Audit threshold increase narrows which businesses and professionals must obtain statutory accounts audits, changing compliance scope accordingly. The provision increases the mandatory audit thresholds under section 44AB by raising the turnover threshold for persons carrying on business and the gross receipts threshold for persons carrying on profession, thereby narrowing the classes of taxpayers required to obtain an accountant's audit; these amendments take effect from the stated commencement date and apply to the relevant assessment year and subsequent years.
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Audit threshold increase narrows which businesses and professionals must obtain statutory accounts audits, changing compliance scope accordingly.
The provision increases the mandatory audit thresholds under section 44AB by raising the turnover threshold for persons carrying on business and the gross receipts threshold for persons carrying on profession, thereby narrowing the classes of taxpayers required to obtain an accountant's audit; these amendments take effect from the stated commencement date and apply to the relevant assessment year and subsequent years.
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