Section 44AB: Audit Required for Businesses Exceeding Rs. 1 Crore Sales, Rs. 50 Lakh Professional Receipts; Special Conditions Apply.
Section 44AB mandates that certain individuals must have their accounts audited. This includes business owners with annual sales exceeding Rs. 1 crore, unless they use the presumptive taxation scheme under section 44AD and have sales below Rs. 2 crores. If cash transactions are under 5%, the threshold is Rs. 10 crores. Professionals with receipts over Rs. 50 lakhs also require audits. Those opting out of presumptive schemes under sections 44AD, 44ADA, 44AE, 44BB, or 44BBB, but declaring lower profits than computed by these schemes, must also undergo audits if their income exceeds non-taxable limits.
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