who is liable to tax audit?
Answers
Answered by
0
Answer:
As per section 44AB, following persons are compulsorily required to get their accounts audited : A person carrying on business, if his total sales, turnover or gross receipts (as the case may be) in business for the year exceed or exceeds Rs. 1 crore.
In case of a profession, if the profession has total gross receipts of more than Rs. 50 lakhs, then tax audit by a Chartered Accountant is mandatory.
Similar questions