Is an Audit Required? \u2013 Checklist for Tax Audit Applicability for FY 2024\u201325 - Komplytek Blogs<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/komplytek.com\/blogs\/is-an-audit-required-checklist-for-tax-audit-applicability-for-fy-2024-25\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Is an Audit Required? \u2013 Checklist for Tax Audit Applicability for FY 2024\u201325 - Komplytek Blogs\" \/>\n<meta property=\"og:description\" content=\"Every taxpayer, especially business owners and professionals, must determine whether a tax audit under Section 44AB of the Income Tax Act is applicable for the financial year 2024\u201325. With evolving thresholds and digital compliance norms, here\u2019s a complete checklist with examples to guide your audit decision. \u2753 What is a Tax Audit? A Tax Audit ... 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\u2013 Checklist for Tax Audit Applicability for FY 2024\u201325\",\"datePublished\":\"2025-06-16T12:33:48+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/komplytek.com\\\/blogs\\\/is-an-audit-required-checklist-for-tax-audit-applicability-for-fy-2024-25\\\/\"},\"wordCount\":601,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/komplytek.com\\\/blogs\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/komplytek.com\\\/blogs\\\/is-an-audit-required-checklist-for-tax-audit-applicability-for-fy-2024-25\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/i0.wp.com\\\/komplytek.com\\\/blogs\\\/wp-content\\\/uploads\\\/2025\\\/06\\\/WhatsApp-Image-2025-06-16-at-5.49.51-PM.jpeg?fit=1536%2C1024&ssl=1\",\"articleSection\":[\"Accounting Advisory Services\",\"Accounting Financial\",\"Audit Assurance\",\"Auditing Services\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/komplytek.com\\\/blogs\\\/is-an-audit-required-checklist-for-tax-audit-applicability-for-fy-2024-25\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/komplytek.com\\\/blogs\\\/is-an-audit-required-checklist-for-tax-audit-applicability-for-fy-2024-25\\\/\",\"url\":\"https:\\\/\\\/komplytek.com\\\/blogs\\\/is-an-audit-required-checklist-for-tax-audit-applicability-for-fy-2024-25\\\/\",\"name\":\"Is an Audit Required? 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With evolving thresholds and digital compliance norms, here\u2019s a complete checklist with examples to guide your audit decision. \u2753 What is a Tax Audit? A Tax Audit is a detailed review of your financial records and compliance, mandated under Section 44AB of the Income Tax Act, 1961. It ensures: \u2714\ufe0f Accuracy of income and deductions \ud83d\udcda Proper maintenance of books \ud83d\udd52 Timely filing of returns \u2705 Checklist for Audit Applicability \u2013 FY 2024\u201325 \ud83c\udfe2 Business (Non-Presumptive) \u2013 Section 44AB(a) Criteria Audit Requirement Turnover \u2264 \u20b91 crore Not required Turnover > \u20b91 crore and \u2264 \u20b910 crore Required only if cash receipts\\\/payments > 5% Turnover > \u20b910 crore Always required \ud83d\udccc Example 1: Mr. A runs a trading business with \u20b97.5 crore turnover and 98% digital transactions. \u27a1 No Audit \ud83d\udccc Example 2: XYZ Pvt. Ltd. has \u20b912 crore turnover. \u27a1 Audit Required \ud83e\uddfe Presumptive Taxation (Section 44AD) \u2013 Small Businesses Criteria Audit Requirement Turnover \u2264 \u20b92 crore, profit \u2265 8% (cash) \\\/ 6% (digital) Not required Turnover up to \u20b93 crore (w.e.f. 1 April 2024), \u2264 5% cash receipts Not required Profit < prescribed % and income > exemption Audit Required \ud83d\udccc Example 3: Retailer with \u20b92.8 crore turnover, 96% digital, 6.5% profit. \u27a1 No Audit \ud83d\udccc Example 4: \u20b91.8 crore turnover, 4% profit, \u20b912 lakh income. \u27a1 Audit Required \ud83d\udc68\u200d\u2696\ufe0f Professionals (Section 44ADA) Criteria Audit Requirement Gross receipts \u2264 \u20b950 lakh, profit \u2265 50% Not required Up to \u20b975 lakh, \u2264 5% cash receipts Not required Profit < 50% and income > exemption Audit Required \ud83d\udccc Example 5: CA with \u20b960 lakh revenue, 97% digital, 50% profit. \u27a1 No Audit \ud83d\udccc Example 6: Consultant with \u20b952 lakh revenue, 40% profit. \u27a1 Audit Required \ud83d\udd04 Opting Out of the Presumptive Scheme \ud83d\udccc Example 7: Mr. D opts out of presumptive in FY 2024\u201325. \u27a1 Audit required for 5 years \ud83d\ude9a Transporters \\\/ Non-Residents (Section 44AE\\\/44BB\\\/44BBB) Audit applies if: Profit is below the deemed % and total income exceeds the exemption limit. \ud83d\udcd1 Already Audited under Other Laws Audit under other laws counts as a valid Tax Audit if filed on time. \ud83d\uddd3\ufe0f Due Dates for Tax Audit \u2013 FY 2024\u201325 Particulars Due Date Tax Audit Report filing (without TP) 30th September 2025 Tax Audit Report with Transfer Pricing (Form 3CEB) 31st October 2025 \u26a0\ufe0f Penalty for Non-Compliance If the audit is not conducted when required, Penalty = 0.5% of turnover\\\/gross receipts, subject to a maximum of \u20b91.5 lakh. Can be waived for reasonable causes like illness, natural calamity, etc. \ud83d\udd1a Conclusion Know your numbers. Evaluate your turnover, digital vs. cash transactions, profit declaration, and income levels. This determines