Tax audit: a statutory trigger, not a product

A tax audit under section 44AB of the Income-tax Act, 1961 is required when the statutory conditions for that previous year are satisfied. Thresholds, presumptive schemes, and due dates are amended from time to time.

The tax audit report is a prescribed form of reporting. It is not a certificate that the return will be accepted without further inquiry.

Whether an audit applies to a particular person depends on that person’s turnover, receipts, and elections under the Act.