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of <h1>Section 44AB: Mandatory Audit for Businesses with Sales Over 40 Lakh or Professionals Over 10 Lakh Rupees Annually</h1> Section 44AB, introduced by the Finance Act, 1984, mandates that individuals engaged in business with annual sales, turnover, or gross receipts exceeding forty lakh rupees, or professionals with gross receipts exceeding ten lakh rupees, must have their accounts audited by an accountant. This audit must be completed by a specified date, with the report duly signed and verified. If accounts are audited under another law, compliance is achieved by obtaining both the audit report required by that law and an additional report in the prescribed form. The term 'accountant' and 'specified date' are defined within the section.
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