A Tax Audit is an audit, made compulsory by the Income Tax Act, if the annual gross turnover/receipts of the Assessee exceed the specified limit. Tax audit is conducted in Sec 44AB of the Income Tax Act,1961 by a Chartered Accountant.

-Simply Tax Audit means, an audit of matters related to tax.

Applicability:

The Following persons need to be liable for tax audit U/s 44AB

• Business: Limit – Rs. 1 Crore
• Profession: Limit – Rs. 50 Lakh
• Presumptive Taxation Scheme – Sec 44AD
• Businesses, whose annual gross turnover/receipt does not exceeds Rs. 2 Crore are eligible for this scheme.
• Presumptive Taxation Scheme – Sec 44ADA
• Professions, whose annual gross receipt does not exceeds Rs. 50 Lakhs are eligible for this scheme.

For any kind of assistance, contact Mr.Manohar B V, FCA, MCom @ manohar@mbvca.in / 9916870055