Audit of accounts and reporting of international transaction.
88. (1) Every person, who is required to keep and maintain books of account under section 87 shall get his accounts for the financial year audited—
(a) where the person is carrying on any profession, the gross receipts of the profession exceed twenty-five lakh rupees in the financial year;
(b) where the person is carrying on any business, the total turnover or gross receipts, as the case may be, of the business exceed one crore rupees in the financial year.
(2) The audit of the accounts referred to in sub-section (1) shall be carried out by an accountant and the report of audit obtained before the due date.
(3) The report of audit referred to in sub-section (2) shall be obtained in the prescribed form duly signed and verified by such accountant and setting forth such particulars as may be prescribed.
(4) The provisions of sub-section (1) shall not apply to the business where the income therefrom is determined under paragraph 1 of the Fourteenth Schedule.
(5) A person shall be deemed to have complied with the provisions of sub-section (1), if the person—
(a) gets the accounts of his business audited as required by, or under, any other law for the time being in force, before the due date; and
(b) obtains by the due date the report of the audit as required under such other law and a further report by an accountant in the form prescribed under sub-section (3).
(6) A person referred to in sub-section (2) of section 87 shall furnish a report of the international transaction entered into during the financial year to the Transfer Pricing Officer on or before the due date specified in sub-clause (c) of clause (86) of section 314.
(7) The report referred in sub-section (6) shall be obtained from an accountant in such form, duly signed and verified in such manner as may be prescribed.
