Mandatory Audit

Tax Glossary Definition

Mandatory Audit

Refers to an audit that becomes compulsory once a business or professional entity’s turnover, gross receipts, or income surpasses the threshold specified under the Income Tax Act. The objective is to verify the correctness of accounts and ensure compliance with tax regulations. Example: As per Section 44AB, a tax audit is required if the business turnover exceeds ₹1 crore, or ₹10 crore in cases where most transactions are conducted digitally.

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