As per section 44AB of Income tax Act,1961, every Person in the previous year
Income tax audit is required for businesses with turnover exceeding ₹1 crore if cash transactions exceed 5% of total receipts and payments, or ₹10 crores if cash transactions are 5% or less.
Professionals must undergo an audit if gross receipts exceed ₹75 lakhs annually.
Businesses under Section 44AD with turnover above ₹3 crores must undergo an income tax audit.
Business/profession covered under presumptive taxation who has claimed his income to be lower than the profit and gains deemed to be the profits and gain of business/ profession covered under the section 44AD (4) of the Income tax Act,1961.
