Tax Audit

As per the provisions of section 44AB of the Income Tax Act 1961, following persons are required to get their accounts audited for each financial year:

  • Every person carrying on Business is required to get their accounts audited if the total sales/ turnover or gross receipts in the financial year exceeds Rupees One Hundred Lakhs (Rs. 100.00 Lacs) in previous year (ie Financial Year);
  • Every person carrying on a Profession is required to get his accounts audited if the total sales, turnover or gross receipts in the previous year exceed Rupees Twenty Five Lakhs (Rs. 25.00 Lacs) in previous year (ie Financial Year).