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Audit Requirements and Due date for getting records audited

Audit Requirements and Due date for getting records audited

Audit Requirements

Audit of accounts is compulsory by a Chartered Accountant for the following persons

Tax PayerCompulsory Audit required when
A person carrying on BusinessIf total sales, turnover or gross receipts are more than Rs. 1 crore
A person carrying on ProfessionIf gross receipts are more than Rs. 25 lakhs
A person covered under presumptive income scheme section 44ADIf income of the business is lower than the presumptive income calculated as per Section 44AD and the person’s total income is more than the minimum income which is exempt from tax.
A person covered under presumptive income scheme section 44AEIf income of the business is lower than the presumptive income calculated as per Section 44AE.

Due date for getting records audited and submission of audit report

TaxpayerAudit FormStatement FormDue date for AuditDue date for submission of report
A person carrying on business or profession who is compulsorily required to get audited.Form 3CAForm 3CDSeptember 30 of the assessment yearSeptember 30 of the assessment year
A person other than those listed aboveForm 3CBForm 3CDSeptember 30 of the assessment yearSeptember 30 of the assessment year

The deadline for audit and submission of report is November 30 in case of international or specified domestic transactions.

Audit Requirements and Due date for getting records audited

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