Threshold limit for getting books of accounts audited u/s 44AB - Limit enhanced from 1 Crore Rupees to 2 Crore Rupees in case of a person who declares profits and gains for the previous year u/s 44AD - Budget 2017-18 w.e.f. AY 2017-18 (Retrospective)

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..... on 44AB. THE FINANCE BILL, 2017 Clause 20 of the Bill seeks to amend section 44AB of the Income-tax Act relating to audit of accounts of certain persons carrying on business or profession. Section 44AB , inter alia, provides that every person carrying on business is required to get his accounts audited before a specified date, if the total sales, turn over or gross receipts in .....

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