and professions for the assessment year 2024-25, detailing various turnover limits, conditions under presumptive taxation schemes, and special ...
Sep 29, 2022 · INTRODUCTION :- The section 44AB of the Income Tax Act, 1961 (“Act”) imposes liability for mandatory tax audit when any of the condition mentioned in clause (a) to (e) is applicable.
“Guidance Note on Tax Audit under section 44AB of the Income-tax Act,1961 (Revised 2023)”. This publication has been specifically revised keeping in view the amendments made upto Finance Act, 2023 and tax audit forms applicable as on date (Form No. 3CA/3CB/3CD). This Guidance Note aims to address the
Oct 1, 2024 · Section 44AB of the Income-tax Act, 1961, states the regulations for the tax audit of a firm or entity. The tax audit ensures that the taxpayer has provided complete and accurate information regarding his income, deductions, and taxes. This is to be conducted by a Chartered Accountant.
Tax Audit under section 44AB of the Income tax Act, 1961 is one of the core areas of practice for Chartered Accountants. Considering the expertise and domain knowledge of Chartered Accountants, the onerous responsibility
