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A tax audit is an examination of an organization’s or individual’s tax return. Each year when tax season rolls around, the Internal Revenue Service, as well as state departments of taxation, kicks into overdrive to meet with the onslaught of tax filings.
Tax Audit is an audit made compulsory by the Income Tax Act, if the turnover/gross receipts of the assessee reaches the specified limit. It is carried out by Chartered Accountant and its purpose is to ensure proper maintenance of books of accounts and they truly reflect the taxable income of the assessee. A person is required to get his books of accounts audited as per provisions of section 44AB if he satisfies any of the following conditions:
- If the person is carrying on the business and his Total Sales exceeds Rs. 1 Crore.
- or If the person is carrying on profession and his Gross Receipts exceed Rs. 50 Lakhs.
- or If the person is carrying on business and claims lower profit than the profits and gains deemed under section 44AD.
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