{"id":913,"date":"2019-08-01T16:21:46","date_gmt":"2019-08-01T10:51:46","guid":{"rendered":"https:\/\/aktassociates.com\/blog\/?p=913"},"modified":"2019-08-03T12:52:59","modified_gmt":"2019-08-03T07:22:59","slug":"tax-audit-under-section-44ab","status":"publish","type":"post","link":"https:\/\/aktassociates.com\/blog\/tax-audit-under-section-44ab\/","title":{"rendered":"Tax Audit under section 44AB: Limit, Due date, Penalty"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_66_1 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >In this article, we will discuss about...<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #1e73be;color:#1e73be\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #1e73be;color:#1e73be\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/aktassociates.com\/blog\/tax-audit-under-section-44ab\/#Lets_understand_Tax_Audit_under_section_44AB_%E2%80%93_Limits_Tax_Audit_Report_Due_date_Penalty\" title=\"Lets understand Tax Audit under section 44AB \u2013 Limits, Tax Audit Report, Due date &amp; Penalty.\">Lets understand Tax Audit under section 44AB \u2013 Limits, Tax Audit Report, Due date &amp; Penalty.<\/a><\/li><\/ul><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/aktassociates.com\/blog\/tax-audit-under-section-44ab\/#Audit\" title=\"Audit\">Audit<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/aktassociates.com\/blog\/tax-audit-under-section-44ab\/#Tax_Audit_under_section_44AB\" title=\"Tax Audit under section 44AB\">Tax Audit under section 44AB<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/aktassociates.com\/blog\/tax-audit-under-section-44ab\/#Presumptive_Taxation\" title=\"Presumptive Taxation\">Presumptive Taxation<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/aktassociates.com\/blog\/tax-audit-under-section-44ab\/#Section_44AD_Profits_and_Gains_from_Business_on_Presumptive_basis\" title=\"Section 44AD: Profits and Gains from Business on Presumptive basis\">Section 44AD: Profits and Gains from Business on Presumptive basis<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/aktassociates.com\/blog\/tax-audit-under-section-44ab\/#Section_44ADA_%E2%80%93_Profits_and_Gains_from_Profession_on_Presumptive_basis\" title=\"Section 44ADA \u2013 Profits and Gains from Profession on Presumptive basis\">Section 44ADA \u2013 Profits and Gains from Profession on Presumptive basis<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/aktassociates.com\/blog\/tax-audit-under-section-44ab\/#Tax_Audit_Procedure_to_be_followed_by_Chartered_Accountants\" title=\"Tax Audit Procedure to be followed by Chartered Accountants:\">Tax Audit Procedure to be followed by Chartered Accountants:<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/aktassociates.com\/blog\/tax-audit-under-section-44ab\/#Forms_to_be_submitted_for_Tax_Audit_Report_under_Sec_44AB\" title=\"Forms to be submitted for Tax Audit Report under Sec 44AB\">Forms to be submitted for Tax Audit Report under Sec 44AB<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/aktassociates.com\/blog\/tax-audit-under-section-44ab\/#Penalty_If_the_taxpayer_in_spite_of_the_requirement_to_get_the_books_of_accounts_audited_under_section_44AB_fails_to_get_his_books_of_accounts_audited_then_he_shall_be_liable_to_penalty_under_section_271B\" title=\"Penalty: If the taxpayer in spite of the requirement to get the books of accounts audited under section 44AB fails to get his books of accounts audited then he shall be liable to penalty under section 271B.\">Penalty: If the taxpayer in spite of the requirement to get the books of accounts audited under section 44AB fails to get his books of accounts audited then he shall be liable to penalty under section 271B.<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h4><span class=\"ez-toc-section\" id=\"Lets_understand_Tax_Audit_under_section_44AB_%E2%80%93_Limits_Tax_Audit_Report_Due_date_Penalty\"><\/span><b>Lets understand Tax Audit under section 44AB \u2013 Limits, Tax Audit Report, Due date &amp; Penalty.<\/b><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>Taxpayers carrying on Business or Profession were the Turnover or Gross Receipts exceed the prescribed limit have to get their books of accounts audited by a Chartered Accountant. Tax Audit report is furnished in form 3CA&amp; 3CD or form 3CB &amp; 3CD. Due date of filing Tax Audit is 30th September of the Assessment Year.