05 December 2008
Whenever gross turnover of an assessee, engaged in business,exceeds Rupees Forty Lacs, audit under section 44AB of The Income Tax Act is mandatory irrespective of constitution of the assessee.And the same can be conducted only by a chartered accountant.
05 December 2008
When turnover of company exceeds Rs. 40 Lakhs in case of Business or Recipts exceed Rs. 10 Lakhs in case of profession , then it is neccessary to get its accounts audited as per Section 44AB of Income Tax Act. Tax audit u/s 44AB of Income Tax Act can be done only by a Chartered Accountant.