Is Income tax audit required?

Is Income tax audit required?

The motivation behind Tax Audit is to guarantee that books of Accounts have been kept up as per the arrangements of the Income Tax Act.Impose Audit likewise guarantees that the Accounts are legitimately being displayed to the Assessing Officers when called for.However there are situations when individual is required to get his records examined despite the fact that his turnover is not as much as Rs. 1 Crore if there should be an occurrence of business and not as much as Rs. 25 lakhs if there should be an occurrence of calling.Through Tax Services in Chhattisgarhattempting to put light on the arrangements of Income Tax Act with respect to people required to get their books of records evaluated.

Assess Audit Conditions :

According to segment 44AB-Every individual is liable to perform tax audit who is:

  • Carrying on business should,if his aggregate deals,turnover or gross receipts,all things considered,in business exceeds one crore rupees. ; or
  • Carrying on professions should,if his gross receipts in professions exceeds twenty-five lakh rupees. ; or
  • Carrying on the business should, if the benefits and picks up from the business are esteemed to be the benefits and picks up of such individual under segment 44AD and he has guaranteed such salary to be lower than the benefits and picks up so considered to be the benefits and picks up of his business and his wage surpasses the most extreme sum which is not chargeable to wage impose in any earlier year.

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