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-939 aligncenter\" src=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/08\/Tax-Audit-under-section-44AB-3-1-1.png\" alt=\"Tax Audit under section 44AB \" width=\"700\" height=\"400\" srcset=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/08\/Tax-Audit-under-section-44AB-3-1-1.png 700w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/08\/Tax-Audit-under-section-44AB-3-1-1-300x171.png 300w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/08\/Tax-Audit-under-section-44AB-3-1-1-20x11.png 20w\" sizes=\"(max-width: 700px) 100vw, 700px\" \/><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Audit\"><\/span><b>Audit<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Audit in simple terms means examination or inspection of books of accounts of an organization by an independent body- in India statutory audits and tax audits are undertaken by Chartered Accountants. This inspection is done to ensure that the books of accounts reflect a true and a fair few of the business and related compliance of statute has been met fairly.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Tax_Audit_under_section_44AB\"><\/span><b>Tax Audit under section 44AB<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Tax Audit which is also known as <a href=\"https:\/\/aktassociates.com\/blog\/mistakes-that-can-fetch-you-an-income-tax-notice\/\" target=\"_blank\" rel=\"noopener noreferrer\">Income tax<\/a> audit is undertaken to ascertain whether the return filed by the assessee correctly reflects his tax liability as per the provisions of the Income Tax Act. The Chartered Accountant conducting the tax audit is required to furnish the tax audit report in form 3CA or form 3CB and form 3CD.<\/span><\/p>\n<p><b>Below are the categories of taxpayers who are required to get their books of accounts audited<\/b><\/p>\n<table>\n<tbody>\n<tr>\n<td><b>Categories of Taxpayers<\/b><\/td>\n<td><b>Threshold limit for Tax Audit<\/b><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">The person carrying on a Business<\/span><\/td>\n<td><span style=\"font-weight: 400;\">If the Total Sales\/Turnover&gt;\u20b9 1 crore during the previous year<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">The person carrying on a Profession<\/span><\/td>\n<td><span style=\"font-weight: 400;\">If the Gross receipts &gt;\u20b9 50 Lakhs during the previous year<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">A person covered under section 44AD<\/span><\/p>\n<p><span style=\"font-weight: 400;\">(presumptive taxation)<\/span><\/td>\n<td><span style=\"font-weight: 400;\">If the Total Turnover\/Gross Receipts&gt;\u20b92 crores<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">A person covered under section 44AD<\/span><\/p>\n<p><span style=\"font-weight: 400;\">(presumptive taxation)<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Income claimed by the assessee is less than 8% or 6% of the turnover\/gross receipts and his total income exceeds the maximum amount which is not chargeable income tax<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">A person covered under section 44ADA (presumptive taxation)<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Income claimed by the assessee is less than 50% of the gross receipts and his total income exceeds the maximum amount which is not chargeable income tax<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Persons covered under section 44AE,44BB,44BBB (presumptive taxation)<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Income claimed by the assessee is less than the deemed profits under these sections in the relevant previous year<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2><span class=\"ez-toc-section\" id=\"Presumptive_Taxation\"><\/span><b>Presumptive Taxation<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Under the presumptive tax scheme, the taxpayers are relieved from the maintenance of books of accounts and audit of accounts. For taxation purpose, income is calculated as a prescribed percentage of the turnover or gross receipts or the deemed profits<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Section_44AD_Profits_and_Gains_from_Business_on_Presumptive_basis\"><\/span><b>Section 44AD: Profits and Gains from Business on Presumptive basis<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><b>Eligible Assessee:<\/b><span style=\"font-weight: 400;\"> Resident Individual, HUF and Partnership firms (excluding LLP) who has not claimed a deduction under section 10AA or deductions under any provisions of Chapter VIA under the heading \u201cC \u2013 Deductions in respect of certain income\u201d for the relevant previous year.