An Assessee is liable to get his Tax Audit done by a Chartered Accountant mandatorily, if in the previous year, The Person is carrying on business and his Total Sales/Turnover exceeds Rs. 1 Crore (Limit increased wef 1st April 2012) or The Person is carrying on Profession, and his Gross Receipts exceed Rs. 25 Lakhs (Limit increased wef 1st April 2012) or The Person is carrying on business or profession and is covered under the provisions of section 44AD, 44AE, 44AF, 44BB or 44BBB and claims that his income from the said business is lower than the deemed profits and gains computed under the relevant section The Due Date of filing of Income Tax Return of an Assessee liable to get his Tax Audit done under Section 44AB is 30th September. Limitation on CA’s for the Number of Tax Audits The Maximum no. of Tax Audit Assignments under Section 44AB which can be taken by a CA has been restricted to 45 by ICAI.
Posted on: Tue, 03 Sep 2013 04:27:48 +0000
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