Section 44AB states the General Regulations of the Tax Audit procedure
Who are liable to get the Tax Audit done –
- An Individual conducting business with an annual turnover of upto 1 Crore and above
- An Individual engaged in any profession and earning upto 50 Lakhs and above
- An Individual who falls under the taxation schemes under Section 44AE but claims that lower business profit as per Section 44AE calculations
- An Individual being qualified for the taxation schemes under Section 44AD but later claims a lower business profit than the presumptive taxation amount.
Different Forms of Tax Audit
- Form 3CA & Form 3CD
- Form 3CB & Form 3CD
In case a taxpayer chooses to get the Accounts Audited under any Prescribed Law other than Section 44AB, then the applicable form is Form 3CA and the submitted details to be noted in Form 3CD.
Section 44AE
Relevant for the Business Ventures specialising in Hiring, Leasing, or Plying of Goods Carriages
Section 44AD
Applicable for any other Business Ventures mentioned under Section 44AE
Section 44BB
Applicable for Non-Resident Indians involved in business activities in the Minerals, Oil Industry
Section 44BBB
Applicable for International Organizations involved in any sort of Civil Construction Business, or Power Projects