<\/span><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\">This section is applicable to any Business <\/span><b>except\u00a0<\/b><\/li>\n<li><span style=\"font-weight: 400;\">The business of plying, hiring, leasing goods carriage covered under section 44AE<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Agency Business<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Commission &amp; Brokerage business<\/span><\/li>\n<\/ul>\n<p><b>Turnover:<\/b><span style=\"font-weight: 400;\"> Total Sales Turnover\/ Gross receipts should not exceed \u20b92 crores<\/span><\/p>\n<p><b>Books of Accounts:<\/b><span style=\"font-weight: 400;\"> Books of Accounts not required to be maintained<\/span><\/p>\n<p><b>Income computation: <\/b><span style=\"font-weight: 400;\">Business Income computed as\u00a0<\/span><span style=\"font-weight: 400;\">8% of Total turnover\/Gross receipts <\/span><span style=\"font-weight: 400;\">6% of Total turnover\/Gross receipts if are realized through Account Payee cheque, DD or Electronic payment through bank account up to the due date of filing of return.<\/span><\/p>\n<p><b>Exceptions to Sec 44AD:<\/b><span style=\"font-weight: 400;\">\u00a0<\/span><span style=\"font-weight: 400;\">Presumptive taxation scheme under sec 44AD shall not be applicable and the assessee would be required to maintain all the books of accounts and provisions of section 44AB of compulsory tax audit would be applicable &#8211;\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If the Turnover\/Gross Receipts exceeds \u20b92 crore then the income of the business would be calculated as per the normal provisions of the Income Tax Act (i.e. Revenue fewer expenses).\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If the Assessee declares income as per 44AD for any previous year, and he doesn\u2019t declare income as per sec 44AD in any of the 5 consecutive\u00a0 financial years, then he shall not be eligible to claim the benefits of sec 44AD for 5 years subsequent to the year in which the assessee did not declare income as per sec 44AD.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If Income claimed by the assessee is less than 8% or 6% of the turnover\/gross receipts and his total income exceeds the maximum amount which is not chargeable income tax<\/span><\/p>\n<p><b>Advance Tax:<\/b><span style=\"font-weight: 400;\"> Advance tax shall be paid by the assessee in one installment only i.e. 15<\/span><span style=\"font-weight: 400;\">th<\/span><span style=\"font-weight: 400;\"> March of the Financial Year<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Section_44ADA_%E2%80%93_Profits_and_Gains_from_Profession_on_Presumptive_basis\"><\/span><b>Section 44ADA \u2013 Profits and Gains from Profession on Presumptive basis<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><b>Eligible Assessee:<\/b><span style=\"font-weight: 400;\"> Resident Assessee engaged in any of the following professions<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Medical<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Legal<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Accountancy<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Film Artist<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Engineering<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Technical Consultancy<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Architectural<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Interior decorator<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Company Secretary<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Any other profession notified by CBDT<\/span><\/li>\n<\/ul>\n<p><b>Gross Receipts:<\/b><span style=\"font-weight: 400;\"> Gross receipts should not exceed \u20b9 50 lakhs<\/span><\/p>\n<p><b>Books of Accounts:<\/b><span style=\"font-weight: 400;\"> Books of Accounts not required to be maintained<\/span><\/p>\n<p><b>Income computation: <\/b><span style=\"font-weight: 400;\">50% of Gross Receipts<\/span><\/p>\n<p><b>Exceptions to sec 44ADA: <\/b><span style=\"font-weight: 400;\">If the Assessee declares income lower than 50% of Gross Receipts and his Net Taxable income is greater than the basic exemption limit, he is required to maintain books of accounts and get them audited.<\/span><\/p>\n<p><b>Advance Tax:<\/b><span style=\"font-weight: 400;\"> Advance tax shall be paid by the assessee in one installment only i.e.15<\/span><span style=\"font-weight: 400;\">th<\/span><span style=\"font-weight: 400;\"> March of the Financial Year<\/span><\/p>\n<p><b>Other Tax Audits under the presumptive basis<\/b><\/p>\n<table style=\"height: 744px;\" width=\"614\">\n<tbody>\n<tr>\n<td><b>Section<\/b><\/td>\n<td><b>Categories of Businesses<\/b><\/td>\n<td><b>Presumed Income from business<\/b><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Sec 44 AE<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Assessee engaged in the business of hiring, plying, leasing of goods carriage.