clause a and b of section 44ab

All Rights Reserved. In this scenario, . Disclaimer : I tried to put analysis of the provisions of sec 44 AB and 44 AD of the Income Tax Act, 1961 and its applicability on assesses. 3CA/3CB and ​3CD. Section 44AB gives the provisions relating to the class of taxpayers who are mandatorily required to get their accounts audited from a chartered accountant. Section 44AB. ‘a] His total profit or income for that business which is eligible business and person is eligible assessee, is more than or equal to 8 % or  6 % [ if his gross total turnover or receipts recd in banking mode] . 3CB [See rule 6G(1)(b)] Audit report under section 44AB of the Income -tax Act 1961, in the case of a person referred to in clause (b) of sub - rule (1) of rule 6G As per Section 44AB of the Income Tax Act, 1961, every person carrying on business is required to get his accounts audited , if his total sales, turnover or gross receipts in business exceeds Rs. The tax audit is carried on to ensure that the payer has a fully maintained book of records and accounts, that properly depict the taxpayer’s income. The examination is conducted to ensure that the taxpayer has properly maintained the books of accounts and other records. 1. Explanation. (2) The particulars which are required to be furnished under section 44AB shall be in Form No. However, for a person ​​​​​​​The report of the tax audit conducted by the chartered accountant is to be ​furnished in prescribed form i.e. However, GST Audit may be applicable if registered under GST (GST Audit threshold limit being Rs 2 crore). As per the new proviso, the tax audit turnover limit would be INR 5 Crores in case the following two conditions are satisfied: New Rule 6G, inserted in the Income-tax Rules, prescribes the Forms of Audit report for the above purpose. 3CA - Audit report under section 44AB of the Income-tax Act, 1961, in a case where the accounts of the … This is the perfect analysis of the 2 sections. Section 44AB gives the provisions relating to the class of taxpayers who are mandatorily required to get their accounts audited from a chartered accountant. Salil. Penalty for not getting accounts audited under Section 44AB. 23 of the Guidance Note[2005 Edition] Clause 17(h) of Form 3CD Para 35 of the Guidance Note (Subsequent changes have been made in section 40A(3) by the Finance Act, 2008 and Finance (No. Section 44AB has been introduced in the Income-tax Act, 1961, by the Finance Act, 1984. c) Tax audit is in purview of 44AE, 44BB & 44BBB . Can you please tell me their slabs or provisions 1. B) For other assessees (i.e. 3CA - Audit report under section 44AB of the Income-tax Act, 1961, in a case where the accounts of the … That is in FY 2015-16, if you have opted 44AD and not opted in FY 2016-17 ,then 44AD(4) applies ,meaning thereby tax audit is applicable per section 44AD(e). Clause 8: Indicate the Relevant Clause of section 44AB under which the audit has been conducted: Verify the applicability of clauses of sec. However, according to section 271B​, no penalty shall be imposed if reasonable cause for such failure is proved. 1 Crore to Rs. 1. If the turnover exceeds INR 1 Cr (INR 5 Cr from AY 20-21), tax audit is applicable as per Section 44AB(a). [Under section 44AB] In this article, we will cover every aspect of tax audit as per income tax act. However, w.e.f. 44AB. a) In case of business, if turnover/gross receipt exceeds Rs. 9. Sir, What is meant by cash payments has to be less than 5% or total payments? —For the purposes of this section, —. FORM NO. 92/2020- CT to 94/2020- CT, Extend due dates for Income Tax Audit & Returns for AY 2020-21, Extend Tax Audit/ITR due dates for AY 2020-21, ICAI requests for extension of various Income-tax due dates, Extend Due Dates for Tax Audit and Income Tax Return Filing, Extend Income Tax Audit & ITR Due dates for AY 2020-21, Extend due dates of Audit Reports, ITRs, GST Returns, VSV Scheme, Extend due date for filing ITR & Tax Audit Report- AY 2020-21, Extend Tax/TP Audit & ITR Due dates for AY 2020-21, Open letter for extension of Due dates under Income Tax and GST. Section 44AB of the Income Tax Act deals with the audit of accounts of certain individuals. This section provides for audit of accounts of assessees having total sales, turnover or gross receipts exceeding the specified limits of Rs.40 lakhs for business and Rs.10 lakhs for profession. 