TAX AUDIT UNDER INCOME TAX ACT:
As the name itself suggests, tax audit is an examination or review of accounts of any business or profession carried out by taxpayers from an income tax viewpoint. It makes the process of income computation for filing of return of income easier. Tax audit is applicable under Section 44AB of The Income Tax Act, 1961 to certain persons carrying on business or profession.
Every Tax Professionals are in a situation to determine the applicability of Tax Audit to a particular client. It depends upon the Turnover/ Gross Receipts of the client and various other factors.
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