28 February 2017
1. Who are all fall under " Tax Audit "? (e.g:. Individual/HUF/ Firm) 2. If a Person falls under the preview of Tax Audit, what happens if he is not maintaining the Books of Account for the Financial year? how can it be justified?
28 February 2017
As per section 44AB of Income Tax Act , 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. •A person carrying on profession, if his gross receipts in profession for the year exceed Rs. 50 lakhs.
Persons includes individual, HUF, firm , Companies etc.
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