Section 44AB - Audit of accounts of certain persons [Tax Audit]

Tax audit threshold: businesses and professionals must obtain statutory audit when turnover or receipts breach prescribed limits.

Section 44AB requires a tax audit where business turnover, professional receipts or prescribed conditions exceed statutory thresholds, subject to cash-transaction limits that may raise the threshold. Professionals and taxpayers under specified presumptive schemes must obtain an audit if they claim lower income than presumptive computations or if taxable income exceeds the nil-tax limit; audits must be performed by a chartered accountant by the specified date. Certain taxpayers declaring profits under presumptive provisions and remaining within prescribed turnover limits are exempt, and specified classes of international or shipping receipts are excluded from the audit requirement.