Section 44AB of the Income Tax Act 1961 stipulates provisions pertaining to the Tax Audit under the Income Tax Audit. A tax Audit is conducted to ensure that the taxpayer has properly maintained the books of accounts and other records, and they truly reflect the income of the taxpayer.
An Assessee is liable to get his Tax Audit done by a Chartered Accountant mandatorily, in the following cases,
- The Person is carrying on business and his total Sales/Turnover exceeds Rs. 1 Crore in the previous Financial Year;
- The Person is carrying on Profession, and his Gross Receipts exceed Rs. 50 Lakhs in the previous Financial Year and
- The Person is carrying on business or profession and is covered under the provisions of Section 44AD, 44ADA, 44AE, 44AF, 44BB OR 44BBB and claims that his income fom the said business is lower than the deemed profits and gains computed under the relevant section.
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|Asked: 12/21/18, 1:56 AM|
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|Last updated: 12/21/18, 2:00 AM|