Home Acts & Rules Bill Bills Direct Taxes Code Bill, 2009 Chapters List Chapter III - Part-I COMPUTATION OF TOTAL INCOME - I. - Maintainance of accounts and other related matters This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
Clause 84 - Tax audit - Direct Taxes Code Bill, 2009Extract Tax audit 84. Every person, who is required to keep and maintain books of accounts under section 83 shall get his accounts for the financial year audited if,- (a) in a case where the person is carrying on any profession, the gross receipts of the profession exceed ten lakh rupees in the financial year; and (b) in a case where the person is carrying on any business, the total turnover or gross receipts, as the case may be, of the business exceed forty lakh rupees in the financial year. (2) The audit of the accounts referred to in sub-section (1) shall be performed by an accountant and the report of audit obtained before the due date. (3) The report of audit referred to in sub-section (2) shall be obtained in the prescribed form duly signed and verified by such accountant and setting forth such particulars as may be prescribed. (4) The provisions of sub-section (1) shall not apply to the business where the income there from is determined under Rule 1 of Table of the Fourteenth Schedule. (5) A person shall be deemed to have complied with the provisions of sub-section (1), if the person - (a) gets the accounts of his business audited as required by, or under, any other law before the due date; and (b) obtains by the due date the report of the audit as required under such other law and a further report by an accountant in the form prescribed under subsection (3).
|