Tax audit requirement: businesses and professionals exceeding turnover thresholds must obtain accountant audit and file report by specified date. Section 63 mandates tax audits for businesses and professionals exceeding statutory turnover or receipt thresholds, requiring an accountant's audit and filing of the prescribed audit report by the specified date. A higher turnover threshold applies where cash receipts and cash payments each remain below a de minimis share; a separate lower threshold applies to professionals. A statutory or other-law audit suffices if its report is furnished in the prescribed form by the specified date. The section excludes cases where profits are declared under certain deemed profit provisions and treats non-account-payee cheques and bank drafts as cash for these calculations.
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Provisions expressly mentioned in the judgment/order text.
Tax audit requirement: businesses and professionals exceeding turnover thresholds must obtain accountant audit and file report by specified date.
Section 63 mandates tax audits for businesses and professionals exceeding statutory turnover or receipt thresholds, requiring an accountant's audit and filing of the prescribed audit report by the specified date. A higher turnover threshold applies where cash receipts and cash payments each remain below a de minimis share; a separate lower threshold applies to professionals. A statutory or other-law audit suffices if its report is furnished in the prescribed form by the specified date. The section excludes cases where profits are declared under certain deemed profit provisions and treats non-account-payee cheques and bank drafts as cash for these calculations.
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