Tax Audit Explained: Who Needs It and Key Rules
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Tax audit is required under Section 44AB of the Income Tax Act for eligible businesses and professionals.
Businesses generally need audit when turnover exceeds ₹1 crore, with a higher ₹10 crore limit for specified digital transactions.
Professionals require tax audit when gross receipts exceed ₹50 lakh, subject to applicable conditions.
Audit reports are prepared and certified by a Chartered Accountant in prescribed forms.
Presumptive taxation cases may also require audit if income is declared below prescribed limits.
For FY 2025-26, the tax audit report due date is generally 30 September 2026
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