your tax audit requirement. With new relaxations for digital transactions, many small businesses and professionals can now avoid an audit, but only if conditions are met. \ud83d\udca1 Need help determining your audit requirement or filing returns? We\u2019re here to assist with expert evaluation and timely compliance. \u2753 Frequently Asked Questions (FAQs) Has the presumptive limit for businesses increased to \u20b93 crore? \u2705 Yes, from FY 2024\u201325 if total cash receipts are \u2264\u202f5% What happens if I opt out of presumptive taxation after opting in? \ud83d\udd01 If you opt out of Section 44AD in any one year, you cannot opt in again for the next 5 years, and tax audit becomes mandatory during that period (if income exceeds the exemption limit). Is tax audit applicable if I have already undergone an audit under another law (e.g., Companies Act)? \ud83d\udcc4 Yes, but if such an audit is done and the report is submitted on time in Form 3CA & 3CD, it suffices for tax audit under Section 44AB. Can existing statutory audit under Companies\\\/LLP Act replace tax audit? \ud83d\udcd8 Yes, if the audit report (Form 3CA\\\/3CB + 3CD) is filed on time under Section\u202f44AB. What is the due date for filing the tax audit report for FY 2024\u201325? \ud83d\uddd3\ufe0f 30\u202fSeptember 2025, or 31\u202fOctober 2025 if subject to transfer pricing audit.\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/komplytek.com\\\/blogs\\\/is-an-audit-required-checklist-for-tax-audit-applicability-for-fy-2024-25\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/komplytek.com\\\/blogs\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Is an Audit Required? \u2013 Checklist for Tax Audit Applicability for FY 2024\u201325\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/komplytek.com\\\/blogs\\\/#website\",\"url\":\"https:\\\/\\\/komplytek.com\\\/blogs\\\/\",\"name\":\"Komplytek Blogs\",\"description\":\"Komplytek Blogs\",\"publisher\":{\"@id\":\"https:\\\/\\\/komplytek.com\\\/blogs\\\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/komplytek.com\\\/blogs\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\\\/\\\/komplytek.com\\\/blogs\\\/#organization\",\"name\":\"Komplytek Blogs\",\"url\":\"https:\\\/\\\/komplytek.com\\\/blogs\\\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/komplytek.com\\\/blogs\\\/#\\\/schema\\\/logo\\\/image\\\/\",\"url\":\"https:\\\/\\\/i0.wp.com\\\/komplytek.com\\\/blogs\\\/wp-content\\\/uploads\\\/2021\\\/10\\\/cropped-Komplytek-logo.png?fit=238%2C71&ssl=1\",\"contentUrl\":\"https:\\\/\\\/i0.wp.com\\\/komplytek.com\\\/blogs\\\/wp-content\\\/uploads\\\/2021\\\/10\\\/cropped-Komplytek-logo.png?fit=238%2C71&ssl=1\",\"width\":238,\"height\":71,\"caption\":\"Komplytek Blogs\"},\"image\":{\"@id\":\"https:\\\/\\\/komplytek.com\\\/blogs\\\/#\\\/schema\\\/logo\\\/image\\\/\"},\"sameAs\":[\"https:\\\/\\\/www.facebook.com\\\/komplytek\",\"https:\\\/\\\/x.com\\\/KompLytek\"]},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/komplytek.com\\\/blogs\\\/#\\\/schema\\\/person\\\/867b7cc32026889456bde8a5f1c346a4\",\"name\":\"admin\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/edd338ccf0adb3d38fca12276b8469fdf9710fcccd3297f3b9e8cb79bb60d7db?s=96&d=mm&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/edd338ccf0adb3d38fca12276b8469fdf9710fcccd3297f3b9e8cb79bb60d7db?s=96&d=mm&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/edd338ccf0adb3d38fca12276b8469fdf9710fcccd3297f3b9e8cb79bb60d7db?s=96&d=mm&r=g\",\"caption\":\"admin\"},\"sameAs\":[\"https:\\\/\\\/komplytek.com\\\/blogs\"],\"url\":\"https:\\\/\\\/komplytek.com\\\/blogs\\\/author\\\/admin\\\/\"}]}<\/script>\n","yoast_head_json":{"title":"Is an Audit Required? \u2013 Checklist for Tax Audit Applicability for FY 2024\u201325 - Komplytek Blogs","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/komplytek.com\/blogs\/is-an-audit-required-checklist-for-tax-audit-applicability-for-fy-2024-25\/","og_locale":"en_US","og_type":"article","og_title":"Is an Audit Required? \u2013 Checklist for Tax Audit Applicability for FY 2024\u201325 - Komplytek Blogs","og_description":"Every taxpayer, especially business owners and professionals, must determine whether a tax audit under Section 44AB of the Income Tax Act is applicable for the financial year 2024\u201325. With evolving thresholds and digital compliance norms, here\u2019s a complete checklist with examples to guide your audit decision. \u2753 What is a Tax Audit? A Tax Audit ... 