As per section 44AB, who is compulsorily required to get his accounts audited, i.e., who is covered by tax audit?

As per section 44AB, who is compulsorily required to get his accounts audited, i.e., who is covered by tax audit? https://www.taxtmi.com/manuals?id=4224 Tax audit is mandatory for persons carrying on business whose turnover or gross receipts exceed the prescribed turnover threshold (with a higher threshold where cash transactions are minimal), and for professionals whose gross receipts exceed the professional threshold. Audit is also required where an eligible taxpayer claims profits lower than those computed under a presumptive taxation scheme, and opting out of a presumptive scheme triggers a multi-year bar on reverting to that scheme. en-us Tue, 26 Dec 2023 12:03:00 +0530 Tue, 02 Jan 2024 18:09:00 +0530 TaxTMI RSS Generator As per section 44AB, who is compulsorily required to get his accounts audited, i.e., who is covered by tax audit? https://www.taxtmi.com/manuals?id=4224 Tax audit is mandatory for persons carrying on business whose turnover or gross receipts exceed the prescribed turnover threshold (with a higher threshold where cash transactions are minimal), and for professionals whose gross receipts exceed the professional threshold. Audit is also required where an eligible taxpayer claims profits lower than those computed under a presumptive taxation scheme, and opting out of a presumptive scheme triggers a multi-year bar on reverting to that scheme. Manuals Income Tax Tue, 26 Dec 2023 12:03:00 +0530 https://www.taxtmi.com/manuals?id=4224