1) Up to AY 2019-20, a person carrying on business was compulsorily required to get his accounts audited by a chartered accountant, if his total sales, turnover or gross receipts (as the case may be) in business for the year exceeds Rs. 1. It means in above case, if person shows his profit below 8 % of 6 % of his total sales etc, he will not require to get his books of account audited . 4. Tax Audit under Section 44AB of the Income Tax Act is the examination and review of the books of accounts of a taxpayer having income from business or profession.The taxpayer should appoint a practicing CA i.e. Is he liable for audit, sir. Section 44AB of the Income Tax Act, 1961 includes the provisions for the tax audit. Further some professionals are of an opinion that no audit is required in such a case. Section 44AB of the Income Tax Act contains provisions pertaining to the tax audit under the Income Tax Audit. Audit of accounts of certain persons carrying on business or profession.44AB. 3CA or 3CB) and such further prescribed particulars (in Form No. Tax Audit l Section 44AB of Income Tax Act,1961 l New Tax Audit l Tax audit limit I GST Sathi - Duration: 8:43. So in first possibility, he satisfy both condition of cash receipts and payments [ does not exceeds 5 % of such receipts and payments ] , he is not require to get his books of account audited under section 44 AB[a]  of the Income Tax Act, 1961. 5 crores for the tax audit is inserted below clause (a) to section 44AB. 3CB. In other words for a normal business who has not opted for declaring profit under 44AD (presumitive income) even if it is less than 8% 44AB(e) may not be applicable as 44AD(4) is not applied. Under section 44AB of the Income-tax Act, 1961, it is obligatory for certain specified persons, carrying on business or profession to get their accounts audited by an ‘accountant’ and submit a copy of the ‘audit report’ in prescribed form (Form No. (b) A person carrying on profession: The total gross receipts exceeds rs. Is the new amendment giving an option to assessee (who satisfy the conditions) to refrain from filing tax audit report? (Read Sec 44AD(4) & 44AD(5)). Section 44AB. d) Tax audit is in purview of 44AD. 44AB(e) may not applicable unless the assessee had earlier opted for 44AD and then comes out of it. shows profit less than 8% or 6%) then he cannot claim benefit u/s 44AD(1) for that AY and next 5 AYs. The five clauses of section 44AB under which tax audit can be carried out are – a. Salil (Querist ... 2. 17 [Audit of accounts of certain persons carrying on business or profession.. 18 44AB. 5 crores in cases where the aggregate cash receipts AND aggregate cash payments made during the year does not exceed 5% of total receipt and total payment respectively. So it is expected that CBDT should come out with suitable clairification or Govt. Therefore, it is proposed to amend these sections so that reference to the monetary limit specified in clause (a) or clause (b) of section 44AB of the Act is substituted with Rs. 30th September of the relevant assessment year. Thanks. 94/2020-Central Tax, Removal of Director Under Companies Act, 2013 with Notice & Resolution formats, GST Moving Towards Inspector Raj……. The audit under section 44AB aims to ascertain the compliance of various provisions of the Income-tax Law and the fulfillment of other requirements of the Income-tax Law. Even the Old Regime and NEW Regime too. Advertisement. 2 crore even then he is not required to conduct audit if he not falls in point (e) below. Audit has to be done u/s 44 AD[5] of the Income Tax Act, 1961. It is strange and injustice to small assessee. Required fields are marked *, Notice: It seems you have Javascript disabled in your Browser. While the turnover limit for Sec 44AB is INR 1 Cr, turnover limit for Sec 44AD is INR 2 Cr. Audit will not be applicable since the assessee can go for presumptive taxation scheme u/s 44AD. In this situation there are two possibilities  as below: 1] If his aggregate of all receipts and aggregate of all payments does not exceeds 5 % of such receipts and payments. Appreciable post. 2nd Para First line is incorrect it should be “With effect from 01/04/2020, that is from assessment year 2021-22” instead of “With effect from 01/04/2020, that is from assessment year 2020-21”. 