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With evolving thresholds and digital compliance norms, here\u2019s a complete checklist with examples to guide your audit decision. \u2753 What is a Tax Audit? A Tax Audit is a detailed review of your financial records and compliance, mandated under Section 44AB of the Income Tax Act, 1961. It ensures: \u2714\ufe0f Accuracy of income and deductions \ud83d\udcda Proper maintenance of books \ud83d\udd52 Timely filing of returns \u2705 Checklist for Audit Applicability \u2013 FY 2024\u201325 \ud83c\udfe2 Business (Non-Presumptive) \u2013 Section 44AB(a) Criteria Audit Requirement Turnover \u2264 \u20b91 crore Not required Turnover > \u20b91 crore and \u2264 \u20b910 crore Required only if cash receipts\/payments > 5% Turnover > \u20b910 crore Always required \ud83d\udccc Example 1: Mr. A runs a trading business with \u20b97.5 crore turnover and 98% digital transactions. \u27a1 No Audit \ud83d\udccc Example 2: XYZ Pvt. Ltd. has \u20b912 crore turnover. \u27a1 Audit Required \ud83e\uddfe Presumptive Taxation (Section 44AD) \u2013 Small Businesses Criteria Audit Requirement Turnover \u2264 \u20b92 crore, profit \u2265 8% (cash) \/ 6% (digital) Not required Turnover up to \u20b93 crore (w.e.f. 1 April 2024), \u2264 5% cash receipts Not required Profit < prescribed % and income > exemption Audit Required \ud83d\udccc Example 3: Retailer with \u20b92.8 crore turnover, 96% digital, 6.5% profit. \u27a1 No Audit \ud83d\udccc Example 4: \u20b91.8 crore turnover, 4% profit, \u20b912 lakh income. \u27a1 Audit Required \ud83d\udc68\u200d\u2696\ufe0f Professionals (Section 44ADA) Criteria Audit Requirement Gross receipts \u2264 \u20b950 lakh, profit \u2265 50% Not required Up to \u20b975 lakh, \u2264 5% cash receipts Not required Profit < 50% and income > exemption Audit Required \ud83d\udccc Example 5: CA with \u20b960 lakh revenue, 97% digital, 50% profit. \u27a1 No Audit \ud83d\udccc Example 6: Consultant with \u20b952 lakh revenue, 40% profit. \u27a1 Audit Required \ud83d\udd04 Opting Out of the Presumptive Scheme \ud83d\udccc Example 7: Mr. D opts out of presumptive in FY 2024\u201325. \u27a1 Audit required for 5 years \ud83d\ude9a Transporters \/ Non-Residents (Section 44AE\/44BB\/44BBB) Audit applies if: Profit is below the deemed % and total income exceeds the exemption limit. \ud83d\udcd1 Already Audited under Other Laws Audit under other laws counts as a valid Tax Audit if filed on time. \ud83d\uddd3\ufe0f Due Dates for Tax Audit \u2013 FY 2024\u201325 Particulars Due Date Tax Audit Report filing (without TP) 30th September 2025 Tax Audit Report with Transfer Pricing (Form 3CEB) 31st October 2025 \u26a0\ufe0f Penalty for Non-Compliance If the audit is not conducted when required, Penalty = 0.5% of turnover\/gross receipts, subject to a maximum of \u20b91.5 lakh. Can be waived for reasonable causes like illness, natural calamity, etc. \ud83d\udd1a Conclusion Know your numbers. Evaluate your turnover, digital vs. cash transactions, profit declaration, and income levels. This determines your tax audit requirement. With new relaxations for digital transactions, many small businesses and professionals can now avoid an audit, but only if conditions are met. \ud83d\udca1 Need help determining your audit requirement or filing returns? We\u2019re here to assist with expert evaluation and timely compliance. \u2753 Frequently Asked Questions (FAQs) Has the presumptive limit for businesses increased to \u20b93 crore? \u2705 Yes, from FY 2024\u201325 if total cash receipts are \u2264\u202f5% What happens if I opt out of presumptive taxation after opting in? \ud83d\udd01 If you opt out of Section 44AD in any one year, you cannot opt in again for the next 5 years, and tax audit becomes mandatory during that period (if income exceeds the exemption limit). Is tax audit applicable if I have already undergone an audit under another law (e.g., Companies Act)? \ud83d\udcc4 Yes, but if such an audit is done and the report is submitted on time in Form 3CA & 3CD, it suffices for tax audit under Section 44AB. Can existing statutory audit under Companies\/LLP Act replace tax audit? \ud83d\udcd8 Yes, if the audit report (Form 3CA\/3CB + 3CD) is filed on time under Section\u202f44AB. What is the due date for filing the tax audit report for FY 2024\u201325? \ud83d\uddd3\ufe0f 30\u202fSeptember 2025, or 31\u202fOctober 2025 if subject to transfer pricing audit."},{"@type":"BreadcrumbList","@id":"https:\/\/komplytek.com\/blogs\/is-an-audit-required-checklist-for-tax-audit-applicability-for-fy-2024-25\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/komplytek.com\/blogs\/"},{"@type":"ListItem","position":2,"name":"Is an Audit Required? \u2013 Checklist for Tax Audit Applicability for FY 2024\u201325"}]},{"@type":"WebSite","@id":"https:\/\/komplytek.com\/blogs\/#website","url":"https:\/\/komplytek.com\/blogs\/","name":"Komplytek Blogs","description":"Komplytek Blogs","publisher":{"@id":"https:\/\/komplytek.com\/blogs\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/komplytek.com\/blogs\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/komplytek.com\/blogs\/#organization","name":"Komplytek Blogs","url":"https:\/\/komplytek.com\/blogs\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/komplytek.com\/blogs\/#\/schema\/logo\/image\/","url":"https:\/\/i0.wp.com\/komplytek.com\/blogs\/wp-content\/uploads\/2021\/10\/cropped-Komplytek-logo.png?fit=238%2C71&ssl=1","contentUrl":"https:\/\/i0.wp.com\/komplytek.com\/blogs\/wp-content\/uploads\/2021\/10\/cropped-Komplytek-logo.png?fit=238%2C71&ssl=1","width":238,"height":71,"caption":"Komplytek Blogs"},"image":{"@id":"https:\/\/komplytek.com\/blogs\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/komplytek","https:\/\/x.com\/KompLytek"]},{"@type":"Person","@id":"https:\/\/komplytek.com\/blogs\/#\/schema\/person\/867b7cc32026889456bde8a5f1c346a4","name":"admin","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/edd338ccf0adb3d38fca12276b8469fdf9710fcccd3297f3b9e8cb79bb60d7db?