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What is an audit report form?
It is the form filled by taxpayers by the month of September of the assessment year. This audit report form consists of two variants, form 3CA and form 3CB. Form 3CA is the compulsory form filed by business persons or business professionals. Form 3CB filled by persons, who come under the section 44AD and 44AE.
Audit requirements
- Audit is compulsory for a business individual, if total sales/turnover/gross receipts exceeds more than Rs. 1 crore.
- Audit is compulsory for a professional individual, if gross receipts exceed more than Rs.50 lakhs.
- Under section 44AE (presumptive income scheme), audit is compulsory when business income is less than presumptive income.
- Under section 44AD (presumptive income scheme), audit is compulsory when business income is less than total income of an individual (if individual minimum income exceeds tax exempt).
Books as per section 44AA
| Applicable | Not applicable | ||
| Taxing section | Taxing section | ||
| Business income greater than Rs.120000 | Normal provisions (profit) | Business whose sales/turnover/gross receipts are less than or equal to 2500000 | Presumptive taxation under section 44AD (profit/loss) |
| Business whose sales/turnover/gross receipts is greater than Rs. 2500000 | Normal provisions (profit/loss) | Business whose sales/turnover/gross receipts are less than or equal to 2500000 | Normal provisions (profit/loss) |
| If business turnover is less than or equal to 20000000 | Normal provisions (profit/loss) | Business whose turnover is less than 20000000 | Presumptive taxation under section 44AD (profit) |
| Professions whose gross receipts are less than or equal to 5000000 | Normal provisions (profit/loss) | Business whose turnover is less than 20000000 | Presumptive taxation under section 44AD (loss) |
| Profession whose gross receipts are less than 5000000 | Presumptive taxation under section 44AD (loss) | ||
Updated on: 12-Jul-2021
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