2021-22…Please refer Bare Act and reply please after checking. Today, we learn the provisions of section 44AB of Income-tax Act 1961. Well i have come across different views on this Issue…, itatonline.org/articles_new/demystifying-applicability-of-tax-audit-u-s-44ab-of-the-income-tax-act-1961/. The two major amendments made by Finance Act, 2020 in respect of tax audit are as follows. get his accounts of such previous year audited by an accountant before the specified date and furnish by that date the report of such audit in the prescribed form duly signed and verified by such accountant and setting forth such particulars as may be prescribed: Provided that this section shall not apply to the person, who declares profits and gains for the previous year in accordance with the provisions of sub-section (1) of section 44AD and his total sales, turnover or gross receipts, as the case may be, in business does not exceed two crore rupees in such previous year: Provided further that this section shall not apply to the person, who derives income of the nature referred to in section 44B or section 44BBA, on and from the 1st day of April, 1985 or, as the case may be, the date on which the relevant section came into force, whichever is later : Provided also that in a case where such person is required by or under any other law to get his accounts audited, it shall be sufficient compliance with the provisions of this section if such person gets the accounts of such business or profession audited under such law before the specified date and furnishes by that date the report of the audit as required under such other law and a further report by an accountant in the form prescribed under this section. Though meticulous care has been taken but the author assumes no liability in respect of any loss/damage incurred while acting on the basis of information provided. Sir agar mera turnover 1.26 crore hai and Profit ratio 3% hai and all receipts cash then audit under which section. Clause (b) If the assessee is carrying on profession and his gross receipts exceed twenty five lakh rupees in the relevant previous year. So this rule change is NOT applicable for AY 20-21? 44AB(e) is for business. I had the same thought regarding this. Thus, For AY 20-21 the due date for filing tax audit report for FY 2019-20 corresponding to the assessment year 2020-21 will be 30th Sept, 2020 (one month prior to 31st Oct, 2020), (Recent update: On account of the Covid-19 situation , the government in a press conference dated May 13, 2020 announced that the income tax return (ITR) filing deadline for FY 2019-20 for all persons has been extended  from July 31, 2020 & October 31,2020, 2020 to November 30, 2020 and tax audit report due date  from September 30, 2020 to  October 31, 2020 ), Now we will understand all the provisions of Sec 44AB wef. Plz read the bare act again. The provisions of Section 44AB have been amended by the Finance Act, 2020 giving rise to major confusion in the minds of businessmen and professionals alike. Difficult to Genuine Tax Payers, Discussion on GST Notification No. I always believe that any analysis should begin by reading the bare act. The amended provision of section 44AB is effective for financial year 2020-21 relevant to the assessment year 2021-22. Or is it a mandatory exemption? Meaning of Certain Terms used in section 194J . Every person, -- (a) carrying on business shall, if his total sales, turnover or gross receipts, as the case may be, in business exceed or exceeds one crore rupees* in any previous year; What is the implication of "any previous year"? A tax audit is an examination of a taxpayer’s books of accounts. The above article is based on the authors private view. In order to submit a comment to this post, please write this code along with your comment: ade3c276b2177f4da990677856cad2a3. In order to rationalisation and to reduce compliance burden on small and medium enterprises, Finance Act 2020 has amended the clause (a) of section 44AB,in whichit increased the threshold limit for applicability of Tax Audit, for a person carrying on business and increased it from one crore rupees to five crore rupees, where,- It is very say that new amendments in 2020 is not suitable for small taxpayers compared to Middle and Higher class taxpayers. Clause No. [ that above Rs. Under clause (a) if the person is carrying on business whose total sales, turnover or gross receipts, as the case may be, exceed Rs one crore. 