Never mistake law for justice,

Justice is an ideal and law is tool.

-L.E. MODESITT JR.-

Who is compulsorily required to get the accounts audited?

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Following persons are compulsorily required to get their accounts audited :
  • A person carrying on business, if his total sales, turnover or gross receipts in business for the year exceed or exceeds Rs. 1 crore.
  • A person carrying on profession, if his gross receipts in profession for the year exceed Rs. 50 lakhs.
  • A person who is eligible to opt for the presumptive taxation scheme but he claims the profits or gains for such profession/ business to be lower than the profits and gains computed as per the presumptive taxation scheme and his income exceeds the amount which is not chargeable to tax.

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