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of <h1>Section 44AB: Mandatory tax-year audit for businesses and professionals exceeding turnover thresholds, with cash-receipt exceptions and filing rules</h1> Every person carrying on business or profession must have accounts for the tax year audited by an accountant before the specified date if turnover/gross receipts exceed prescribed thresholds: business ordinarily over one crore, profession over fifty lakh; the business threshold increases to ten crore where cash receipts and cash payments each do not exceed 5% of totals. Persons claiming profits lower than deemed profits under specified presumptive provisions also require audit, but the section does not apply where profits are declared under those presumptive provisions. The auditor's report must be furnished in prescribed form and signed; an audit under another law suffices if filed by the specified date. Specified date means one month prior to the return due date; non-account-payee cheques/drafts are treated as cash.
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