29 July 2010
Tax Audit u/s 44AB applies to every person :
(a) carrying on business, if his total sales, turnover or gross receipts, as the case may be, in business exceed or exceeds Rs. 60 lakh[Rs. 40 lakh upto AY 2010-11] in any previous year; or
(b) carrying on profession, if his gross receipts in profession exceed Rs. 15 lakh[Rs. 10lakh upto AY 2010-11] in any previous year; or
(c) carrying on the business, if the profits and gains from the business are deemed to be the profits and gains of such person under section 44AD or section 44AE or section 44AF as the case may be, and he has claimed his income to be lower than the profits or gains so deemed to be the profits and gains of his business, as the case may be, in any previous year
The following clause shall be applicable w.e.f. 1-4-2011 :
(d) carrying on the business, if the profits and gains from the business are deemed to be the profits and gains of such person under section 44AD and he has claimed such income to be lower than the profits and gains so deemed to be the profits and gains of his business and his income exceeds the maximum amount which is not chargeable to income-tax in any previous year,
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