TAX AUDIT in India is governed by section 44AB of Income Tax Act 1961
Who is Liable for Tax Audit?
- The Person is carrying on business and his Total Sales/Turnover exceeds Rs 1 Crore (amended wef 1st April 2012)or
- The Person is carrying on Profession, and his Gross Receipts exceed Rs 25 Lakhs ( Amended wef 1st April 2012) or
- The person is carrying on business or profession and is covered under the provision of section 44AD, 44AE. 44BB, or 44BBB and claims that his income from the said business is lower than the deemed profits and gains computed under the relevant section.
Our taxation advisory team is highly knowledgeable and well conversant with the tax laws to provide Tax Audit Services.