(i)if his income from business or profession exceeds ][one lakh twenty thousand] [ Substituted by Act 21 of 1998, Section 20, for certain words (w.e.f. 1.4.1999).] [rupees or his total sales, turnover or gross receipts, as the case may be, in business or profession exceed or exceeds ] [Inserted by Act 41 of 1975, Section 11 (w.e.f. 1.4.1976).][ten lakh] [ Substituted by Act 21 of 1998, Section 20, for certain words (w.e.f. 1.4.1999).] [rupees in any one of the three years immediately preceding the previous year; or [Inserted by Act 41 of 1975, Section 11 (w.e.f. 1.4.1976).]