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">(Assessee owns a maximum of 10 vehicles during any time in the previous year)<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Heavy goods vehicles-\u20b91000 per ton of gross vehicle weight or unladen weight as the case may be for every month or part thereof.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Others Vehicles- \u20b97500 for every month or part thereof.<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Sec44B<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Non-resident engaged in the shipping business<\/span><\/td>\n<td><span style=\"font-weight: 400;\">7.5% of freight<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Sec44BBA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Non-resident engaged in the aircraft business<\/span><\/td>\n<td><span style=\"font-weight: 400;\">5% of freight<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Sec44BB<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Non-resident engaged in the business of supplying services or hiring plant and machinery for extraction, prospecting, and production of minerals, oil<\/span><\/td>\n<td><span style=\"font-weight: 400;\">10% of (Amount received in India or outside India for the activity carried in India + Amount received in India for the activity carried outside India)<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Sec44BBB<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Foreign Co. engaged in the business of turnkey projects<\/span><\/td>\n<td><span style=\"font-weight: 400;\">10% of the amount received in India or outside India<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2><span class=\"ez-toc-section\" id=\"Tax_Audit_Procedure_to_be_followed_by_Chartered_Accountants\"><\/span><b>Tax Audit Procedure to be followed by Chartered Accountants:<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Apart from the routine audit procedures like vouching, ledger scrutiny the auditor has to take into consideration the tax compliance requirements to be disclosed in form 3CD. The auditor has to conduct the tax audit keeping in mind those requirements.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">A few of the audit areas which are referred to in form 3CD and which are to be covered by the auditor are enumerated below.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">1. Obtain all the books of Accounts of the client for the relevant previous year for which audit is to be undertaken<\/span><\/p>\n<p><span style=\"font-weight: 400;\">2. In case of a partnership, business verifies the partnership deed for the names of the partners and their profit sharing ratio.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">3. Obtain the list of business activities (principal as well as discontinued during the previous year)<\/span><\/p>\n<p><span style=\"font-weight: 400;\">4. In case of a person carrying on any profession ensure whether specified books as per Rule 6F are maintained such as<\/span><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\">Cash Book<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Journal \u2013 if accounts are maintained as per mercantile system<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Ledgers<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Carbon copies of bills exceeding \u20b950\/-<\/span><\/li>\n<li><span style=\"font-weight: 400;\">In case of medical practitioners verify whether additional books such as daily case registers &amp; medical inventory register are maintained.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">5. Verify the sale and purchase of Fixed assets, inventory, conversion of any Fixed asset into stock in trade and vice versa<\/span><\/p>\n<p><span style=\"font-weight: 400;\">6. Verify if any land or buildings has been transferred during the previous year. Obtain the stamp duty value of such property from the copy of the registered document. Report if the property has been transferred for a consideration lower than the stamp duty value.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">7. Obtain the depreciation schedule and verify the following details<\/span><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\">WDV at the beginning of the year, assets acquired during the year\u00a0<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Segregation of assets acquired during the year as assets put to use for more than 180 days and less than 180 days<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Adjustments on account of exchange rate fluctuation and grant\/subsidy received\u00a0<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Deductions during the year representing sale proceeds of the assets sold<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Rates of depreciation<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">8. Obtain a schedule of deductions admissible under the relevant sections (Sec 33AB Sec 33ABA, Sec 33AC, Sec 35, Sec 35CCA, Sec 35CCB, Sec 35D, Sec 35E) indicating separately the amounts debited to profit and loss and amounts not debited to the profit and loss account. Review the computation of the amounts admissible as deductions<\/span><\/p>\n<p><span style=\"font-weight: 400;\">9. For verifying the deduction claimed under sec 36(1)(ii) obtain a schedule giving details of sums paid to employees as bonus or commission for services rendered and review the bonus or commission paid.