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of <h1>Finance Bill 2010 amends Section 44AB, raising audit thresholds for businesses and professions from April 1, 2011.</h1> Clause 14 of the Finance Bill, 2010, amends section 44AB of the Income-tax Act, effective April 1, 2011. The amendment increases the audit threshold for businesses from forty lakh rupees to sixty lakh rupees and for professions from ten lakh rupees to fifteen lakh rupees. This change mandates that individuals or entities exceeding these revised thresholds must have their accounts audited by an accountant for the relevant assessment year. The amendments apply from the assessment year 2011-2012 onwards.
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