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Is Income tax audit required?

  Tax audit is an additional compliance to be done apart from filing of the income tax return in case of certain situations and persons only. As per the Income-tax Act 1961, it is obligatory of the following persons (carrying on business or profession) to get his/ her accounts audited under section 44AB by a Chartered Accountant: If the total sales, turnover or gross receipts in business exceeds Rs. 200 lakhs (in case of individuals/ partnerships) or Rs. 100 lakhs (in case of Companies); or If the gross receipts in profession exceeds Rs. 50 lakhs in any of the previous years; or If the assessee covered under the provision of section 44AD claims his profits to be lower than the profits deemed under presumptive basis and his income exceeds the basic exemption limit; or If the assessee carrying on a profession under section 44AA (like a doctor, lawyer, CA, technical/ software/ business consultant , photographer etc) covered under the provision of section 44ADA claims his profits to be low