Explanation
Under Section 44AB of IT Act 1961 (§403 in IT Act 2025), a tax audit by a CA is mandatory if: (1) Business turnover > ₹1 crore (or > ₹3 crore if ≥95% receipts and payments are digital). (2) Professional gross receipts > ₹50 lakh. (3) Business/professional income declared is less than the presumptive rate (8%/6% for business, 50% for professionals) AND total income exceeds the basic exemption limit. The tax audit report (Form 26 from Tax Year 2026-27; old Forms 3CA/3CB/3CD for prior years) must be filed by 30 September. Verify on the income-tax portal before filing.