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Audit of accounts of certain persons carrying on business or profession.

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Rahul Kumar Agrawal

42 Points Joined November 2017

44AB. 50Every person,—

[a] carrying on business shall, if his total sales, turnover or gross receipts, as the case may be, in business exceed or exceeds one crore rupees in any previous year; or

MY QUESTION IS - IS IT SALE DIFFERENT FROM TURNOVER ?
AND IF I PURCHASE GOODS WORTH 1 CRORE OR ABOVE, SHALL I HAVE TO GET MY A/c AUDITED ?

Replies (1)

Guest

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. The tax audit is conducted in Sec 44AB of the Income Tax Act by a Chartered Accountant