9911796707
TMI BlogAudit of accounts of certain persons carrying on business or professionX X X X Extracts X X X X X X X X Extracts X X X X ..... (b) aggregate of all payments made including amount incurred for expenditure, in cash, during the previous year does not exceed five per cent. of the said payment, this clause shall have effect as if for the words one crore rupees , the words 32 [ ten crore rupees ] had been substituted; or ] 33 [Provided further that for the purposes of this clause, the payment or receipt, as the case may be, by a cheque drawn on a bank or by a bank draft, which is not account payee, shall be deemed to be the payment or receipt, as the case may be, in cash, ] ( b ) carrying on profession shall, if his gross receipts in profession exceed 21 [ fifty lakh rupees ] in any 3 [ previous year; or ( c ) carrying on the business shall, if ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sub-section (1) of section 44AD or sub-section (1) of section 44ADA: ] 8 [ 27 [ Provided further that ] this section shall not apply to the person, who derives income of the nature referred to in 9 [ *** ] section 44B or 10 [ 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 : 28 [Provided also] that ] in a case where such person is required by or under any other law to get his accounts audited 11 [ *** ] , 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 12 [ furnishes by ] ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 44AC or omitted by the Finance Act, 1995, w.e.f. 1-7-1995. 10. Substituted for section 44BB or section 44BBA or section 44BBB by the Finance Act, 2003, w.e.f. 1-4-2004. 11. Words by an accountant omitted by the Finance Act, 1985, w.e.f. 1-4-1985. 12. Substituted for obtains before by the Finance Act, 1995, w.e.f. 1-7-1995. 13. Inserted by the Finance Act, 2001, w.e.f. 1-4-2001. 14. Substituted by the Finance Act, 2001, w.e.f. 1-4-2001. Prior to its substitution, clause (ii), as substituted by the Finance Act, 1988, w.e.f. 1-4-1989 and later on amended by the Finance Act, 1994, w.e.f. 1-4-1994, read as under : '(ii) specified date , in relation to the accounts of the previous year relevant to an asses ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... efore it was read as, business 23. Substituted vide THE FINANCE ACT, 2016 w.e.f. 1st day of April, 2017, before it was read as, under section 44AD 24. Substituted vide THE FINANCE ACT, 2016 w.e.f. 1st day of April, 2017, before it was read as, previous year 25. Inserted vide THE FINANCE ACT, 2016 w.e.f. 1st day of April, 2017 26. Inserted vide THE FINANCE ACT, 2017 w.e.f. 1st day of April, 2018 27. Substituted vide THE FINANCE ACT, 2017 w.e.f. 1st day of April, 2018 before it was read as, Provided that 28. Substituted vide THE FINANCE ACT, 2017 w.e.f. 1st day of April, 2018 before it was read as, Provided further 29. Omitted vide Finance Act, 2020 dated 27-03-2020 w.e.f. 01-04-2020 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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