Get ready to tackle tax season head on!
With the due date for filing of ITR without audit just 2 weeks away and tax audit season fast approaching, our informative blog post looks at the updated tax audit threshold for the assessment year 2023-24 and ensures you have all the essential knowledge to efficiently meet your tax obligations.
Section 44AB of the Income Tax Act is relevant when it comes to auditing the accounts of certain individuals/entities. Upon compliance with the requirements set forth in this section, individuals/entities must submit to an audit of their accounts by a certified Chartered Accountant. The main objective behind this practice is to assist the assessing officer in accurately determining and calculating the total taxable income of the such individual/entities.
Whereas, Section 44AD of the Income Tax Act specifically addresses individuals engaged in business and wish to take advantage of presumptive taxation.
For the current year audit, we need to understand various situations based on revenue.
Scenario 1 : When Turnover is
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