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Answer Posted / afridi
Audit of accounts of certain persons carrying on business
or profession.
44AB Every person,-
carrying on business shall, if his total sales, turnover or
gross receipts, as the case may be, in business exceed or
exceeds forty lakh rupees in any previous year or
carrying on profession shall, if his gross receipts in
profession exceed ten lakh rupees in any previous year; or
carrying on the business shall, if the profits and gains
from the business are deemed to be the profits and gains of
such person under section 44AD or section 44AE or section
44AF, as the case may be, and he has claimed his income to
be lower than the profits or gains so deemed to be the
profits and gains of his business, as the case may be, in
any previous year get his accounts of such previous year
audited by an accountant before the specified date and
furnish by that date the report of such audit in the
prescribed form duly signed and verified by such accountant
and setting forth such particulars as may be prescribed:
Provided that this section shall not apply to the person,
who derives income of the nature referred to in section 44B
or section 44BB or section 44BBA or section 44BBB, on and
from the 1st day of April, 1985 or, as the case may be, the
date on which the relevant section came into force,
whichever is later:
Provided further that in a case where such person is
required by or under any other law to get his accounts
audited it shall be sufficient compliance with the
provisions of this section if such person gets the accounts
of such business or profession audited under such law
before the specified date and furnishes by that date the
report of the audit as required under such other law and a
further report in the form prescribed under this section.
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