{"id":4404,"date":"2019-04-17T19:18:17","date_gmt":"2019-04-17T13:48:17","guid":{"rendered":"https:\/\/swaritadvisors.com\/learning\/?p=4404"},"modified":"2020-07-03T12:07:36","modified_gmt":"2020-07-03T06:37:36","slug":"tax-audit-under-section-44ab-of-the-income-tax-act-1961","status":"publish","type":"post","link":"https:\/\/swaritadvisors.com\/learning\/tax-audit-under-section-44ab-of-the-income-tax-act-1961\/","title":{"rendered":"Tax Audit under Section 44AB of the Income Tax Act, 1961"},"content":{"rendered":"\n<p class=\"has-drop-cap\">Tax audit is a mandatory inspection done by the practicing Chartered Accountant to ensure the details of the income provided by the taxpayer are accurate. As per <strong>Section 44AB of the Income Tax Act, 1961<\/strong>, the tax audit of an entity is imperative. If any business or professional under certain prescribed categories don\u2019t undergo the audit, the entity would be subject to a hefty penalty.<\/p>\n\n\n\n<p>Therefore, in this blog, we are going to cover several <strong>aspects of a tax audit under section 44AB of the Income Tax Act, 1961<\/strong>. Let\u2019s start with the definition.<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_65 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<p class=\"ez-toc-title\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a27610354254\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" 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: #999;color:#999\" 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><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a27610354254\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/swaritadvisors.com\/learning\/tax-audit-under-section-44ab-of-the-income-tax-act-1961\/#What_is_a_Tax_Audit\" title=\"What is a Tax Audit ?\">What is a Tax Audit ?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/swaritadvisors.com\/learning\/tax-audit-under-section-44ab-of-the-income-tax-act-1961\/#Principal_objectives_of_Tax_Audit\" title=\"Principal objectives of Tax Audit\">Principal objectives of Tax 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:\/\/swaritadvisors.com\/learning\/tax-audit-under-section-44ab-of-the-income-tax-act-1961\/#Who_conducts_tax_audit_under_section_44AB\" title=\"Who conducts tax audit under section 44AB?\">Who conducts 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:\/\/swaritadvisors.com\/learning\/tax-audit-under-section-44ab-of-the-income-tax-act-1961\/#Types_of_accounts_that_fall_under_this_audit\" title=\"Types of accounts that fall under this audit\">Types of accounts that fall under this audit<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/swaritadvisors.com\/learning\/tax-audit-under-section-44ab-of-the-income-tax-act-1961\/#What_is_Tax_Audit_Limit\" title=\"What is Tax Audit Limit?\">What is Tax Audit Limit?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/swaritadvisors.com\/learning\/tax-audit-under-section-44ab-of-the-income-tax-act-1961\/#Types_of_Tax_Audit_in_India\" title=\"Types of Tax Audit in India\">Types of Tax Audit in India<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/swaritadvisors.com\/learning\/tax-audit-under-section-44ab-of-the-income-tax-act-1961\/#Section_44AB\" title=\"Section 44AB\">Section 44AB<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/swaritadvisors.com\/learning\/tax-audit-under-section-44ab-of-the-income-tax-act-1961\/#Section_44BB\" title=\"Section 44BB\">Section 44BB<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/swaritadvisors.com\/learning\/tax-audit-under-section-44ab-of-the-income-tax-act-1961\/#Section_44BBB\" title=\"Section 44BBB\">Section 44BBB<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/swaritadvisors.com\/learning\/tax-audit-under-section-44ab-of-the-income-tax-act-1961\/#Section_44AD\" title=\"Section 44AD\">Section 44AD<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/swaritadvisors.com\/learning\/tax-audit-under-section-44ab-of-the-income-tax-act-1961\/#Section_44ADA\" title=\"Section 44ADA\">Section 44ADA<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/swaritadvisors.com\/learning\/tax-audit-under-section-44ab-of-the-income-tax-act-1961\/#Section_44AE\" title=\"Section 44AE\">Section 44AE<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/swaritadvisors.com\/learning\/tax-audit-under-section-44ab-of-the-income-tax-act-1961\/#When_does_the_Tax_Audit_apply\" title=\"When does the Tax Audit apply?\">When does the Tax Audit apply?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/swaritadvisors.com\/learning\/tax-audit-under-section-44ab-of-the-income-tax-act-1961\/#How_to_save_yourself_from_a_tax_audit\" title=\"How to save yourself from a tax audit?\">How to save yourself from a tax audit?