Who are liable to get the Tax Audit done –

• An Individual conducting business with an annual turnover of upto 1 Crore and above
• An Individual engaged in any profession and earning upto 50 Lakhs and above
• An Individual who falls under the taxation scheme under Section 44AE but claims that lower Business Profit as per Section 44AE calculations
• An Individual being qualified for the taxation schemes under Section 44AD but later claims a lower business profit than the presumptive taxation amount. It happens in cases where the income on record exceeds the ‘tax-free’ category amount

Different Forms of Tax Audit

• Form 3CA & Form 3CD

  In case a Taxpayer chooses to get the Accounts Audited under any Prescribed Law other than Section 44AB, then the applicable form is the Form 3CA and the submitted details to be noted in the Form 3CD

• Form 3CB & Form 3CD

  In case a Taxpayer conduct the Audit under the provisions of Section 44AB of the relevant Act, then the Form 3CB and other submitted details to be noted in the Form 3CD

Section 44AE

Relevant for the Business Ventures specialising in Hiring, Leasing, or Plying of Goods Carriages

Section 44AD

Applicable for any other Business Ventures mentioned under Section 44AE

Section 44BB

Applicable for Non-Resident Indians involved in business activities in the Minerals, Oil Industry

Section 44BBB

Applicable for International Organizations involved in any sort of Civil Construction Business, or Power Projects