The section under which provision of Tax Audit has been discussed Section 44AB, specifies that if the gross receipts/turnover of the assessee during any financial year exceeds Rs. 40 lacs (if the assessee is carring on any business) and Rs. 10 lacs (if carrying on sm profession specified u/s 44A), then he will be required to get his accounts audited by any chartered accountant. This provision shall apply in line with provision u/s 139 of the IT Act, 1961.
Since the provision u/s 139 has changed and word 31st October has been substituted by 30th September, the same period shall apply to provision u/s 44AB.
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