<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/swaritadvisors.com\/learning\/tax-audit-under-section-44ab-of-the-income-tax-act-1961\/#Tax_Audit_Due_Date_for_filing_audit_report\" title=\"Tax Audit Due Date for filing audit report\">Tax Audit Due Date for filing audit report<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/swaritadvisors.com\/learning\/tax-audit-under-section-44ab-of-the-income-tax-act-1961\/#Penalty_for_non-compliance\" title=\"Penalty for non-compliance\">Penalty for non-compliance<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/swaritadvisors.com\/learning\/tax-audit-under-section-44ab-of-the-income-tax-act-1961\/#Wrapping_up\" title=\"Wrapping up\">Wrapping up<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_is_a_Tax_Audit\"><\/span>What is a Tax Audit ?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Tax Audit is an examination conducted to inspect and verify whether the income of the assessee and the claim for deductions are accurate. Generally, it\u2019s the process of <strong>verifying the books of accounts<\/strong> of the taxpayer to validate the correctness of the income tax and compliance with <strong>Income Tax Law<\/strong>.<\/p>\n\n\n\n<p>At the time of preparing the books of accounts, the assessee must comply with the <strong>provisions of Income Tax Act, 1961<\/strong>, specifically from <strong>Section 28 to Section 44DB<\/strong>.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Principal_objectives_of_Tax_Audit\"><\/span>Principal objectives of Tax Audit<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><strong>Tax audits are conducted to obtain the following objectives:<\/strong><\/p>\n\n\n\n<ul><li>One of the primary goals of this audit is to obtain a report as per the requirements of <strong>Form no. 3CA<\/strong> <a href=\"https:\/\/www.incometaxindia.gov.in\/forms\/income-tax%20rules\/103120000000007765.pdf\">[1]<\/a> , <strong>Form no. 3CB<\/strong> <a href=\"https:\/\/www.incometaxindia.gov.in\/forms\/income-tax%20rules\/103120000000007766.pdf\">[2]<\/a>  and <strong>Form no. 3CD<\/strong> <a href=\"https:\/\/www.incometaxindia.gov.in\/forms\/income-tax%20rules\/103120000000007767.pdf\">[3]<\/a> .<\/li><li>Another objective of this audit is to ensure that the records and books of accounts of the taxpayer are properly maintained as indicated in the taxpayer&#8217;s income.<\/li><li>Reporting of discrepancies or observations noted by the <strong>tax auditor<\/strong> after a methodical <strong>inspection of books of accounts<\/strong>.<\/li><li>To report required information such as compliance of several <strong>provisions of income tax law, tax depreciation<\/strong>, etc. As a result, it lets as well as saves the time of the tax authorities in examining the correctness and accuracy of the <a rel=\"noreferrer noopener\" aria-label=\"income tax return (opens in a new tab)\" href=\"https:\/\/swaritadvisors.com\/income-tax-return-filing\" target=\"_blank\"><strong>income tax return<\/strong><\/a> such as total income, claims for the deduction, and more filed by the taxpayer.<\/li><li>Such audits are also performed to find and avoid any kind of fraudulence.<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Who_conducts_tax_audit_under_section_44AB\"><\/span>Who conducts tax audit under section 44AB?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Only a <strong>Chartered Accountant<\/strong> who is in full-time practice and possesses a certificate of practice can conduct the audit under <strong>section 44AB<\/strong>. A chartered accountant carries out a methodical inspection of books of accounts as per the formats provided by the department.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Types_of_accounts_that_fall_under_this_audit\"><\/span>Types of accounts that fall under this audit<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><strong>I have enlisted below the types of accounts that come under the audit:<\/strong><\/p>\n\n\n\n<ul><li>Company account<\/li><li>Individual\/Proprietorship<\/li><li>Partnership Firm<\/li><li>Association of person<\/li><li>Local authority<\/li><li>HUF (Hindu Divided Family)<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_is_Tax_Audit_Limit\"><\/span>What is Tax Audit Limit?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Under <strong>Section 44AB of the Income Tax Act, 1961<\/strong>, the <strong>tax audit<\/strong> limit for businesses, professionals and presumptive taxation scheme are as follows:<\/p>\n\n\n\n<table class=\"wp-block-table\"><tbody><tr><td>\n<p style=\"text-align: center;\"><strong>Entity<\/strong><\/p>\n<\/td><td>\n<p style=\"text-align: center;\"><strong>Tax Audit Limit<\/strong><\/p>\n<\/td><\/tr><tr><td>\n<p style=\"text-align: center;\"><strong>Business<\/strong><\/p>\n<\/td><td>Tax audit is applicable to businesses with gross receipts or total sales turnover exceeding Rs. 1 crore in the earlier assessment year.<\/td><\/tr><tr><td>\n<p style=\"text-align: center;\"><strong>Profession<\/strong><\/p>\n<\/td><td>Profession or professional with gross receipt more than Rs. 50 lakhs in any of the earlier assessment year.