Statutory audit requirement for taxpayers carrying on business or profession triggers audit obligation when turnover or receipts exceed thresholds. Section 44AB requires persons carrying on business or profession to obtain an accountant's audit and furnish a prescribed audit report when specified ... Summary
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Statutory audit requirement for taxpayers carrying on business or profession triggers audit obligation when turnover or receipts exceed thresholds.
Section 44AB requires persons carrying on business or profession to obtain an accountant's audit and furnish a prescribed audit report when specified turnover, gross receipts, or deemed-profit conditions under certain presumptive provisions are met; it allows reliance on audits under other laws supplemented by the prescribed accountant's report, treats certain non-account-payee cheque or draft payments as cash for threshold calculations, and defines the "specified date" as one month prior to the due date for filing the return.
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