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Answer Posted / prasanth s s
Tax Audit means, audit of accounts of :
1. A person carrying on business, if the total sales,
turnover or gross receipt in business for the accounting
year or years relevant to the assessment year exceed or
exceeds Rs. 40 lakh.
2. A person carrying on profession, if his gross receipts
in profession for an accounting year or years relevant to
any of the assessment year exceeds Rs. 10 lakh.
3. An assessee who carries on a business and 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 or section 44BB or section
44BBB, 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
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