<\/td><\/tr><tr><td>\n<p style=\"text-align: center;\"><strong>Presumptive Taxation Scheme<\/strong><\/p>\n<\/td><td>If the entity is registered under the Presumptive Taxation Scheme and the total sales turnover surpasses Rs 2 crores, then tax audit is mandatory.<\/td><\/tr><\/tbody><\/table>\n\n\n\n<p><strong>Business:<\/strong> Under the <em>Income Tax Act, 1961<\/em>, the term business means any economic activity that has some profits and gains. However, <em>according to Section 2 (3)<\/em>, a business could be a trade, manufacturing activity, commerce, or any concern or adventure in the nature of commerce, trade, and manufacture.<\/p>\n\n\n\n<p><strong>Profession:<\/strong> According to <em>Rule 6F of the Income Tax Act, 1961<\/em>, a profession could be any of the below-described entities:<\/p>\n\n\n\n<ul><li>Architect<\/li><li>Accountant<\/li><li>Engineer<\/li><li>Interior Decorator<\/li><li>Technical Consultant<\/li><li>Film Artists such as Director, Actor, Editor, Singer, etc.<\/li><li>Authorised representative<\/li><li>Legal Professionals<\/li><li>Medical Professionals such as Doctor, Physiotherapist, etc.<\/li><\/ul>\n\n\n\n<p><strong>Presumptive Taxation Scheme:<\/strong>\u00a0If the total turnover of\u00a0a person registered under the <strong>Presumptive Taxation Scheme under Section 44AD<\/strong> increases, then a tax audit is mandatory. Moreover, if the registered person claims that the profits of the business are lower than the profit calculated, then as per the Scheme, a <strong>tax audit<\/strong> is compulsory.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Types_of_Tax_Audit_in_India\"><\/span>Types of Tax Audit in India<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><em>As per the <\/em><strong><em>provisions of Income Tax Act, 1961<\/em><\/strong><em>, there are six types of Tax Audit in India:<\/em><\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter\"><img decoding=\"async\" loading=\"lazy\" width=\"300\" height=\"178\" src=\"https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2019\/04\/Tax-audit-2-300x178.png\" alt=\"Tax-Audit\" class=\"wp-image-4461\" srcset=\"https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2019\/04\/Tax-audit-2-300x178.png 300w, https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2019\/04\/Tax-audit-2.png 645w\" sizes=\"(max-width: 300px) 100vw, 300px\" \/><\/figure><\/div>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Section_44AB\"><\/span>Section 44AB<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Under <strong>section 44AB of the Income Tax Act<\/strong>, it is necessary for the following entities to get the tax audit conducted:<\/p>\n\n\n\n<ul><li>Any business or company whose gross <strong>receipt or total turnover crosses Rs. 2 crores<\/strong> in any previous year.<\/li><li>An individual with gross profits exceeding Rs. 50 lakhs in any previous assessment year.<\/li><li>A person who is eligible and registered under presumptive taxation scheme and his\/her income exceed the taxable amount.<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Section_44BB\"><\/span>Section 44BB<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The <strong>section 44BB applies to Non-Resident Indians (NRIs)<\/strong> involved in the following business of mineral oils industry such as exploration.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Section_44BBB\"><\/span>Section 44BBB<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>This section mainly applies to international companies involved in businesses such as civil construction, etc. in specific power projects.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Section_44AD\"><\/span>Section 44AD<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>All the business except those<strong> mentioned under Section 44AE<\/strong>, fall under the purview of the <strong>Section 44AD<\/strong>.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Section_44ADA\"><\/span>Section 44ADA<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Mainly, this section applies to the regulations related to <strong>income tax audits<\/strong> for eligible professionals.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Section_44AE\"><\/span>Section 44AE<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>This section is applicable to the businesses involved in hiring, leasing, and plying of goods carriages.<\/p>\n\n\n\n<p>Apart from these, there are some other <strong>tax audits<\/strong> as well. They are as follows:<\/p>\n\n\n\n<ul><li>Financial Audit<\/li><li>Construction Audit<\/li><li>Compliance audit<\/li><li>Investigative audit<\/li><li>Information systems audit<\/li><li>Operational audit<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"When_does_the_Tax_Audit_apply\"><\/span>When does the Tax Audit apply?