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/edd338ccf0adb3d38fca12276b8469fdf9710fcccd3297f3b9e8cb79bb60d7db?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/edd338ccf0adb3d38fca12276b8469fdf9710fcccd3297f3b9e8cb79bb60d7db?s=96&d=mm&r=g","caption":"admin"},"sameAs":["https:\/\/komplytek.com\/blogs"],"url":"https:\/\/komplytek.com\/blogs\/author\/admin\/"}]}},"jetpack_featured_media_url":"https:\/\/i0.wp.com\/komplytek.com\/blogs\/wp-content\/uploads\/2025\/06\/WhatsApp-Image-2025-06-16-at-5.49.51-PM.jpeg?fit=1536%2C1024&ssl=1","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/komplytek.com\/blogs\/wp-json\/wp\/v2\/posts\/673","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/komplytek.com\/blogs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/komplytek.com\/blogs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/komplytek.com\/blogs\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/komplytek.com\/blogs\/wp-json\/wp\/v2\/comments?post=673"}],"version-history":[{"count":1,"href":"https:\/\/komplytek.com\/blogs\/wp-json\/wp\/v2\/posts\/673\/revisions"}],"predecessor-version":[{"id":675,"href":"https:\/\/komplytek.com\/blogs\/wp-json\/wp\/v2\/posts\/673\/revisions\/675"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/komplytek.com\/blogs\/wp-json\/wp\/v2\/media\/674"}],"wp:attachment":[{"href":"https:\/\/komplytek.com\/blogs\/wp-json\/wp\/v2\/media?parent=673"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/komplytek.com\/blogs\/wp-json\/wp\/v2\/categories?post=673"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/komplytek.com\/blogs\/wp-json\/wp\/v2\/tags?post=673"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}

\n\n\n\n\n\n\n\n

Criteria<\/th>\n

Audit Requirement<\/th>\n<\/tr>\n<\/thead>\n

Turnover \u2264 \u20b91 crore<\/td>\n

Not required<\/td>\n<\/tr>\n

Turnover > \u20b91 crore and \u2264 \u20b910 crore<\/td>\n

Required only if cash receipts\/payments > 5%<\/td>\n<\/tr>\n

Turnover > \u20b910 crore<\/td>\n

Always required<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

<\/div>\n

\ud83d\udccc <\/span>Example 1:<\/strong> Mr. A runs a trading business with \u20b97.5 crore turnover and 98% digital transactions. \u27a1 <\/span>No Audit<\/strong><\/div>\n<\/div>\n<\/div>\n<\/div>\n
\ud83d\udccc Example 2:<\/strong> XYZ Pvt. Ltd. has \u20b912 crore turnover. \u27a1 Audit Required<\/strong><\/p>\n
\n
<\/span>\ud83e\uddfe Presumptive Taxation (Section 44AD) \u2013 Small Businesses<\/strong><\/span><\/span><\/h4>\n
\n
\n\n\n\n\n\n\n\n
Criteria<\/th>\n Audit Requirement<\/th>\n<\/tr>\n<\/thead>\n
Turnover \u2264 \u20b92 crore, profit \u2265 8% (cash) \/ 6% (digital)<\/td>\n Not required<\/td>\n<\/tr>\n
Turnover up to \u20b93 crore (w.e.f. 1 April 2024), \u2264 5% cash receipts<\/td>\n Not required<\/td>\n<\/tr>\n
Profit < prescribed % and income > exemption<\/td>\n Audit Required<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n
\n
<\/div>\n
\ud83d\udccc <\/span>Example 3:<\/strong> Retailer with \u20b92.8 crore turnover, 96% digital, 6.5% profit. \u27a1 <\/span>No Audit<\/strong><\/div>\n<\/div>\n<\/div>\n<\/div>\n
\ud83d\udccc Example 4:<\/strong> \u20b91.8 crore turnover, 4% profit, \u20b912 lakh income. \u27a1 Audit Required<\/strong><\/p>\n
\n
<\/span>\ud83d\udc68\u200d\u2696\ufe0f Professionals (Section 44ADA)<\/strong><\/span><\/span><\/h4>\n
\n
\n\n\n\n\n\n\n\n
Criteria<\/th>\n Audit Requirement<\/th>\n<\/tr>\n<\/thead>\n
Gross receipts \u2264 \u20b950 lakh, profit \u2265 50%<\/td>\n Not required<\/td>\n<\/tr>\n
Up to \u20b975 lakh, \u2264 5% cash receipts<\/td>\n Not required<\/td>\n<\/tr>\n
Profit < 50% and income > exemption<\/td>\n Audit Required<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n
\n
<\/div>\n
\ud83d\udccc <\/span>Example 5:<\/strong> CA with \u20b960 lakh revenue, 97% digital, 50% profit. \u27a1 <\/span>No Audit<\/strong><\/div>\n<\/div>\n<\/div>\n<\/div>\n
\ud83d\udccc Example 6:<\/strong> Consultant with \u20b952 lakh revenue, 40% profit. \u27a1 Audit Required<\/strong><\/p>\n
\n
<\/span>\ud83d\udd04 Opting Out of the Presumptive Scheme<\/strong><\/span><\/span><\/h4>\n
\ud83d\udccc Example 7:<\/strong> Mr. D opts out of presumptive in FY 2024\u201325. \u27a1 Audit required for 5 years<\/strong><\/p>\n
\n
<\/span>\ud83d\ude9a Transporters \/ Non-Residents (Section 44AE\/44BB\/44BBB)<\/strong><\/span><\/span><\/h4>\n
Audit applies if: Profit is below the deemed % and total income exceeds the exemption limit.<\/p>\n
\n
<\/span>\ud83d\udcd1 Already Audited under Other Laws<\/strong><\/span><\/span><\/h4>\n
Audit under other laws counts as a valid Tax Audit if filed on time.<\/p>\n
\n
<\/span>\ud83d\uddd3\ufe0f Due Dates for Tax Audit \u2013 FY 2024\u201325<\/strong><\/span><\/span><\/h3>\n
\n
\n\n\n\n\n\n\n
Particulars<\/th>\n Due Date<\/th>\n<\/tr>\n<\/thead>\n
Tax Audit Report filing (without TP)<\/td>\n 30th September 2025<\/td>\n<\/tr>\n
Tax Audit Report with Transfer Pricing (Form 3CEB)<\/td>\n 31st October 2025<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n
\u00a0<\/p>\n<\/div>\n<\/div>\n
<\/span>\u26a0\ufe0f Penalty for Non-Compliance<\/strong><\/span><\/span><\/h3>\n
If the audit is not conducted when required,
Penalty = 0.5% of turnover\/gross receipts, subject to a maximum of \u20b91.5 lakh.
