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of <h1>Finance Bill 2016 Amendments: Section 44AB Audit Threshold Raised, New Record-Keeping Rules for Professionals Effective 2017</h1> Clause 25 of the Finance Bill, 2016, amends section 44AB of the Income-tax Act, effective April 1, 2017. It raises the audit threshold for professionals from twenty-five lakh rupees to fifty lakh rupees. It also revises clause (d) to require audits for those under section 44ADA if their declared profits are lower than computed profits and their income exceeds the non-taxable limit. Additionally, a new clause (e) mandates business record-keeping if section 44AD(4) applies and income exceeds the non-taxable threshold. These changes apply from the assessment year 2017-2018 onwards.
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