[1][44AB.[2] Audit of Accounts of certain persons carrying on Business or Profession.

Every person,

(a) carrying on business shall, if his total sales, turnover or gross receipts, as the case may be, in business exceed or exceeds [3][one crore rupees] in any previous year [4][* * *], [5][* * *]

[6][Provided that in the case of a person whose

(a) 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

(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 [7][ten crore rupees] had been substituted; or]

[8][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 [9][fifty lakh rupees] in any [10][previous year, or