Can be waived for reasonable causes like illness, natural calamity, etc.<\/p>\n
\n
<\/span>\ud83d\udd1a Conclusion<\/strong><\/span><\/span><\/h3>\n
Know your numbers. Evaluate your turnover, digital vs. cash transactions, profit declaration, and income levels. This determines your tax audit requirement. With new relaxations for digital transactions, many small businesses and professionals can now avoid an audit, but only if conditions are met.<\/p>\n
\ud83d\udca1 Need help determining your audit requirement or filing returns? We\u2019re here to assist with expert evaluation and timely compliance.<\/p>\n
\n
<\/span>\u2753 Frequently Asked Questions (FAQs)<\/strong><\/span><\/span><\/h3>\n
Has the presumptive limit for businesses increased to \u20b93 crore?<\/strong>
\u2705 Yes, from FY 2024\u201325 if total cash receipts are \u2264\u202f5%<\/p>\n
What happens if I opt out of presumptive taxation after opting in?<\/strong>
\ud83d\udd01 If you opt out of Section 44AD in any one year, you cannot opt in again for the next 5 years, and tax audit becomes mandatory during that period (if income exceeds the exemption limit).<\/p>\n
Is tax audit applicable if I have already undergone an audit under another law (e.g., Companies Act)?<\/strong>
\ud83d\udcc4 Yes, but if such an audit is done and the report is submitted on time in Form 3CA & 3CD, it suffices for tax audit under Section 44AB.<\/p>\n
Can existing statutory audit under Companies\/LLP Act replace tax audit?<\/strong>
\ud83d\udcd8 Yes, if the audit report (Form 3CA\/3CB + 3CD) is filed on time under Section\u202f44AB.<\/p>\n
What is the due date for filing the tax audit report for FY 2024\u201325?<\/strong>
\ud83d\uddd3\ufe0f 30\u202fSeptember 2025, or 31\u202fOctober 2025 if subject to transfer pricing audit.<\/p>\n<\/body>","protected":false},"excerpt":{"rendered":"
Every taxpayer, especially business owners and professionals, must determine whether a tax audit under Section 44AB of the Income Tax Act is applicable for the financial year 2024\u201325. With evolving thresholds and digital compliance norms, here\u2019s a complete checklist with examples to guide your audit decision. \u2753 What is a Tax Audit? A Tax Audit … Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":674,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[81,12,5,57],"tags":[],"class_list":["post-673","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-accounting-advisory-services","category-accounting-financial","category-audit-assurance","category-auditing-services"],"yoast_head":"\nIs an Audit Required? \u2013 Checklist for Tax Audit Applicability for FY 2024\u201325 - Komplytek Blogs<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/komplytek.com\/blogs\/is-an-audit-required-checklist-for-tax-audit-applicability-for-fy-2024-25\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Is an Audit Required? \u2013 Checklist for Tax Audit Applicability for FY 2024\u201325 - Komplytek Blogs\" \/>\n<meta property=\"og:description\" content=\"Every taxpayer, especially business owners and professionals, must determine whether a tax audit under Section 44AB of the Income Tax Act is applicable for the financial year 2024\u201325. 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With evolving thresholds and digital compliance norms, here\u2019s a complete checklist with examples to guide your audit decision. \u2753 What is a Tax Audit? A Tax Audit is a detailed review of your financial records and compliance, mandated under Section 44AB of the Income Tax Act, 1961. It ensures: \u2714\ufe0f Accuracy of income and deductions \ud83d\udcda Proper maintenance of books \ud83d\udd52 Timely filing of returns \u2705 Checklist for Audit Applicability \u2013 FY 2024\u201325 \ud83c\udfe2 Business (Non-Presumptive) \u2013 Section 44AB(a) Criteria Audit Requirement Turnover \u2264 \u20b91 crore Not required Turnover > \u20b91 crore and \u2264 \u20b910 crore Required only if cash receipts\\\/payments > 5% Turnover > \u20b910 crore Always required \ud83d\udccc Example 1: Mr. A runs a trading business with \u20b97.5 crore turnover and 98% digital transactions. \u27a1 No Audit \ud83d\udccc Example 2: XYZ Pvt. Ltd. has \u20b912 crore turnover. \u27a1 Audit Required \ud83e\uddfe Presumptive Taxation (Section 44AD) \u2013 Small Businesses Criteria Audit Requirement Turnover \u2264 \u20b92 crore, profit \u2265 8% (cash) \\\/ 6% (digital) Not required Turnover up to \u20b93 crore (w.e.f. 1 April 2024), \u2264 5% cash receipts Not required Profit < prescribed % and income > exemption Audit Required \ud83d\udccc Example 3: Retailer with \u20b92.8 crore turnover, 96% digital, 6.5% profit. \u27a1 No Audit \ud83d\udccc Example 4: \u20b91.8 crore turnover, 4% profit, \u20b912 lakh income. \u27a1 Audit Required \ud83d\udc68\u200d\u2696\ufe0f Professionals (Section 44ADA) Criteria Audit Requirement Gross receipts \u2264 \u20b950 lakh, profit \u2265 50% Not required Up to \u20b975 lakh, \u2264 5% cash receipts Not required Profit < 50% and income > exemption Audit Required \ud83d\udccc Example 5: CA with \u20b960 lakh revenue, 97% digital, 50% profit. \u27a1 No Audit \ud83d\udccc Example 6: Consultant with \u20b952 lakh revenue, 40% profit. \u27a1 Audit Required \ud83d\udd04 Opting Out of the Presumptive Scheme \ud83d\udccc Example 7: Mr. D opts out of presumptive in FY 2024\u201325. \u27a1 Audit required for 5 years \ud83d\ude9a Transporters \\\/ Non-Residents (Section 44AE\\\/44BB\\\/44BBB) Audit applies if: Profit is below the deemed % and total income exceeds the exemption limit. \ud83d\udcd1 