Insertion of new section 44AB

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....ession. - Every person, - (a) carrying on business shall, if his total sales, turnover or gross receipts, as the case may be, in business exceed or exceeds forty lakh rupees in any previous year or years relevant to the assessment year commencing on the 1st day of April, 1985 or any subsequent assessment year; or (b) carrying on profession shall, if his gross receipts in professi....

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....of the audit as required under such other law and a further report in the form prescribed under this section. Explanation : For the purposes of this section, - (i) "accountant" shall have the same meaning as in the Explanation below sub-section (2) of section 288; (ii) "specified date", in relation to the accounts of the previous year or years relevant to an assessment y....