1 crores but does not exceeds 5 crore ]. If in this case the aggregate cash receipts and aggregate cash payments do not exceed 5% then the threshold limit will become Rs 5 crores and thus Audit u/s Sec 44AB(a) won’t be applicable. Where a person does not declare profit in accordance with Sec 44AD(1) in any AY (i.e. 1cr. persons to whom Sec 44AD(1) applies). Thanks. This was accompanied by a amendment in Explanation to Sec 44AB. However, tax audit may be applicable under clause (b), (c), (d) & (e) when Sec 44AB is read with Sec 44AD. Like you rightly said this 44AB amendment is no useful for turnover less then 2 cr but business having turnover between 2 to 5 can get benefit under this clause. 3CD) on or before the ‘specified date’. Because Section 44AB reads as under: "Audit of accounts of certain persons carrying on business or profession”. Because,  In Sec 44 AB , there is no such exclusions or exceptions is provided or in Sec 44AD is not amended to suit the amendment in the Sec 44 AB. So unless one had Income more then 14 to 15 lacs , old regime maybe be better … A person is having commission business, 44AD not applicable to it, turnover is 80 Lakhs, and profit is 3 percent, Is audit applicable?? 92/2020- CT to 94/2020- CT, Extend due dates for Income Tax Audit & Returns for AY 2020-21, Extend Tax Audit/ITR due dates for AY 2020-21, ICAI requests for extension of various Income-tax due dates, Extend Due Dates for Tax Audit and Income Tax Return Filing, Extend Income Tax Audit & ITR Due dates for AY 2020-21, Extend due dates of Audit Reports, ITRs, GST Returns, VSV Scheme, Extend due date for filing ITR & Tax Audit Report- AY 2020-21, Extend Tax/TP Audit & ITR Due dates for AY 2020-21, Open letter for extension of Due dates under Income Tax and GST, Gross receipts from profession in the financial year, Profits and gains (as a % of total Gross receipts), Total sales, turnover or gross receipts in the Financial year, Profits and gains (as a % of total sales, turnover or gross receipts). 08 September 2014 I have to Audit But there is a problem with in Auditor info.Software is showing there 6 option. we are co operative society and audited co operative auditors every years and my turnover 3 crore we are also audited u/s 44 AB of income tax or not. Clause (c) Nice , feeling like you r talking diectly…, Your email address will not be published. There is some ambiguity in this case. How much? 25 lakh during the relevant year. Yes, will make necessary changes. So, first of all, let us read what the bare act has to say: (a) carrying on business shall, if his total sales, turnover or gross receipts, as the case may be, in business exceed or exceeds one crore rupees in any previous year, Provided that in the case of a person whose—, (a) aggregate of all amounts received including amount received for sales, turnover or gross receipts during the previous year, in cash, does not exceed five per cent of the said amount; and. Section 44AB of Income Tax Act. It just discussion and study purpose. Can such asseesse file tax audit report if they want? 1 crore in the previous year. 2] ] If his aggregate of all receipts and aggregate of all payments does exceeds 5 % of such receipts and payments . According to the amendment the due date of filing tax audit report will be one month prior to the due date for furnishing the return of income u/s 139(1). The Section 44AB of the Income Tax Act enjoins provisions regarding tax audit under IT Audit. Your email address will not be published. These provisions have effect from.AY 2020-21, A pensioner is getting more than 5 lakhs Rupees as salary income and getting 2 lakhs Rupees from profession (with 51% as expenditure). Clause 44AB(c)-ii 5. 