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Is Audit of Accounts Compulsory for Businessman for Calculating Gross Total Income

For Businessmen         :         when Gross Turnover exceeds Rs. 40 lakhs.

For Retail Traders       :         When the Turnover is less than Rs.40 lakhs & Net Profit declared is less than  5% of the  Turnover.

Professionals               :         When Gross Receipts exceed Rs. 10 lakhs.

Civil Contractors          :         When Net Profit declared is less than 8% as per section 44(AD)

Transport Owners        :         When declared deemed income is less than the amount specified u/s                                                44(AE)  
Chat showing Computation of Income from Business or Professions : Gross Total Income
Is Audit of Accounts compulsory for Businessman.
Meaning of.. "Business or Professions" as per Income Tax Act.
Profits and Gains of.. 'Business or Professions' of GTI
Meaning of ‘ Set-Off & Carry Forward ’ of Business Losses
What are Deemed Profits and How they are charged to Tax : Gross Total Income
What Expenses can be Claimed as "Deductible Expenses" : GTI
'Expenses Not Deductible' under 'Profits and Gains of Business'
Which Professional/Businessmen should Maintain Books of Accounts
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