Audit obligation for businesses and professionals: thresholds trigger mandatory audited accounts and prescribed audit report before specified deadline. Section 44AB mandates statutory audit and a prescribed auditor's report for persons carrying on business whose total sales, turnover or gross receipts exceed forty lakh rupees, and for persons carrying on profession whose gross receipts exceed ten lakh rupees, for previous year(s) relevant to the assessment year; the audit must be conducted by an accountant and the report obtained before the specified date. Compliance via an audit under another law is acceptable if that audit is completed before the specified date and a further prescribed report under section 44AB is furnished. The specified date is the later of four months after the previous year end (or last previous year end) or 30 June of the assessment year.