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">10. For ascertaining the deduction claimed under sec 36(1)(VA) obtain a schedule of the contribution received from employees towards Provident Fund, Superannuation fund,\u00a0 the due date of payment and the actual date of payment to the authorities.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">11. In the case of general deductions under sec 37, the auditor should ensure the following<\/span><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\">Expenses are wholly incurred for Business or Profession<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Expenses are revenue in nature<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Expenses of a personal nature are not charged to the Profit &amp; Loss Account<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Advertisement in brochures and pamphlets of political parties are not allowed.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Penalties if a breach of the law \u2013 not allowed, Penalty if a breach of contract (contract is revenue in nature) \u2013 allowed.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">12. Verify if the payments where TDS is deductible have been made after deduction of TDS and TDS has been deposited on or before the due date of filing the return<\/span><\/p>\n<p><span style=\"font-weight: 400;\">13. Obtain a schedule of cash payments or payment made by a cross cheque exceeding \u20b910000\/- (If payment made to the transporter the limit is \u20b935,000\/-). Such payments other than those allowed under rule 6DD must not be allowed.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">14. Verify any provisions for payment of gratuity. Provisions for payment of gratuity is disallowed, only payment to approved gratuity fund and payment of actual gratuity during the year shall be allowed as a deduction<\/span><\/p>\n<p><span style=\"font-weight: 400;\">15. Ensure that the following expenses are allowed only when actual payment is made<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Any taxes, duties, and cess<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Employer\u2019s contribution to Statutory Provident Fund, Approved Gratuity Fund, Approved Superannuation Fund or any fund as per law<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Bonus &amp; Commission to employees<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Interest on loan to Public Financial Institution, State Financial corporation<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Leave encashment to employees<\/span><\/li>\n<\/ul>\n<p><b>Due date of tax audit:<\/b><span style=\"font-weight: 400;\"> 30<\/span><span style=\"font-weight: 400;\">th<\/span><span style=\"font-weight: 400;\"> September of the Assessment Year (i.e. Next year of the year when income is earned)<\/span><\/p>\n<p><a href=\"https:\/\/www.mgrnco.com\/audit-and-assurance-compliance\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-917 aligncenter\" src=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/08\/Income-Tax-Audit-1-1.png\" alt=\"Income Tax Audit \" width=\"700\" height=\"150\" srcset=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/08\/Income-Tax-Audit-1-1.png 700w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/08\/Income-Tax-Audit-1-1-300x64.png 300w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/08\/Income-Tax-Audit-1-1-20x4.png 20w\" sizes=\"(max-width: 700px) 100vw, 700px\" \/><\/a><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Forms_to_be_submitted_for_Tax_Audit_Report_under_Sec_44AB\"><\/span><b>Forms to be submitted for Tax Audit Report under Sec 44AB<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<table style=\"height: 1140px;\" width=\"666\">\n<tbody>\n<tr>\n<td><\/td>\n<td colspan=\"2\"><b>Books of Accounts required to be audited under any law other than the Income Tax Act<\/b><\/td>\n<td><b>Books of Accounts not required to audit under any law except The Income Tax Act<\/b><\/td>\n<\/tr>\n<tr>\n<td><b> Audit Form<\/b><\/td>\n<td colspan=\"2\"><span style=\"font-weight: 400;\">Form No.3CA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Form No.3CB<\/span><\/td>\n<\/tr>\n<tr>\n<td><b>Disclosure Form<\/b><\/td>\n<td colspan=\"2\"><span style=\"font-weight: 400;\">Form No.3CD<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Form No.3CD<\/span><\/td>\n<\/tr>\n<tr>\n<td><b>Particulars to be furnished in the Audit form<\/b><\/td>\n<td colspan=\"2\"><span style=\"font-weight: 400;\">Name, PAN, Address of \u00a0 Assessee\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Name of Auditor (Individual\/Firm)<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Date of Audit Report<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Beginning and end date of P\/L A\/c.