Tag: Tax Audit Applicability
Article Income Tax Latest Tax News & Updates Tax Article Tax News

Article on Tax audit ||Objective of tax audit ||Tax audit applicability (As per section 44AB) || If a person/taxpayer is required by or under any other law to get his accounts audited|| Forms for tax audit|| Late fees/penalty

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​​​Article on Tax audit Tax audit Meaning The dictionary meaning of the term “audit” is check, review, inspection, examination etc. There are various types of audits prescribed under different laws like company act requires a company audit, cost accounting law requires a cost audit, GST act required a GST audit etc. The Income tax law […]
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Who is covered by tax audit (As per Section 44AB)? ||Tax Audit Applicability ||Work-in progress does not constitute ‘Turnover/Gross sales’ within the meaning of section 44AB of Income tax ||Section 44AB of income tax applicable to only business Income

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Who is covered by tax audit ? FAQ deals with Income Tax  Audit Provisions in India. As per section 44AB, following persons are compulsorily required to get their accounts audited:- A person carrying on business, if his Gross/total sales, turnover or gross receipts (as the case may be) in business for the year exceed or […]