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 Payer	Compulsory Audit required when
A person carrying on Business	If total sales, turnover or gross receipts are more than Rs. 1 crore
A person carrying on Profession	If gross receipts are more than Rs. 25 lakhs
A person covered under presumptive income scheme section 44AD	If 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 44AE	If 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

Taxpayer	Audit Form	Statement Form	Due date for Audit	Due date for submission of report
A person carrying on business or profession who is compulsorily required to get audited.	Form 3CA	Form 3CD	September 30 of the assessment year	September 30 of the assessment year
A person other than those listed above	Form 3CB	Form 3CD	September 30 of the assessment year	September 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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