What is Tax Audit ?
According to section 44 AB of Income Tax Act 1961 Tax audit mean compulsory audit under Income Tax Act who
1.carrying on business if the total turnover exceed Rs.1 Crore during the previous year relevant to assessment year
2.carrying on profession if the total turnover exceed Rs.50 Lakhs during the previous year relevant to assessment year.
3.carrying on business and covered under section 44 AE or 44BBB and he has claimed his income lower than the profit according to deemed profit and gain section.
- carrying on business and covered under section 44AD