Why are the Income Tax Filing Due Dates Extended ?
"Due dates for annual filings and compliances have been extended to account for loss of working days due to the lockdown"
Who are those assesses who must get their accounts Audited ?
Income tax assesses who must get their accounts audited by chartered accountants are governed under Section 44AB of the Income tax Act, 1961.
Tax payers with sales exceeding INR 1 crore (INR 2 crores under Section 44AD) or receipts from a profession exceed INR 50 lakh during a financial year are required to file the ITR along with an audit report.
Besides, assessees covered under Section 44AD, 44AE, 44AF, 44BB or 44BBB (persons claiming that profits and gains from business are lower than the profits and gains computed under these sections) are also required to get their account books audited.
They include professionals such as accountants, doctors, engineers, architects, lawyers, interior designers and actors.
The books of accounts that need to get audited are described under Section 44AA
SGA, Chartered Accountants, Pune is a practicing CA firm serving domestic and international clients with a wide range of services.
Our services: Audit & Assurance, Direct Tax (Income Tax), Indirect Tax (GST), Book Keeping. Accounting, Startup & Company Registration & Specialised NRI Tax Services.
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