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Tax Audit (Section 44AB of Income-tax Act, 1961): Audit of accounts of certain persons carrying on business or profession
Tax Audit is compulsory in the following cases:
- The Assessee is required to get his accounts of such previous year audited by Chartered accountant before 30th September 2017 of the relevant assessment year
- If failed to get accounts audited as required by sec 44AB –Penalty – Lower of
- 1) 0.5% of total sales, turnover or gross receipts of business or profession
- 2) INR 100000
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