Pending professional review. This content was drafted with Claude from official sources and has not yet been reviewed by an ArthaKara professional. Verify against the official sources before relying on it.
Simple meaningAn audit of accounts required for businesses and professionals above specified limits.
Relevant ActIncome-tax Act, 1961
Section / ruleSection 44AB
Technical meaning
Audit of accounts by a chartered accountant where turnover or receipts exceed prescribed thresholds, reported in Form 3CA/3CB and 3CD.
Practical example
A business with turnover of Rs 15 crore (and cash transactions above 5%) needs a tax audit.
Related terms
Official reference
Income-tax Act, 1961, Section 44AB
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