<p>While there are special concessions for digital transactions, failure to follow these rules will result in a penalty. The last date for this is September 30.</p><img><p>Under Section 44AB of the Income Tax Act 1961, certain taxpayers must file an audit report. The government has set the deadline for this as September 30.</p><img><p>A business with turnover over Rs. 1 crore must file a tax audit. This limit is raised to Rs. 10 crore if 95% of transactions are digital, promoting cashless payments.</p><img><p>Professionals like doctors and lawyers earning over Rs. 50 lakh/year must file an audit. Those under the presumptive tax scheme (Sec 44ADA) showing lower income also need one.</p><img><p>Only some entrepreneurs can use this scheme where 50% of income is deemed revenue. Cash transactions must not exceed 5%. This helps small businesses and professionals.</p><img><p>If you claim a lower actual income, you must maintain books and file an audit report. Non-compliance will lead to penalties and legal action.</p>
