Section 44AB - Audit of accounts of certain persons carrying on business or profession - Income-tax Act, 1961

Extract

..... crore rupees”, the words “five crore rupees” had been substituted; or] (b) carrying on profession shall, if his gross receipts in profession exceed 21[ fifty lakh rupees ] in any 3[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 16[section 44AE] 4[or section 44BB or section 44BBB], 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 17[previous year; or],] 18[(d) carrying on the 22[ profession ] shall, if the profits and gains from the 22[ profession ] are deemed to be the profits and gains of such p .....

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Section 44AB - Audit of accounts of certain persons carrying on business or profession - Income-tax Act, 1961

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..... o get his accounts audited 11[***], 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 12[furnishes by] that date the report of the audit as required under such other law and a further report 13[by an accountant] in the form prescribed under this section. Explanation.-For the purposes of this section,- (i) "accountant" shall have the same meaning as in the Explanation below sub-section (2) of section 288; 14[(ii) "specified date", in relation to the accounts of the assessee of the previous year relevant to an assessment year, means 31[date one month prior to] the 15[the due date for furn .....

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Section 44AB - Audit of accounts of certain persons carrying on business or profession - Income-tax Act, 1961

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..... 988, w.e.f. 1-4-1989 and later on amended by the Finance Act, 1994, w.e.f. 1-4-1994, read as under : '(ii) "specified date", in relation to the accounts of the previous year relevant to an assessment year means,- (a) where the assessee is a company, the 30th day of November of the assessment year; (b) in any other case, the 31st day of October of the assessment year.' 15. Substituted for "31st day of October", by the Finance Act, 2008, w.e.f. 1-4-2008. Further Substituted vide Finance Act, 2012, w.e.f. 01-04-2013, before it was read as:- "the 30th day of September of the assessment year" 16. Substituted vide Finance (No. 2) Act, 2009 with effect from 1-4-2011, before it was read as, "section 44AD o .....

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Section 44AB - Audit of accounts of certain persons carrying on business or profession - Income-tax Act, 1961

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