Already Audited under Other Laws Audit under other laws counts as a valid Tax Audit if filed on time. \ud83d\uddd3\ufe0f Due Dates for Tax Audit \u2013 FY 2024\u201325 Particulars Due Date Tax Audit Report filing (without TP) 30th September 2025 Tax Audit Report with Transfer Pricing (Form 3CEB) 31st October 2025 \u26a0\ufe0f Penalty for Non-Compliance If the audit is not conducted when required, Penalty = 0.5% of turnover\\\/gross receipts, subject to a maximum of \u20b91.5 lakh. Can be waived for reasonable causes like illness, natural calamity, etc. \ud83d\udd1a Conclusion Know your numbers. Evaluate your turnover, digital vs. cash transactions, profit declaration, and income levels. This determines your tax audit requirement. With new relaxations for digital transactions, many small businesses and professionals can now avoid an audit, but only if conditions are met. \ud83d\udca1 Need help determining your audit requirement or filing returns? We\u2019re here to assist with expert evaluation and timely compliance. \u2753 Frequently Asked Questions (FAQs) Has the presumptive limit for businesses increased to \u20b93 crore? \u2705 Yes, from FY 2024\u201325 if total cash receipts are \u2264\u202f5% What happens if I opt out of presumptive taxation after opting in? \ud83d\udd01 If you opt out of Section 44AD in any one year, you cannot opt in again for the next 5 years, and tax audit becomes mandatory during that period (if income exceeds the exemption limit). Is tax audit applicable if I have already undergone an audit under another law (e.g., Companies Act)? \ud83d\udcc4 Yes, but if such an audit is done and the report is submitted on time in Form 3CA & 3CD, it suffices for tax audit under Section 44AB. Can existing statutory audit under Companies\\\/LLP Act replace tax audit? \ud83d\udcd8 Yes, if the audit report (Form 3CA\\\/3CB + 3CD) is filed on time under Section\u202f44AB. What is the due date for filing the tax audit report for FY 2024\u201325? \ud83d\uddd3\ufe0f 30\u202fSeptember 2025, or 31\u202fOctober 2025 if subject to transfer pricing audit.\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/komplytek.com\\\/blogs\\\/is-an-audit-required-checklist-for-tax-audit-applicability-for-fy-2024-25\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/komplytek.com\\\/blogs\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Is an Audit Required? \u2013 Checklist for Tax Audit Applicability for FY 2024\u201325\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/komplytek.com\\\/blogs\\\/#website\",\"url\":\"https:\\\/\\\/komplytek.com\\\/blogs\\\/\",\"name\":\"Komplytek Blogs\",\"description\":\"Komplytek Blogs\",\"publisher\":{\"@id\":\"https:\\\/\\\/komplytek.com\\\/blogs\\\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/komplytek.com\\\/blogs\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\\\/\\\/komplytek.com\\\/blogs\\\/#organization\",\"name\":\"Komplytek Blogs\",\"url\":\"https:\\\/\\\/komplytek.com\\\/blogs\\\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/komplytek.com\\\/blogs\\\/#\\\/schema\\\/logo\\\/image\\\/\",\"url\":\"https:\\\/\\\/i0.wp.com\\\/komplytek.com\\\/blogs\\\/wp-content\\\/uploads\\\/2021\\\/10\\\/cropped-Komplytek-logo.png?fit=238%2C71&ssl=1\",\"contentUrl\":\"https:\\\/\\\/i0.wp.com\\\/komplytek.com\\\/blogs\\\/wp-content\\\/uploads\\\/2021\\\/10\\\/cropped-Komplytek-logo.png?fit=238%2C71&ssl=1\",\"width\":238,\"height\":71,\"caption\":\"Komplytek Blogs\"},\"image\":{\"@id\":\"https:\\\/\\\/komplytek.com\\\/blogs\\\/#\\\/schema\\\/logo\\\/image\\\/\"},\"sameAs\":[\"https:\\\/\\\/www.facebook.com\\\/komplytek\",\"https:\\\/\\\/x.com\\\/KompLytek\"]},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/komplytek.com\\\/blogs\\\/#\\\/schema\\\/person\\\/867b7cc32026889456bde8a5f1c346a4\",\"name\":\"admin\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/edd338ccf0adb3d38fca12276b8469fdf9710fcccd3297f3b9e8cb79bb60d7db?s=96&d=mm&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/edd338ccf0adb3d38fca12276b8469fdf9710fcccd3297f3b9e8cb79bb60d7db?s=96&d=mm&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/edd338ccf0adb3d38fca12276b8469fdf9710fcccd3297f3b9e8cb79bb60d7db?s=96&d=mm&r=g\",\"caption\":\"admin\"},\"sameAs\":[\"https:\\\/\\\/komplytek.com\\\/blogs\"],\"url\":\"https:\\\/\\\/komplytek.com\\\/blogs\\\/author\\\/admin\\\/\"}]}<\/script>\n","yoast_head_json":{"title":"Is an Audit Required? \u2013 Checklist for Tax Audit Applicability for FY 2024\u201325 - Komplytek Blogs","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/komplytek.com\/blogs\/is-an-audit-required-checklist-for-tax-audit-applicability-for-fy-2024-25\/","og_locale":"en_US","og_type":"article","og_title":"Is an Audit Required? \u2013 Checklist for Tax Audit Applicability for FY 2024\u201325 - Komplytek Blogs","og_description":"Every taxpayer, especially business owners and professionals, must determine whether a tax audit under Section 44AB of the Income Tax Act is applicable for the financial year 2024\u201325. With evolving thresholds and digital compliance norms, here\u2019s a complete checklist with examples to guide your audit decision. \u2753 What is a Tax Audit? A Tax Audit ... Read more","og_url":"https:\/\/komplytek.com\/blogs\/is-an-audit-required-checklist-for-tax-audit-applicability-for-fy-2024-25\/","og_site_name":"Komplytek Blogs","article_publisher":"https:\/\/www.facebook.com\/komplytek","article_published_time":"2025-06-16T12:33:48+00:00","og_image":[{"width":1536,"height":1024,"url":"https:\/\/komplytek.com\/blogs\/wp-content\/uploads\/2025\/06\/WhatsApp-Image-2025-06-16-at-5.49.51-PM.jpeg","type":"image\/jpeg"}],"author":"admin","twitter_card":"summary_large_image","twitter_creator":"@KompLytek","twitter_site":"@KompLytek","twitter_misc":{"Written