Tax Audit is applicable under section 44AB to individual taxpayers in case of Income from Business/Profession.
Here's a quick read on Tax audit applicability for Traders
The table below shows the tax audit applicability for AY 2022-23.
Income from Business
Turnover | Profit >= 6% | Profit < 6% (Including Loss) | Cash Payments > 5% | Cash Receipts > 5% |
Up to 25 Lakhs | Not Applicable | Applicable | Not Applicable | Not Applicable |
25 Lakhs to 1 Cr | Not Applicable | Applicable | Not Applicable | Not Applicable |
1 Cr to 2 Cr | Not Applicable | Applicable | Applicable | Applicable |
2 Cr to 10 Cr | Not Applicable | Not Applicable | Applicable | Applicable |
Above 10 Cr | Applicable | Applicable | Applicable | Applicable |
Income from Profession
Turnover | Profit >= 50% | Profit < 50% (Including Loss) |
Below 1.5 Lakhs | Not Applicable | Applicable |
1.5 Lakhs to 50 Lakhs | Not Applicable | Applicable |
Above 50 Lakhs | Applicable | Applicable |
Read more about Tax Audit under section 44AB