Tax Audit

Tax Glossary Definition

Tax Audit

Verification of Accounts Under Section 44AB: A tax audit involves the examination of a taxpayer’s books of accounts by a Chartered Accountant to verify compliance with the provisions of the Income Tax Act. It becomes mandatory when the taxpayer’s turnover, sales, or gross receipts exceed the prescribed threshold under Section 44AB.

Example: If a business reports a turnover of more than ₹1 crore in a financial year, it must undergo a tax audit as per Section 44AB.

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