by":"admin","Est. reading time":"6 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/komplytek.com\/blogs\/is-an-audit-required-checklist-for-tax-audit-applicability-for-fy-2024-25\/#article","isPartOf":{"@id":"https:\/\/komplytek.com\/blogs\/is-an-audit-required-checklist-for-tax-audit-applicability-for-fy-2024-25\/"},"author":{"name":"admin","@id":"https:\/\/komplytek.com\/blogs\/#\/schema\/person\/867b7cc32026889456bde8a5f1c346a4"},"headline":"Is an Audit Required? \u2013 Checklist for Tax Audit Applicability for FY 2024\u201325","datePublished":"2025-06-16T12:33:48+00:00","mainEntityOfPage":{"@id":"https:\/\/komplytek.com\/blogs\/is-an-audit-required-checklist-for-tax-audit-applicability-for-fy-2024-25\/"},"wordCount":601,"commentCount":0,"publisher":{"@id":"https:\/\/komplytek.com\/blogs\/#organization"},"image":{"@id":"https:\/\/komplytek.com\/blogs\/is-an-audit-required-checklist-for-tax-audit-applicability-for-fy-2024-25\/#primaryimage"},"thumbnailUrl":"https:\/\/i0.wp.com\/komplytek.com\/blogs\/wp-content\/uploads\/2025\/06\/WhatsApp-Image-2025-06-16-at-5.49.51-PM.jpeg?fit=1536%2C1024&ssl=1","articleSection":["Accounting Advisory Services","Accounting Financial","Audit Assurance","Auditing Services"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/komplytek.com\/blogs\/is-an-audit-required-checklist-for-tax-audit-applicability-for-fy-2024-25\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/komplytek.com\/blogs\/is-an-audit-required-checklist-for-tax-audit-applicability-for-fy-2024-25\/","url":"https:\/\/komplytek.com\/blogs\/is-an-audit-required-checklist-for-tax-audit-applicability-for-fy-2024-25\/","name":"Is an Audit Required? \u2013 Checklist for Tax Audit Applicability for FY 2024\u201325 - Komplytek Blogs","isPartOf":{"@id":"https:\/\/komplytek.com\/blogs\/#website"},"primaryImageOfPage":{"@id":"https:\/\/komplytek.com\/blogs\/is-an-audit-required-checklist-for-tax-audit-applicability-for-fy-2024-25\/#primaryimage"},"image":{"@id":"https:\/\/komplytek.com\/blogs\/is-an-audit-required-checklist-for-tax-audit-applicability-for-fy-2024-25\/#primaryimage"},"thumbnailUrl":"https:\/\/i0.wp.com\/komplytek.com\/blogs\/wp-content\/uploads\/2025\/06\/WhatsApp-Image-2025-06-16-at-5.49.51-PM.jpeg?fit=1536%2C1024&ssl=1","datePublished":"2025-06-16T12:33:48+00:00","breadcrumb":{"@id":"https:\/\/komplytek.com\/blogs\/is-an-audit-required-checklist-for-tax-audit-applicability-for-fy-2024-25\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/komplytek.com\/blogs\/is-an-audit-required-checklist-for-tax-audit-applicability-for-fy-2024-25\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/komplytek.com\/blogs\/is-an-audit-required-checklist-for-tax-audit-applicability-for-fy-2024-25\/#primaryimage","url":"https:\/\/i0.wp.com\/komplytek.com\/blogs\/wp-content\/uploads\/2025\/06\/WhatsApp-Image-2025-06-16-at-5.49.51-PM.jpeg?fit=1536%2C1024&ssl=1","contentUrl":"https:\/\/i0.wp.com\/komplytek.com\/blogs\/wp-content\/uploads\/2025\/06\/WhatsApp-Image-2025-06-16-at-5.49.51-PM.jpeg?fit=1536%2C1024&ssl=1","width":1536,"height":1024,"caption":"Every taxpayer, especially business owners and professionals, must determine whether a tax audit under Section 44AB of the Income Tax Act is applicable for the financial year 2024\u201325. With evolving thresholds and digital compliance norms, here\u2019s a complete checklist with examples to guide your audit decision. \u2753 What is a Tax Audit? A Tax Audit is a detailed review of your financial records and compliance, mandated under Section 44AB of the Income Tax Act, 1961. It ensures: \u2714\ufe0f Accuracy of income and deductions \ud83d\udcda Proper maintenance of books \ud83d\udd52 Timely filing of returns \u2705 Checklist for Audit Applicability \u2013 FY 2024\u201325 \ud83c\udfe2 Business (Non-Presumptive) \u2013 Section 44AB(a) Criteria Audit Requirement Turnover \u2264 \u20b91 crore Not required Turnover > \u20b91 crore and \u2264 \u20b910 crore Required only if cash receipts\/payments > 5% Turnover > \u20b910 crore Always required \ud83d\udccc Example 1: Mr. A runs a trading business with \u20b97.5 crore turnover and 98% digital transactions. \u27a1 No Audit \ud83d\udccc Example 2: XYZ Pvt. Ltd. has \u20b912 crore turnover. \u27a1 Audit Required \ud83e\uddfe Presumptive Taxation (Section 44AD) \u2013 Small Businesses Criteria Audit Requirement Turnover \u2264 \u20b92 crore, profit \u2265 8% (cash) \/ 6% (digital) Not required Turnover up to \u20b93 crore (w.e.f. 1 April 2024), \u2264 5% cash receipts Not required Profit < prescribed % and income > exemption Audit Required \ud83d\udccc Example 3: Retailer with \u20b92.8 crore turnover, 96% digital, 6.5% profit. \u27a1 No Audit \ud83d\udccc Example 4: \u20b91.8 crore turnover, 4% profit, \u20b912 lakh income. \u27a1 Audit Required \ud83d\udc68\u200d\u2696\ufe0f Professionals (Section 44ADA) Criteria Audit Requirement Gross receipts \u2264 \u20b950 lakh, profit \u2265 50% Not required Up to \u20b975 lakh, \u2264 5% cash receipts Not required Profit < 50% and income > exemption Audit Required \ud83d\udccc Example 5: CA with \u20b960 lakh revenue, 97% digital, 50% profit. \u27a1 No Audit \ud83d\udccc Example 6: Consultant with \u20b952 lakh revenue, 40% profit. \u27a1 Audit Required \ud83d\udd04 Opting Out of the Presumptive Scheme \ud83d\udccc Example 7: Mr. D opts out of presumptive in FY 