Every person carrying on business or profession is required to get the accounts audited by a chartered accountant before the "specified date" and furnish by that date the report of such audit, if the total sales, turnover or gross receipts exceed Rs.100 lakhs in the case of business and gross receipts exceed Rs.50 lakhs in the case of profession (clauses (a) and (b) of section 44AB).
Section 44AB reads as
under:-
"Audit of accounts of certain persons carrying on business or
profession.
44AB. Every person,
(a) carrying on business shall, if his total sales, turnover or
gross receipts, as the case may be, in business exceed or exceeds
Hundred lakh rupees in any previous year; or
(b) carrying on profession shall, if his gross receipts in
profession exceed Twenty Five lakh rupees in any previous year; or
(c) 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.
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