Audit of accounts of certain persons carrying on business or profession
72 [Audit of accounts of certain persons carrying on business or profession.
44AB. 73Every person,—
(a) 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 73a[* * *]; or
(b) carrying on profession shall, if his gross receipts in profession exceed ten lakh rupees in any previous year 73a[* * *],
get his accounts of 73b[* * *] audited by an accountant before the specified date and obtain before that date the report of such previous year audit in the prescribed form duly signed and verified by such accountant and setting forth such particulars as may be prescribed:
Provided that in a case where such person is required by or under any other law to get his accounts audited 74[* * *], 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 obtains before that date the report of the audit as required under such other law and a further report 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 ;
74a[(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 31st day of December of the assessment year;
(b) in any other case, the 31st day of October of the assessment year.]]
72. Inserted by the Finance Act, 1984, w.e.f. 1-4-1985.
73. See rule 6G and Form Nos. 3CA to 3CE.
73a. "or years relevant to the assessment year commencing on the 1st day of April, 1985, or any subsequent assessment year" omitted by the Finance Act, 1988, w.e.f. 1-4-1989.
73b. "or years" omitted by the Finance Act, 1988, w.e.f. 1-4-1989.
74. "by an accountant" omitted by the Finance Act, 1985, w.e.f. 1-4-1985.
74a. Substituted for the following clause (ii) by the Finance Act, 1988, w.e.f. 1-4-1989:
'(ii) "specified date", in relation to the accounts of the previous year or years relevant to an assessment year, means the date of the expiry of four months from the end of the previous year or, where there is more than one previous year, from the end of the previous year which expired last before the commencement of the assessment year, or the 30th day of June of the assessment year, whichever is later.'
[AS AMENDED BY THE FINANCE ACT, 1988]