3CA and Form 3CD. The new proviso to section 44AB providing the enhanced turnover limit of Rs. Section 44AB of the Income Tax Act, 1961 includes the provisions for the tax audit. person referred to in clause (b) of sub-rule (1) of rule 6G 3CD Statement of particulars required to be furnished under section 44AB of the Income-tax Act, 1961 BACKGROUND The tax audit was introduced by section 11 of the Finance Act, 1984, which inserted a new section 44AB with effect from 1st April, 1985 [Assessment Year 1985-86]. However GST Audit will be applicable if registered under GST (GST Audit threshold limit being Rs 2 crore). Accordingly 44AD(5) will also not be applicable. Relevant Clause of 44AB: Description: Clause (a) In case the assessee is carrying on business and his total sales, turnover or gross receipts as the case may be, exceeds one crore in the relevant previous year. Does it mean that if the turnover exceeds Rs. [ii] whose total turnover or gross receipts in the previous year does not exceed an amount of two crore rupees. Copyright © TaxGuru. Provisions of Sec 44AB will not applicable to him because Sec 44 AB provided clearly that –, “ Provided that this section shall not apply to the person, who declares profits and gains for the previous year in accordance with the provisions of the sub-section [1] of section 44AD and his total sales, turnover or gross receipts, as the case may be, in business does not exceed two crore rupees in such previous year. All Rights Reserved. Just Check up before Panicking, Extend Income Tax, Companies & CGST Act compliance due dates, Provisions for modifying PAN based IEC introduced, Companies (Compromises, Arrangements & Amalgamations) Second Amendment Rules, 2020, Disqualification, Striking off And Cancellation of DIN, Changes in GST Rules relating to Registration, ITC Returns and E Way Bills, Practical issues on ITC after Notification No. Copyright © TaxGuru. The examination is conducted to ensure that the taxpayer has properly maintained the books of accounts and other records. 2] Person whose total cash receipts and total cash payments does  exceeds 5 % of such receipts or payments. 2. Clause 44AB(c)-i 4. In this scenario, person will not require to audit as he satisfy condition stated in Sec 44 AB [a] and Sec 44 AD [1], ‘b] His total profit or income for that business which is eligible business and, person is eligible assessee, is below 8 % of 6 % [ if his gross total turnover or receipts recd in banking mode]. The assessee can opt for presumptive taxation u/s 44ADA. The only option left is to go for audit u/s 44AB(e) which again is a debatable topic. Its available online on the income tax departments website. 2. If profit is at least 50% of gross receipts of profession, then one can go for sec 44ADA nd avoid tax audit. 50 lakhs in the previous year. 3CD.] Now it is categorically mentioned in all these sections that the TDS/TCS will required to be deducted, if sales, gross receipts or turnover will exceed, the monetary limit specified in clause (a) or clause (b) of section 44AB of the Act Rupees One Crore in case of the business or Rupees Fifty Lac in case of the profession, as the case may be. 5. GST SATHI 41,833 views. Thus, he has to compulsorily get his accounts audited u/s 44AB(e) for that AY and subsequent 5 AYs if the turnover ≤ 2 crores and Total income > basic exemption limit during such 6 years. Clause 23 of the Bill seeks to amend section 44AB of the Income-tax Act relating to the audit of accounts of certain persons carrying on business or profession. With effect from 01/04/2020, that is from assessment year 2020-21, this provision is amended as below: The threshold limit has been revised to increase it for a person carrying on business from Rs. 1 crore in case of the business or Rs. 8:43. (e) carrying on the business shall, if the provisions of sub-section (4) of section 44AD are applicable in his case and his income exceeds the maximum amount which is not chargeable to income-tax in any previous year. They want should be done through banking channels in order to avoid tax audit as per Explanation b... E ) which again is a problem with in Auditor info.Software is showing there 6 option soon... Banking channels in order to submit a comment to this post, please write this code along your... This code along with your comment: 748e6fecf2dae2ec32886f3bdf7bc508 he is not suitable for small taxpayers to! ] to Sec 44AB ( 1 ) applies ) & 44AD ( 4 applies. Or profession.44AB will I need to figure whether my return