Every person:

1. 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 (ten crores for a person whose aggregate of all amounts received including amount received for sales, turnover or gross receipts during the previous year, in cash, does not exceed five per cent of the said amount and aggregate of all payments made including amount incurred for expenditure, in cash does not exceed five percent of the said payment) or Payment by cheque/bank draft, which is not account payee will be deemed to be in cash.
2. carrying on profession shall, if his gross receipts in profession exceed fifty lakh rupees in any previous year; or
3. carrying on the business shall if the profits/gains from the business are deemed to be profits and gains of the person under Section 44AE/ 44BB/44BBB  and he has claimed his income to be lower than profits/gains so deemed to be the profits and gains of his business,or
4. carrying on profession and if the profits from profession are deemed to be the profits of such a person u/s 44ADA and he has claimed his income to be lower than profits/gains so deemed to be the profits and gains of his profession and his income exceeds the maximum amount which is not chargeable to income-tax in any previous year,or
5. carrying on business and provisions of Section 44AD(4) are applicable and his income exceeds the maximum amount not chargeable to income tax in the P.Y.

Shall get his accounts audited by an Accountant before the specified date and furnish by that date the report of such audit.

This Section will not apply to a person-

• who declares profits and gains for the previous year as per Section 44AD(1) & his total sales/turnover/gross receipts in business does not exceed Rs. 2 crore
• who derives income under Section 44B, 44BBA
• who is required to get his accounts audited under any other law . It will be sufficient if he gets audited under that law and furnishes Report to the required  authority within time.

Specified date here means date one month prior to the due date for furnishing the return of income under sub-section (1) of section 139.