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Tax Audit Guide for AY 2025-26: Everything You Need to Know

  ๐Ÿ“˜ Tax Audit Guide (AY 2024-25 & AY 2025-26): Applicability, Limits, Due Dates & FAQs Author: 1FinSolutions | Updated: July 2025 A s the Assessment Year (AY) 2025-26 approaches, taxpayers—especially businesses and professionals—must prepare for a critical compliance requirement: Tax Audit under Section 44AB of the Income Tax Act . This guide from 1FinSolutions simplifies the concept, thresholds, due dates, and recent changes so you're well-prepared. ๐Ÿ” What is a Tax Audit? A tax audit is an examination of your financial records by a Chartered Accountant (CA) to verify the correctness of income declarations, deductions claimed, and compliance with tax laws. It aims to ensure transparency and curb tax evasion. ๐Ÿงพ Who is Liable for Tax Audit in AY 2025-26? Here’s a breakdown based on business and profession: ๐Ÿ“Œ For Businesses: If total turnover exceeds ₹1 crore , a tax audit is required. However, if cash receipts and payments are limited to ≤ 5% , the threshold inc...

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