I am a big businessman, viz, my turnover exceeds Rs. 1 crore in a year.
I am a big specified professional, viz, my gross receipts exceed Rs. 50 lacs in a year.
I am declaring profits below 8%/6%(conditional) in business or below 50% in specified profession. Below these limits includes me declaring losses.
In all these scenarios, I need to get a tax audit done from a Chartered Accountant and file the tax audit report to the Income Tax portal before the due date of return (not the last date of return). If I fail to do so, penalties (fines) follow.