Every individual, business owner, or professional whose income crosses specified limits under the Income Tax Act, 1961, is required to conduct a **tax audit**. As per **Section 44AB**, such entities must get their books of accounts verified by a certified Chartered Accountant. The tax audit helps ensure that financial transactions are accurately recorded and that income is reported transparently to the Income Tax Department.
A tax audit evaluates the correctness of your financial records. The appointed auditor checks income, expenses, taxes, and accounting standards. They certify: