Section 44AB (Tax Audit)
Definition
The provision requiring a tax audit of accounts where a business's or professional's turnover or receipts exceed prescribed limits, or in certain presumptive-scheme situations. The audit report is filed in the prescribed form before the return.
Related Terms in India GST
Section 80C
A deduction under India's old tax regime for specified investments and payments — such as life insurance premiums, provident fund, ELSS and certain tuition fees — up to an annual ceiling, reducing taxable income.
Section 80D
A deduction for health-insurance premiums and certain preventive health check-up and medical expenses in India, with separate limits for self and family and for senior-citizen parents.
Old vs New Tax Regime
The choice Indian individual taxpayers make between the old regime (higher slab rates but most deductions and exemptions available) and the new regime (lower slab rates but most deductions withdrawn). The better option depends on the deductions a taxpayer can actually claim.
Standard Deduction (India)
A flat deduction from salary and pension income available to Indian taxpayers without the need to prove expenses. The amount and its availability under each tax regime are set by the Finance Act and should be checked for the year concerned.
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