Section 44AB - Audit of accounts of certain persons [Tax Audit]

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..... usiness for the PY(s) relevant to the AY exceeds 1 crore. In order to reduce compliance burden, the Finance Act 2020 w.e.f. AY 2020-21 has inserted proviso to increase threshold limit of tax audit increased from ₹1 crore to ₹ 5 crore the Finance Act, 2021 w.e.f. AY 2021-22 has increase threshold limit of tax audit increased from ₹ 5 crore to ₹ 10 crore in case of person car .....

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..... 44AE , 44AF , 44BB OR 44BBB - If such person claims that the profits and gains from the business are lower than the profits and gains computed under these sections (irrespective of his turnover), he shall get his accounts audited by Chartered Accountant on or before the specified date. (d) A person carrying on profession covered u/s 44ADA - If such person claims that the profits and gains from th .....

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..... s does not exceed two crore rupees in such previous year. Form the AY 2024-25 :- This section shall not apply to a person, who declares profits and gains for the previous year in accordance with the provisions of section 44AD(1) or section 44ADA(1) . [Amended by FA, 2023 ] This section shall not apply to the person, who derives income of the nature referred to in section 44B or section 44BBA, on a .....

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