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What is the provision regarding Audit of accounts of certain persons carrying on business or profession? Section 44AB of Income Tax Act 1961

Audit of accounts of certain persons carrying on business or profession is defined under section 44AB of Income Tax Act 1961. Provision under this section is:

Section 44AB of Income Tax Act "Audit of accounts of certain persons carrying on business or profession"

Section 44AB. 87Every person,-

(a) carrying on business shall, if his total sales, turnover or gross receipts, as the case may be, in business exceed or exceeds one crore rupees in any previous year; or

(b) carrying on profession shall, if his gross receipts in profession exceed twenty-five lakh rupees in any previous year; or

(c) carrying on the business shall, if the profits and gains from the business are deemed to be the profits and gains of such person under section 44AE or section 44BB or section 44BBB, as the case may be, and he has claimed his income to be lower than the profits or gains so deemed to be the profits and gains of his business, as the case may be, in any previous year; or

 

(d) carrying on the business shall, if the profits and gains from the business are deemed to be the profits and gains of such person under section 44AD and he has claimed such income to be lower than the profits and gains so deemed to be the profits and gains of his business and his income exceeds the maximum amount which is not chargeable to income-tax in any previous year, get his accounts of such previous year audited by an accountant before the specified date and furnish by that date the report of such audit in the prescribed form duly signed and verified by such accountant and setting forth such particulars as may be prescribed :

Provided that this section shall not apply to the person, who derives income of the nature referred to in section 44B or section 44BBA, on and from the 1st day of April, 1985 or, as the case may be, the date on which the relevant section came into force, whichever is later :

Provided further that in a case where such person is required by or under any other law to get his accounts audited, it shall be sufficient compliance with the provisions of this section if such person gets the accounts of such business or profession audited under such law before the specified date and furnishes by that date the report of the audit as required under such other law and a further report by an accountant 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 assessee of the previous year relevant to an assessment year, means the due date for furnishing the return of income under sub-section (1) of section 139.

   
 

Income Tax Act 1961

What are Other deductions? General, What is Building, etc., partly used for business, etc., or not exclusively so used? Section 36, 37 and 38 of Income Tax Act 1961

What are Amounts not deductible? Section 40 of Income Tax Act 1961

What are Expenses or payments not deductible in certain circumstances? Section 40A of Income Tax Act 1961

What are Profits chargeable to tax? Section 41 of Income Tax Act 1961

What are Special provision for deductions in the case of business for prospecting, etc., for mineral oil? Section 42 of Income Tax Act 1961

What are Definitions of certain terms relevant to income from profits and gains of business or profession? Section 43 of Income Tax Act 1961

What are Special provisions consequential to changes in rate of exchange of currency? Section 43A of Income Tax Act 1961

What is the meaning of Certain deductions to be only on actual payment? Section 43B of Income Tax Act 1961

What is  Special provision for computation of cost of acquisition of certain assets? Section 43C of Income Tax Act 1961

What is  Special provision for full value of consideration for transfer of assets other than capital assets in certain cases? Section 43CA of Income Tax Act 1961

What is  Special provision in case of income of public financial institutions, public companies, etc.? Section 43D of Income Tax Act 1961

What is Insurance business Special provision for deduction in the case of trade, professional or similar association? Section 44 and 44A of Income Tax Act 1961

What is Maintenance of accounts by certain persons carrying on profession or business? Section 44AA of Income Tax Act 1961

What is the provision regarding Audit of accounts of certain persons carrying on business or profession? Section 44AB of Income Tax Act 1961

What is Special provision for computing profits and gains of business on presumptive basis? Section 44AD of Income Tax Act 1961

What is Special provision for computing profits and gains of business of plying, hiring or leasing goods carriages? Section 44AE of Income Tax Act 1961

What is Special provisions for computing profits and gains of retail business? Section 44AF of Income Tax Act 1961

 

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