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Balance Sheet Date<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Declaration by the auditor that the particulars in form 3CD are true and correct<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Audit observations and Qualifications found in form 3CD<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Auditor\u2019s name, address, membership no., signature, stamp with the seal<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Name, PAN, Address of \u00a0 Assessee<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Beginning and end date of P\/L A\/c.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Balance Sheet Date<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Address of the head office and branches where the books of accounts are maintained<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Declaration by the auditor that the particulars in form 3CD are true and correct<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Audit observations and Qualifications found in form 3CD<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Declaration of attaching form3CD<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Auditor\u2019s name, address, membership no., signature, stamp with the seal<\/span><\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\"><span style=\"font-weight: 400;\">Particulars to be furnished in a disclosure form<\/span><\/td>\n<td colspan=\"2\"><span style=\"font-weight: 400;\">Form 3CD is a statement of particulars to be furnished with regards to section 44AB under Income tax ACT<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Part A contains the basic details of the assessee<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Part B contains the particulars of tax compliances<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3><span class=\"ez-toc-section\" id=\"Penalty_If_the_taxpayer_in_spite_of_the_requirement_to_get_the_books_of_accounts_audited_under_section_44AB_fails_to_get_his_books_of_accounts_audited_then_he_shall_be_liable_to_penalty_under_section_271B\"><\/span><b>Penalty:<\/b><span style=\"font-weight: 400;\"> If the taxpayer in spite of the requirement to get the books of accounts audited under section 44AB fails to get his books of accounts audited then he shall be liable to penalty under section 271B.<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Penalty shall be<\/span><\/p>\n<p><span style=\"font-weight: 400;\">0.5% of Turnover or Gross Receipts<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Or<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u20b91,50000\/-\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Whichever is lower.<\/span><\/p>\n<p><b>Conclusion: <\/b><span style=\"font-weight: 400;\">Tax Audit ensures that the assessee has followed all the tax compliance requirements<\/span><span style=\"font-weight: 400;\"> with regards to income from business or profession and provide for a truly<\/span><span style=\"font-weight: 400;\">\u00a0fair view of the business or profession.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Lets understand Tax Audit under section 44AB \u2013 Limits, Tax Audit Report, Due date &amp; Penalty. Taxpayers carrying on Business &#8230; <\/p>\n<p class=\"read-more-container\"><a title=\"Tax Audit under section 44AB: Limit, Due date, Penalty\" class=\"read-more button\" href=\"https:\/\/aktassociates.com\/blog\/tax-audit-under-section-44ab\/#more-913\">Read more<span class=\"screen-reader-text\">Tax Audit under section 44AB: Limit, Due date, Penalty<\/span><\/a><\/p>\n","protected":false},"author":4,"featured_media":914,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[8],"tags":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Tax Audit under section 44AB: Limit, Due date, Penalty | AKT Associates<\/title>\n<meta name=\"description\" content=\"Taxpayers carrying on Business or Profession were the Turnover or Gross Receipts exceed the prescribed limit have to get their books of accounts audited by a Chartered Accountant. 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