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><strong>The audit is applicable in the following cases:<\/strong><\/p>\n\n\n\n<ul><li>When the business turnover of the company&#8217;s owner <strong>surpasses Rs. 1 crore<\/strong> in the financial year.<\/li><li>When a professional&#8217;s gross receipt in profession goes <strong>above Rs. 25 lakhs<\/strong>.<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"How_to_save_yourself_from_a_tax_audit\"><\/span>How to save yourself from a tax audit?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>No doubt, the motive of every business or profession is to derive <strong>financial profits<\/strong>. But you should always ensure that your activities aren&#8217;t suspicious and illegal, and your records must be clean. Therefore, what you must do to save yourself are:<\/p>\n\n\n\n<ul><li>As per the <strong>Income Tax Act, 1961,<\/strong> you must maintain the accounts book as it is mandatory.<\/li><li>You must compute the profit or gain as it is computable under Chapter IV.<\/li><li>You should represent taxable income and allowable loss in tax return file.<\/li><li>As a taxpayer, you are supposed to <strong>file the tax audit report by 30<\/strong><sup><strong>th<\/strong><\/sup> The earlier you will file, better it would be for you.<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Tax_Audit_Due_Date_for_filing_audit_report\"><\/span>Tax Audit Due Date for filing audit report<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The due date for <em><strong>filing audit report under Section 44AB of the Income Tax Act, 1961 is 30<\/strong><\/em><sup><em><strong>th<\/strong><\/em><\/sup><em><strong> September<\/strong><\/em> of the assessment year. Therefore, if the taxpayer requires obtaining tax audit, then he\/she needs to file an income <strong><em>tax return on or before 30<\/em><\/strong><sup><strong><em>th<\/em><\/strong><\/sup><strong><em> September<\/em><\/strong> with the audit report.<\/p>\n\n\n\n<p>However, if in cases, the taxpayer needs to transfer pricing audit, then the due date for <strong>filing the tax audit changes to 30<\/strong><sup><strong>th<\/strong><\/sup><strong> November<\/strong> of the assessment year.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Penalty_for_non-compliance\"><\/span><strong>Penalty for non-compliance<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Under any circumstance, if the taxpayer doesn\u2019t get a tax audit done, then a <strong>minimum of 0.5% of total sales<\/strong>, gross receipts or <strong>turnover or Rs. 1, 50, 000<\/strong> would be imposed. However, if the taxpayer presents a reasonable cause for the non-compliance, then no penalty would be levied.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Wrapping_up\"><\/span>Wrapping up<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>From the above discussion, it\u2019s clear that the <strong>tax audit<\/strong> isn\u2019t something that is loved by professionals and business owners. At the same time, it\u2019s not something to be of much worry if you are doing things, carrying your business in the right way and <strong>filing returns<\/strong> on time. But you must always ensure that if you fall under the category of taxpayer, then you must file the reports on time to protect yourself from a tax audit.<\/p>\n\n\n\n<p>We hope this blog was helpful for you. If you have any <strong>query regarding tax audit<\/strong>, leave a comment below. We will very soon get back to you.<\/p>\n\n\n\n<p class=\"text-left\"><b>Also, Read<\/b>:<mark style=\"background: #fffd03 !important;\"><a href=\"https:\/\/swaritadvisors.com\/learning\/input-tax-credit-under-gst-guide-on-itc-claim\/\">Input Tax Credit under GST<\/a><\/mark><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Tax audit is a mandatory inspection done by the practicing Chartered Accountant to ensure the details of the income provided by the taxpayer are accurate. As per Section 44AB of the Income Tax Act, 1961, the tax audit of an entity is imperative. If any business or professional under certain prescribed categories don\u2019t undergo the [&hellip;]<\/p>\n","protected":false},"author":6,"featured_media":4622,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[416],"tags":[488,419],"_links":{"self":[{"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/posts\/4404"}],"collection":[{"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/comments?post=4404"}],"version-history":[{"count":15,"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/posts\/4404\/revisions"}],"predecessor-version":[{"id":11417,"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/posts\/4404\/revisions\/11417"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/media\/4622"}],"wp:attachment":[{"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/media?parent=4404"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/categories?post=4404"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/tags?post=4404"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}