Section 44AB of the Income Tax Act

Sat, 16 May 2026 00:00:00 +0000

Section 44AB of the Income Tax Act, 1961 is the principal tax audit provision under Indian direct tax law. The section requires every person carrying on business or profession to get their accounts audited by a Chartered Accountant if the gross receipts, total turnover, or gross professional fees exceed prescribed thresholds. The provision is administratively foundational to the income-tax framework, as the tax audit report submitted under Section 44AB provides the Income Tax Department with an independent verification of the taxpayer’s business income computation, expense claims, depreciation, statutory deductions, and other taxable items.

Provident fund and superannuation MF investing

Tue, 12 May 2026 00:00:00 +0000

Provident fund trusts and superannuation fund trusts are specialised employee benefit vehicles that may invest in Indian mutual fund schemes subject to the investment pattern prescribed by the Ministry of Labour and Employment and the restrictions imposed by the Income Tax Act, 1961. These trusts are distinct from the Employees’ Provident Fund Organisation (EPFO), which is a statutory body with its own investment mandate (see EPFO equity ETF channel ). This article covers private employer-maintained provident fund and superannuation fund trusts that hold employee benefit corpus and invest in mutual funds.

Income Tax Act on WebNotes

Section 44AB of the Income Tax Act

Provident fund and superannuation MF investing