Tax Audit

Tax Audit

With the amendments made to Section 44AB of the Income Tax Act, it's crucial for businesses and professionals to understand the revised audit and accounting rules. For businesses, the turnover limit for opting into the presumptive income scheme increased from Rs 1 crore to Rs 2 crore starting from the financial year FY 2016-17. Consequently, audits will now apply to businesses with turnover exceeding Rs 2 crore. On the other hand, for professionals, the presumptive income scheme, allowing for income estimation at 50% of receipts without the need for maintaining books of accounts, has been extended to those with receipts up to Rs 50 lakhs. However, the turnover limit for audit for professionals remains at Rs 25 lakhs, with no amendments to Section 44AB. Our services include conducting tax audits for both businesses and professionals, along with providing advice on managing and planning qualified and disqualified expenses, as well as statutory dues, to ensure compliance with the latest regulations and optimize tax efficiency.