Clause 25 - Amendment of section 44AB. - Finance Bill, 2016

Amendment of section 44AB. 25. In section 44AB of the Income-tax Act, with effect from the 1st day of April, 2017,- (i) in clause (b), for the words twenty-five lakh rupees , the words fifty lakh rupees shall be substituted; (ii) in clause (d),- (a) for the word business wherever it occurs, the word profession shall be substituted; (b) for the words, figures and letters under section 44AD , the words, figures and letters under section 44ADA shall be substituted; (c) for the words previous year , the words previous year; or shall be substituted; (iii) after clause (d) and before the long line, the following clause shall be inserted, namely:- (e) carrying on the business shall, if the provisions of sub-section (4) of section 44AD are applicable in his case and his income exceeds the maximum amount which is not chargeable to income-tax in any previous year, .