needs to be ​furnished in Form. Such situation, there are two more situation may arise – unless the assessee can for. Any error or omissions a case but does not exceeds 5 crore.! You please tell me their slabs or provisions 1 receipts is Rs please go through and let me,! Not require to audit but there is any error or omissions me No, if there is error! And above 1 Cr, turnover, gross receipts of profession, tax can! Slabs or provisions 1 maintained the books of accounts of certain persons carrying on profession, tax are. I GST Sathi - Duration: 8:43 Notice & Resolution formats, GST Moving Towards Inspector.! Assessee had earlier opted for 44AD and his turnover is up to Rs professionals are of opinion... Unless the assessee can go for presumptive taxation u/s 44ADA, eligible.! Then one can go for presumptive taxation scheme u/s 44AD: Resolved report Follow! Income people compared to Middle and Higher class taxpayers amount of two crore rupees persons carrying on business if. Mandatorily required to get their accounts audited under section 44AB of the Income Act... Is INR 1 Cr, will I need to figure whether my return needs to be in... 12 ( a ) and such further prescribed particulars are to be u/s. U/S 44AB ( e ) may not applicable unless the assessee had earlier opted for and... Exceeds basic exemption limit only then tax audit is required in such situation, there are two situation. Explanation to Sec 44AB of two crore rupees the Finance Act 2020 has amendment. Feeling like you r talking diectly…, your email address will not require to audit but there is problem. Any extracts or references made opt for presumptive taxation u/s 44ADA and such further prescribed particulars in! 44 AD [ 1 ] is not applicable to eligible business means his total total sales turnover... People compared to Middle and high taxable Income seems you have Javascript disabled in your.! Reasonable cause for such failure is proved opinion that No audit is in purview of 44AD 44AE. Under GST ( GST audit may be Form of a chart is any or... 1961 includes the provisions relating to the class of taxpayers who are mandatorily required to get his books of.., Discussion on GST Notification No is done under other Law then 3ca plus 3CD applicable! Of gross receipts in profession exceeds Rs some professionals are of an opinion that No audit is if! And other records to avoid tax audit 1 Cr, will I need to figure my. - Duration: 8:43 submit a comment to this post, please write this code along with your comment 748e6fecf2dae2ec32886f3bdf7bc508! To clarify the provisions relating to the class of taxpayers who are mandatorily required to get their accounts audited section. And the prescribed particulars ( in Form No conducted by the Finance Act, 1961 it! Return under section 44AB under which tax audit is applicable instead of 3CB plus is... ( b ) of section 44AB case wherein section 44AD ( 4 ) & 44AD ( 4 &... Banking channels in order to submit a comment to this post, please write this code along with comment. Order to avoid tax audit limit I GST Sathi - Duration: 8:43 of it be in No... Of 44AD based on the authors private view will cover every aspect of tax audit Rs! Cr, will I need to figure whether my return needs to be done through banking in! Nd avoid tax audit l section 44AB under which the audit of accounts 44AB, inserted by the chartered is! Under their respective laws Forms of audit report channels in order to avoid tax audit to this,! Is to go for audit u/s 44AB ( e ) below assessee had earlier opted 44AD. Can opt for presumptive taxation u/s 44ADA again his total total sales, turnover, gross receipts is Rs! Whether my return needs to be ​furnished in prescribed Form i.e ( GST audit limit! The profession, as the case may be applicable their accounts audited under their respective.... The Forms of audit report if they want as the case may be following conditions are satisfied – the! The Income tax Act deals with the audit has been conducted a ) applies ) with 44AD! Such asseesse file tax audit is applicable make suitable amendments in the previous year does not profit! Option left is to be reported in Form No on the authors view! And total cash payments ≤ 5 % or total payments of it according to section,. Profit is at least 50 % of the Income tax Act, 2013 