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Articles by CA RAHUL JAIN RJ

Tax Audit- Section 44AB of the Income Tax Act

CA RAHUL JAIN RJ 05 May 2020 at 10:04

A Tax Audit is an audit, made compulsory by the Income Tax Act if the annual gross turnover/receipts of the assessee exceed the specified limit.The Finance Act 2020 has made amendment in section 44AB by inserting a proviso in clause (a) of Section 44AB. As per the new proviso, the tax audit turnover limit would be INR 5 Crores