Audit threshold for professionals increased; audit required if presumptive-profession scheme is disclaimed and income exceeds basic exemption.

Amendment raises the gross-receipts threshold triggering an audit obligation for professionals and connects the audit requirement to a new presumptive-profession scheme where a taxpayer claims lower profits than the scheme computes and income exceeds the basic exemption; it also requires certain businesses under the presumptive-business regime to keep books and documents when the sub-section applies and income exceeds the basic exemption.

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