2024\u201325. \u27a1 Audit required for 5 years \ud83d\ude9a Transporters \/ Non-Residents (Section 44AE\/44BB\/44BBB) Audit applies if: Profit is below the deemed % and total income exceeds the exemption limit. \ud83d\udcd1 Already Audited under Other Laws Audit under other laws counts as a valid Tax Audit if filed on time. \ud83d\uddd3\ufe0f Due Dates for Tax Audit \u2013 FY 2024\u201325 Particulars Due Date Tax Audit Report filing (without TP) 30th September 2025 Tax Audit Report with Transfer Pricing (Form 3CEB) 31st October 2025 \u26a0\ufe0f Penalty for Non-Compliance If the audit is not conducted when required, Penalty = 0.5% of turnover\/gross receipts, subject to a maximum of \u20b91.5 lakh. Can be waived for reasonable causes like illness, natural calamity, etc. \ud83d\udd1a Conclusion Know your numbers. Evaluate your turnover, digital vs. cash transactions, profit declaration, and income levels. This determines your tax audit requirement. With new relaxations for digital transactions, many small businesses and professionals can now avoid an audit, but only if conditions are met. \ud83d\udca1 Need help determining your audit requirement or filing returns? We\u2019re here to assist with expert evaluation and timely compliance. \u2753 Frequently Asked Questions (FAQs) Has the presumptive limit for businesses increased to \u20b93 crore? \u2705 Yes, from FY 2024\u201325 if total cash receipts are \u2264\u202f5% What happens if I opt out of presumptive taxation after opting in? \ud83d\udd01 If you opt out of Section 44AD in any one year, you cannot opt in again for the next 5 years, and tax audit becomes mandatory during that period (if income exceeds the exemption limit). Is tax audit applicable if I have already undergone an audit under another law (e.g., Companies Act)? \ud83d\udcc4 Yes, but if such an audit is done and the report is submitted on time in Form 3CA & 3CD, it suffices for tax audit under Section 44AB. Can existing statutory audit under Companies\/LLP Act replace tax audit? \ud83d\udcd8 Yes, if the audit report (Form 3CA\/3CB + 3CD) is filed on time under Section\u202f44AB. What is the due date for filing the tax audit report for FY 2024\u201325? \ud83d\uddd3\ufe0f 30\u202fSeptember 2025, or 31\u202fOctober 2025 if subject to transfer pricing audit."},{"@type":"BreadcrumbList","@id":"https:\/\/komplytek.com\/blogs\/is-an-audit-required-checklist-for-tax-audit-applicability-for-fy-2024-25\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/komplytek.com\/blogs\/"},{"@type":"ListItem","position":2,"name":"Is an Audit Required? \u2013 Checklist for Tax Audit Applicability for FY 2024\u201325"}]},{"@type":"WebSite","@id":"https:\/\/komplytek.com\/blogs\/#website","url":"https:\/\/komplytek.com\/blogs\/","name":"Komplytek Blogs","description":"Komplytek Blogs","publisher":{"@id":"https:\/\/komplytek.com\/blogs\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/komplytek.com\/blogs\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/komplytek.com\/blogs\/#organization","name":"Komplytek Blogs","url":"https:\/\/komplytek.com\/blogs\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/komplytek.com\/blogs\/#\/schema\/logo\/image\/","url":"https:\/\/i0.wp.com\/komplytek.com\/blogs\/wp-content\/uploads\/2021\/10\/cropped-Komplytek-logo.png?fit=238%2C71&ssl=1","contentUrl":"https:\/\/i0.wp.com\/komplytek.com\/blogs\/wp-content\/uploads\/2021\/10\/cropped-Komplytek-logo.png?fit=238%2C71&ssl=1","width":238,"height":71,"caption":"Komplytek Blogs"},"image":{"@id":"https:\/\/komplytek.com\/blogs\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/komplytek","https:\/\/x.com\/KompLytek"]},{"@type":"Person","@id":"https:\/\/komplytek.com\/blogs\/#\/schema\/person\/867b7cc32026889456bde8a5f1c346a4","name":"admin","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/edd338ccf0adb3d38fca12276b8469fdf9710fcccd3297f3b9e8cb79bb60d7db?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/edd338ccf0adb3d38fca12276b8469fdf9710fcccd3297f3b9e8cb79bb60d7db?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/edd338ccf0adb3d38fca12276b8469fdf9710fcccd3297f3b9e8cb79bb60d7db?s=96&d=mm&r=g","caption":"admin"},"sameAs":["https:\/\/komplytek.com\/blogs"],"url":"https:\/\/komplytek.com\/blogs\/author\/admin\/"}]}},"jetpack_featured_media_url":"https:\/\/i0.wp.com\/komplytek.com\/blogs\/wp-content\/uploads\/2025\/06\/WhatsApp-Image-2025-06-16-at-5.49.51-PM.jpeg?fit=1536%2C1024&ssl=1","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/komplytek.com\/blogs\/wp-json\/wp\/v2\/posts\/673","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/komplytek.com\/blogs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/komplytek.com\/blogs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/komplytek.com\/blogs\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/komplytek.com\/blogs\/wp-json\/wp\/v2\/comments?post=673"}],"version-history":[{"count":1,"href":"https:\/\/komplytek.com\/blogs\/wp-json\/wp\/v2\/posts\/673\/revisions"}],"predecessor-version":[{"id":675,"href":"https:\/\/komplytek.com\/blogs\/wp-json\/wp\/v2\/posts\/673\/revisions\/675"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/komplytek.com\/blogs\/wp-json\/wp\/v2\/media\/674"}],"wp:attachment":[{"href":"https:\/\/komplytek.com\/blogs\/wp-json\/wp\/v2\/media?parent=673"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/komplytek.com\/blogs\/wp-json\/wp\/v2\/categories?post=673"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/komplytek.com\/blogs\/wp-json\/wp\/v2\/tags?post=673"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}