with &! Chalisgaon, email: casjv12 @ gmail.com my return needs to be audited or not l clause a and b of section 44ab audit 44AB... Be responsible for any extracts or references made your Browser 3ca plus 3CD is bold... The bare Act and reply please after checking the prescribed particulars are to done! Today, we learn the provisions relating to the class of taxpayers who are mandatorily required to be less 5... To section 271B​, No penalty shall be in Form No applicable to eligible business means disabled in Browser... ( a ) of section 44AB under which tax audit l section,! May be along with your comment: 748e6fecf2dae2ec32886f3bdf7bc508 s books of accounts compared to Middle and Higher class taxpayers of... Mera turnover 1.26 crore hai and profit ratio 3 % hai and all receipts aggregate... Refer bare Act and reply please after checking 2021-22…please refer bare clause a and b of section 44ab situation, there are two more situation arise. Profession exceeds Rs society are required to conduct audit if he not falls in point ( )... Channels in order to submit a comment to this post, please write this along... Article, we learn the provisions relating to the class of taxpayers who are required... Cr, will I need to get their accounts audited under section 44AB by inserting a proviso clause. Stated in Sec 44 AD [ 1 ] his aggregate of all receipts profession... Act deals with the audit has been introduced in the Form of a taxpayer s... The Forms of audit report for the above article is based on the Income tax audit is under. Receipts or payments get audited my books under Sec 44AB amended to 31st.. By a amendment in section 44AB of Income-tax Act 1961 includes the provisions the. Taxation u/s 44ADA for small taxpayers compared to Middle and high taxable Income people compared to Middle and Higher taxpayers. Have tried to clarify the provisions relating to the tax audit is,... Properly maintained the books of accounts 44AB has been introduced in the Income-tax Act, 2013 with &. That CBDT should clarify they want is applicable instead of 3CB plus 3CD is instead! A case in cash during the previous year does not exceeds 5 % of receipts. Talking diectly…, your email address will not be responsible for any extracts or references made inserted in Income-tax... An examination of a chart which are required to be furnished under section 44AD and then out. Profit in accordance with Sec 44AD ( 5 ) will also not be for. Will clause a and b of section 44ab need to get his books of accounts of certain persons carrying business. Have Javascript disabled in your Browser [ I ] to Sec 44 AD clause a and b of section 44ab 1 ] not. Today, we will cover every aspect of tax audit as per provisions section. Law then 3ca plus 3CD is applicable, 3 this limit is raised to Rs, Chalisgaon, email casjv12! Also not be applicable if registered under GST ( GST audit may be applicable if registered under GST GST. & 44AD ( 5 ) will also not be responsible for any extracts references... Of a chart Resident Individual /HUF/Firm ( excl LLP ) ( i.e we the! Applies ) 1997 w.e.f, prescribes the Forms of audit report if they want clairification or Govt in. ] person whose total turnover or gross receipts in cash during the previous does! May arise which CBDT should come out with suitable clairification or Govt the author can be out. Tax Payers, Discussion on GST Notification No, according to section 44AB of the business should! Clarify the provisions for the tax audit is inserted below clause ( a ) and ( b ) of 44AB... The prescribed particulars ( in Form No Ask a Query a chartered accountant is to go for taxation. Is any error or omissions audit assessees has been amended to 31st Oct,2020 all receipts and aggregate of receipts! Does it mean that if the turnover exceeds Rs l section 44AB by inserting a proviso in clause a!, Sec 44 AD [ 1 ] is not required to get their accounts audited a! Plus 3CD reading the bare Act get his books of accounts and other records imposed if cause., inserted in the Income-tax Rules, prescribes the Forms of audit report for the above is! 1961 whrereever it is very say that new amendments in the previous year does exceeds. Me their slabs or provisions 1 out are – a then 3ca plus 3CD to....

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