Tax Audit (Section 44AB)
A mandatory audit under the Income Tax Act for businesses and professionals above specified turnover or receipts thresholds, reported in Form 3CA/3CB and Form 3CD, distinct from the statutory audit under the Companies Act.
Related terms
- Subsequent Events
Events occurring between the balance sheet date and the date the financial statements are approved, which may require adjustment or disclosure.
- Substantive Procedures
Audit procedures designed to detect material misstatements at the assertion level directly — tests of detail and substantive analytical procedures.
- TCS under GST
Tax Collected at Source — a GST compliance obligation requiring e-commerce operators to collect tax on the net value of taxable supplies made through their platform.
- TDS (Tax Deducted at Source)
Income tax deducted at the point a payment is made (salary, contractor fees, rent and more) and deposited with the government on the payee's behalf.
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