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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